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60 to the Pound

Discussion in 'Money Matters' started by FreddieB, Aug 1, 2016.

  1. Maharg
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    Maharg Well-Known Member

    It rose back up to over 62 but is back down at about 60 now.

    It is almost on 1 to 1 with the Euro. I remember when it was about 1.5.

    The pound has been rubbish ever since the vote to leave the EU.
  2. Timmers
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    Timmers Well-Known Member Trusted Member

    As you say, there are risks, but to get a higher return on your money there always is regardless of the economical climate.

    Food for thought, thing is I'm not a risk taker but the idea keeps going through my head :)
  3. Bluebird71
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    Bluebird71 Active Member

    The way it works is that you have to invest £100 as a minimum.

    There is then a list of companies asking for loans of varying amounts over varying terms.

    Each loan application has a financial summary of the company, and the risk is rated A+, A, B, C, D and E. As you go down, the risk increases, but so do the interest rates.

    The minimum you can loan any company is £20. Some loans offer cashback (so you may get 1% or 2% back). The companies then repay their loan monthly, and you get a payment back into your account. So you get the loan amount back for that month, plus interest minus a small fee.

    So, I started with £200 - I loaned to 10 companies, as I got repaid, and got to £20 back in my account, I loaned to an 11th company and so on.

    Some companies repay early. Management of the loan is done by the Funding Circle. I'm not a risk taker. I have loaned to a couple of E grade companies (18% interest on those babies). But mostly I loan to A, B and C companies, averaging 10.4% interest, reduced to 8.1% after fees and "bad debts".

    It carries some risk - but you can reduce that by spreading your loans across many companies. If you do it, just dip a toe in. You could invest £100, loan a company £20 and then withdraw the other £80 back into your bank account and go from there.

    At the start I was cagey, but now if I have money to save I will put half into this and half into my savings account (with its paltry 1% interest).
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  4. Timmers
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    Timmers Well-Known Member Trusted Member

    Very interesting, thanks for the outline, much appreciated :like:
  5. Dave_E
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    Dave_E Well-Known Member Trusted Member

    No, keine panik, GBP is currently on about 1.15 EUR to the GBP.

    Not as high as it went last year, but not as low as at the end of 2008, when GBP EUR almost hit parity.

    The interesting currency pair for me is GBP USD, the Trump effect.

    Must admit, I am watching the costs for changing money more closely than I was before the glorious Brexit vote, makes sense. :like:
  6. PatVen
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    PatVen Active Member

    We sent money to the Phils yesterday and we got 57.8 exchange rate from Western Union. We got an astonishing PhP 20,330.45 for £350.00...hehe. .
  7. HaloHalo
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    HaloHalo Administrator Staff Member

  8. Maharg
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    Maharg Well-Known Member

    Not listening to 6 music are you Halo Halo? I just heard the news of the pound tumbling and took a look at the conversion rate. Was going to post it on here myself.

    I think this is the first time I've seen it below 60.
  9. HaloHalo
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    HaloHalo Administrator Staff Member

    I'm not no but I read the about the computerised/automated tumble taking place and thought surely it's got to have affected us here, hence looking.

    Oh and I snipped the image from the the top of the forum page :). I have found a responsive script (tried a few) that was not affecting the forums page load speed. So no need to go looking elewhere for PHP exchange rate, just go into the "Members" part of forum.
  10. graham59
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    graham59 Well-Known Member

    It was 38 in 1990, and my (KLM) economy class air ticket was £700.
  11. HaloHalo
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    HaloHalo Administrator Staff Member

    Sounds drastic but i suppose offset a bit by cheaper prices in Pinas at that time?
  12. graham59
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    graham59 Well-Known Member

    Certainly, but we were also earning a lot less here then. ;)
  13. HaloHalo
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    HaloHalo Administrator Staff Member

    Thats true. It was a rubbish rate though.
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  14. Jim
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    Jim Well-Known Member Trusted Member

    How low will the pound go do you recon? if it goes into the 5o's I don't think I would be able to retire in the Philippines.

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