Squirrel Money Investor Reviews

Early days yet for our relationship with Squirrel, but first impressions are very positive. The two aspects that we are still coming to grips with is firstly the optimum amount to place on an investment order and how long we will have to wait for the order to be applied to a loan. We need to keep the amount at a relatively lower level so as to potentially benefit from a speedy sale if we need to abandon the loan, but just want a small portfolio of loans so that we do not need to spend time overseeing our account. As there seems to be currently a large pool of investors we have selected the minimum interest rate in each category so as to "get in the queue". We are assuming that in doing this others cannot "overtake us" in the queue and therefore only a matter of time before our investment orders are allocated to new loans. The service received from Squirrel, both phone and email, has been first-rate from the communication and information perspective.

Bit long to get funds matched. also no clear menu to get back to the dashboard.

I do like the platform but I think investors should be able to choose their appropriate interest rate for their account. I would like some feedback on this please.

Thanks

Hayden

Clean app and smooth process to get set up. Needs to be quicker on the allocation of funds, guessing they need more borrowers. Took too long for the investment to start. Overall good experience so far.

Overall good. Have noticed harder to get the higher rates I used to get. Waiting times are longer to invest. Maybe investing demand is outstripping the current pool of borrowers, what are you doing about this. Look forward to your reply.

Decent concept, great support etc. Would like an auto invest feature that auto filled any investments that met my criteria (for me would just be first loan that met min as this is set and forget). Also 500 minimum would ideally be somewhere near 100, but given there seems to be far more investors than people needing loans, neither seem like they should be prioritised.

The app on Android doesn't correctly door show how many dollars are invested at or below the chosen rate.

Also it would be nice to see how recently loans were completed and for how much.

My only problem with Squirrel money is buying secondary market loans. They show up on system but no matter what I do I cannot seem to buy them. If they are for less than $500 you cannot target them on the system,I you put a bid in for $500 at that rate the bid is not taken. If you have secondary bids for sale please notify lenders so they can buy them.

Over all very happy, I had a few problems trying to get the investment to accept the first few times I tried and had to contact the help desk. It would have been helpful to have a basic reference clip/YouTube video attached to the site showing the general operation of the App/Web re step by step of how to invest; it would have been good to see where i was going wrong, by not having this I was a bit frustrated in the beginning. Also I tried to make multiple investments as I thought I still had money available but i didn't. But now that I've got it sorted I like the layout and functionality of the site/App and ill be transferring over more to invest. Rgds

Hi,

Overall the experience is good, just a few minor nits you could improve:

Your password field is length limited which prevented the use of a stronger password. That limit should be lifted, if you are hashing your passwords correctly there is no need to limit the maximum length.

It would be nice if you supported two factor authentication via text or e.g. Google Authenticator.

The web site did not work for initial document verification on Linux under either Firefox or Chrome. You may want to take this up with the third party document verification service you use. Note that the site works fine otherwise under Linux including making and cancelling orders.

Overall the process was fairly smooth and enjoyable, thanks.

Would be good for a Report button to enable reports to be generated for RWT and investment summary

Love the app, only issue is it doesn't show the dollar value of other investments at or below your bid.

I found the process of joining Squirrel as an investor a bit of a pain -- I would have appreciated having clarity about what scans etc I would need before starting the process. Otherwise it is early days, though my initial deposit got taken up quite quickly, and I'm pleased about that.

Really happy to use Squirrel as a part of our investment portfolio.

I notice that there is quite often a lot more investor money waiting than there are eligible borrowers. In a way, this is reassuring because it seems to suggest that Squirrel is being very careful about its vetting. I do wonder whether there might be a case for investigating another form of marketing. I am a member of NZCNA (the NZ Community Newspapers Assn). I know that some nationwide businesses have mounted campaigns through the little community papers at very cost-effective rates. The associations members are spread right across the country in urban and rural areas and their papers go into households where they are read by more people than read metro dailies. I could put you in touch with someone who could give you a quote and explain the reach etc.