Ablrate Reviews 22

Ablrate was an utter disaster.

Went into administration years ago.

It turns out the Directors of Ablrate used it as a vehicle to fund their mates extravagent lifestyles.

It has come to light that the collatoral that was supposed to protect the investments didn't exist.

More than four years into the wind-down and subsequent administration, no investor victim has got any of their lost money back.

Tens of millions of pounds lost in total. Retirements ruined.

The Directors and Shareholders of Ablrate are the only ones who have won. They are now living in plush villas in sunny Dubai and enjoying the good life with their ill-gotten millions!

It could have been so good, but oh dear oh dear, now in administration. There is no bargepole long enough, nor any opportunity to give 0 stars on TP. Farewell several £000.

Have invested with this provider for a number of years. Overall a good platform that seems well staffed; encountered some issues at signup (primarily related to another lender that was involved rather than Ablrate) which was navigated well by their customer service team.
Good level of interest and have not had any issues until about 2020. Understandably some companies have been hit hard by Covid and given the high level of interest, there is a high level of risk with some loans. Would recommend hedging your use of this platform with lower risk investments for this reason.

It is starting to look like there are severe problems with a whole raft of loans given to a connected group of companies, with no repayments or interest payments made for months. One has to wonder if due effective due diligence was taken before some of these loans were given or whether it was based on historical connections. Effectively, knowing your client should be an ongoing process, but looking like this has not been applied at ABLrate. Information bulletins about the problematic loans are increasingly bland and uninformative kicking the can further down the road. Promised meaningful updates not happening. Now expecting serious defaults,write offs and losses. Beware. Be very aware

I've invested over a number of years and like this platform. I am confident to continue investing with ABLRATE now and in the future.

AblRate P2P is unethical and unprofessional (it doesn't have a grip on its Accounts and payments to Lenders). It claims to have made Interest Payments to its Lenders but doesn't actually make those payments. When complained, it sits on it for a year and then refuses to investigate and closes the Complaint saying you are not the only one who has not received this Interest. And it doesn't even mention that one can go to Ombudsman if they are not happy with the outcome - which is illegal.

Edit after Ablrate response : Not sure about the authenticity when you say only 2 complaints reached FOS so far, but when you don't even mention that Complainants can go to FOS (which is a legal requirement that you violated), one can understand why people couldn't/didn't go to FOS. This shows how unethical you are.
Not sure which Complaint you refer to here, but my Complaint with FOS is still ongoing and they have not yet decided on it (so you are lying/misrepresenting here).
Moreover, re the Interest payments, there is irrefutable and simple evidence (now forwarded to FOS and should be known to you by now, as FOS forwarded it to you) and your logic was - so what if I haven't received it - there are others in the same position too.
Says it all.
There are 15+ other Lenders that I know of who have similar issues and have received different pro-rated amounts. Lenders can check this for themselves by comparing what they have actually received from this Loan (by downloading transactions and filtering by this Loan) against the Interests Ablrate Claim to have paid (by checking the Repayments tab of this particular Loan - 100085). And they can reach their own Conclusions.
At the end of the day, it all boils down to trust and you are losing it fast.

Edit : after AblRate's 2nd Response
First of all, you never explained anything to me re my Complaint (not sure about what others complained about, but since I took it to Ombudsman, your attitude to Customer Complaints seems to have changed, which is good & never too late). At first you gave the excuse of Covid and 'Working from Home' and promised to check when people can go back to work. After 6+ months, on follow up from my side, you simply said that 'You BELIEVE that everything was fine and so nothing more to check', blatantly ignoring your earlier promise to check and come back. Then, you have been constantly trying to confuse the matter to all including FOS by obfuscating the matter with irrelevant issues.
Secondly, as of today (11/11/21), the case is still with the 1st level case Investigator (who is not yet satisfied with your response and have queried you further) and not yet passed on to the Ombudsman for the Final decision. So you are again blatantly lying here (unless you are talking about another FOS Case). Lies can only take you to a certain distance - noy very long, I am afraid. After all, Trust is what matters to the Customers.

So far so good, Quite a risk for a potential above average reward. Not your average loans mix. Sm market is busy, most loans trade well. Not dull that's for sure. Worth a look if you like and understand P2P and the risks involved.

Lenders' money has disappeared, the supposed asset security is non existent, the CEO has fled the country and the company is now in administration.

My favourite P2P platform - a very professional operation with good communication and a secondary market which allows discounting.

Good Platform, easy to use, no losses in 2-years, and so far very good for selling or changing loans, nice returns ! would say an above average platform for lenders.
Keep up the good work.

I have really enjoyed using Ablrate and would recommend it. The website is very easy to use, although sometimes the investment jargon takes a bit of understanding. I am just an average person - not a huge investor - but I have benefited greatly from Ablrate's unbelievably excellent rates. One of the best things about this service is that you can sell your investments to other investors if/when you need to (on the secondary market). Sometimes you make a profit on these, or sometimes you make a small loss, depending on how popular (or not) the investment is. But at least you're able to get your money back if you need it in a hurry. I have invested in a number of loans that have matured (paid out), and am then able to invest in new opportunities. I've had one or two loans that have had trouble repaying, but Ablrate are very clear about what is happening and what they expect from the borrower. In the end it worked out and I didn't lose anything.

I have been using this site for nearly 2 years now to diversify my income sources. Initially I had to answer questions to be able to invest. With an excellent secondary market I was able to diversify my initial investment over about 10 loans. I now am invested in 30 loans most now funded by recycling interest and capital I have been paid back to date. A number of loans have fallen into default but Ablrates communications have been very good and have recently resolved one problem loan successfully which to me looked like we would have to call in the security that had been assigned. I would have scored the site a 5 but it lacks new loans and the number of lenders are a bit sparse. However I'd rather lend to companies that have passed the filters the company has in place than to just anyone.

I started investing here in 2014 but decided to pause when a 7 month loan went bad shortly after it launched in December 2015.

Notwithstanding a promise from Ablrate to ensure that lenders did not lose out, to date there has been no return. The company has issued updates from time to time but after nearly 4 years it appears that no meaningful progress has been made.

These days most lenders judge the quality of the recovery process to be one of the most important considerations when selecting a P2P platform.

Edit: 21-May-21 No return at all, no significant progress, and no recent update on resolving the failed container loan from 2015. Following the encouraging note from ABL I invested in another loan in 2019 and this too failed and despite promises there has been no substantive update this year.

Edit: 28-Sep-21 No return on either loan. In to the sixth year of default on the oldest loan and no substantive progress.

Edit: 18-May-22 Still no return on either loan. No substantive progress on the loan that failed in 2015. The loan that failed in 2019 is associated with a company that has a history of business failure and ABL have not taken any significant action to repay the loan.

Some bad loans... but I guess the pandemic effected us all. Been with them several years. Great service and interest payments always on time. Updates very good and overall website presentation is outstanding.

4 stars just because I want to wait for 2 years or more to evaluate more thoroughly.

Pros:
- sign-up, deposit, withdraw all smooth and quick for non-UK resident
- liquid pools of secondary markets with low minimums and nice discounts (= high yield of >13%)
- good credit reports by third parties
- aside from traditional real estate, there are diverse unique offerings you won't see on other platforms (e.g, plane disassembling, energy developments (incinerators), collateral of large car lots...) That alone is a great learning experience

Cons:
- low deal flow means your cash drag if you want to diversify
- many of the loans are from a few companies, meaning risks are more concentrated than they man seem

Overall I am glad I have invested and I am excited by their next offerings

I have been in P2P for more than 2 years now and can say that of my main platforms, this one has been consistently good with respect to information provided, communication and a very user friendly website with a "true" secondary market. Others have temporarily been my preferred platform but have developed significant issues. This has been steady, nothing flash, but could do with a broader range of borrowers as many loans are linked. Notably, they are usually easy to contact by phone if necessary; deposits can be made in real time with a debit card, and although withdrawals are not as speedy as eg Moneything, they have consistently been reasonably prompt. Probably the best of the higher return platforms currently.

Happy, great service. Have been using for some time since IFISA started and can say they have been spot on, easy to use and great returns. Keep up the good work thanks.

Excellent service, excellent communication, excellent interest rates. Bravo!

I started P2P lending across 5 different platforms approx one year ago and am slowly growing my portfolio of loans with Ablrate for the following reasons:
- the platform works
- rates are attractive
- the secondary market is active and functions well
and very importantly...
- they make me feel valued as a customer and communicate very effectively and proactively.
Thank you and keep up the good work.

The loan selection process seems to be very competent and the guys seem to come down hard on defaulters, quickly. It is fair to say that they lack a range of borrowers and too many loans are with the same few borrowers, but all in all I'd make it my second favorite P2P lender and I'd recommend it to people who wanted a second one.