All Good So Far
My wife and I have been investing with Zagga (now called Vestee) for the last 12 months. Over the year we have invested in 12 different loans and currently hold interest in 8 loans totalling about $350,000. The monthly interest payments for all loans have been made in full and on time and maturing loans have been repaid on the due date.
There are a number of different private credit companies operating in this space but what we like about Zagga is the level of detail that they provide about each loan. All borrowers are identified complete with their Centrix credit rating - it is good to see who you are lending money to. They also provide a professional valuation report for the security property and the detailed conditions of the loan. All this information enables lenders to do their homework and decide whether or not to invest. We prefer that to the hands off approach offered by other companies.
It is worth noting that Vestee provide loan default statistics on their website. These statistics do show some loan defaults but Vestee claim that after recovery procedures have been completed there has been no loss of investor capital.
I can't vouch for the accuracy of these figures but they seem at odds with the claims made by some recent negative reviews on this site.
Happily, we have had no issues of this nature and I hope it stays that way! Perhaps we have been lucky but our experience with Zagga/Vestee has been entirely positive and we fully intend to invest more when suitable loans become available.