Lender Survey Results
Hearing from our community is a critical part of how we as a business understand what matters to you, and how we can serve you better. So, a huge thank you to all of those in our Lender community who participated in our June and July Lender surveys.
There were common questions, common points of enjoyment, and common concerns - all of which we're looking at closely, with recommendations both for you and the business.
How satisfied are our Lenders?
When asked to rate on a scale of 0-10 how satisfied they were with their experience as a Lender in our marketplace, 78% of respondents gave a rating of 6 or above, with an average of 7.4.
When asked further about their experience, most positive feedback referred to a personal satisfaction with the social aspects of P2P, the level of personal control, and positive returns. Feedback from the few dissatisfied Lenders largely centred on a perception of low volume in the marketplace at the moment - we answered a question relating to this in the Q&A off the back of these surveys, so we recommend reading that for more information regarding the seasonality of consumer credit.
What is the background of our Lenders?
This was a really fascinating one for us to see: there’s almost a 50:50 split between Lenders who are either experienced or investment professionals, and Lenders who are totally new or novices at investing.
One of the aspects of peer-to-peer lending that we love is how accessible it is. So, it’s really fantastic to see this blend.
To those of you who are fairly new to peer-to-peer lending and investing, we always have to stress the importance of doing your research and understanding the category. We particularly recommend taking a read of our recent blog post about diversification.
How do they find P2P compares to other investments?
We weren’t terribly surprised to find that returns sat highest here, but certainly interesting to see how many respondents mentioned it - over 70% of comments mentioned comparative good returns, while around 20% mentioned that they found it to be more fun, interesting, or engaging.
A few choice comments include…
“No comparison. This is by far better for the lender.” - David
“It's a small investment currently as I test out the waters. There are clearly risks as I have had a few loans default, but you do have tools that make those risks manageable.” - Michael
“Different. I learn something new about P2P lending each month.” - Francis
“Higher interest with corresponding higher risk. However, your risk is spread - not all your eggs are in the same loan basket.” - Julia
If you’d like to know more about the returns our Lenders are currently experiencing, check out our Marketplace Statistics page.
How does Harmoney’s Marketplace compare?
Considering the results for the previous question, it’s not surprising to see returns ranking highly again here - but it’s also interesting to see that more than 50% of comments also noted that they liked the higher level of control that our marketplace gave them over their investments, while 35% were positive about the wide diversification our marketplace afforded them.
Here’s a few of our favourite comments:
“Higher interest rates and the option to choose who I lend to. It is great to be able to do it in my own home at my convenience 24/7.” - Mary
“Rather more interesting, I at least have some input into the decisions as to which loans to back. I have also found it to be great teaching tool for my grand children, specifically RISK. We frequently discuss our Harmoney accounts and the performance of their accounts. Their Kiwisaver accounts are opaque and have no personal input.” - John
“Diversification providing lessening of risk, but most importantly, a realistic and attainable entry point into investing: all I need is $25, and I can make an investment. THAT is attainable investing for all New Zealanders.” - Jessica
“Such openness about information that I feel we are entitled to. A site that is very simple and easy to navigate. The freedom and autonomy to make the decisions I want to make with at the same time educating me if I am going to do something that will potentially regret, like putting lots of notes into one loan.” - Nichola
What more would you like to see?
We were really pleasantly surprised to see that the most frequent response to this question was, essentially, nothing. But, of those who had suggestions, common themes included:
Me vs the platform - a lot of you would love to see more detail around how your portfolio performance and breakdowns compare to the marketplace average.
More reporting functionalities - more filters, downloads, formats; there’s no such thing as too much data.
More information on collections - with greater specificity to individual loans.
More alerts when things change in your account.
We’re always looking to help improve the experience for our Lenders - so we’re taking the comments here to heart and looking at what we can do to provide these improvements.
As we said at the beginning, a huge thank you to all of the Lenders who participated in the surveys. If you have any other feedback you’d like to share with us, get in touch via firstname.lastname@example.org.