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Post by GSV3MIaC on Oct 25, 2017 18:44:54 GMT
1 at £40K = 80 customers who'd have been delighted to get £500 .. or even just £10k for the BH (I assume they could bother to bid for a mere £10k?) and only 60 delighted £500 customers. (No wonder JC is on track to get himself elected)
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macq
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Post by macq on Oct 25, 2017 20:38:13 GMT
We will reply to some of these in the morning, but for clarity on the issues of concentration of lenders - this loan was taken by 290 lenders with only 16 over 10k and none over 40k. The average across all loans is around £1,200 per lender, this was £2,068... so not significantly out of the norm. Not sure how many extra lenders you would have got with a bid limit and how much would have been left for the BH but i an guessing at 14% they would have waited.If having a long DD window/loan limit is a worry in growing the business which to be fair would not be good for anybody why not have a small window but always at the same time i.e 12 hours starting at midday all bets off at midnight or 6 hours starting at Two in the afternoon ending at 8 o/c etc.That gives enough time for most peoples life style to read up,move money & invest and lets be fair p2p was meant for the average person so they should be considered or you end up with another retail loan company(which is not a dig at Abl in particular)
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boundah
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Post by boundah on Oct 26, 2017 17:58:24 GMT
ABL is my favourite platform but I'm falling out of love with its methods.
For the cynic: Inability to do DD before launch + no bid limit = avoiding too many awkward questions about loan detail + trying to attract more BHs (and so get rid of those annoying small fry).
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Post by alamosurvivor on Oct 26, 2017 19:39:32 GMT
We will reply to some of these in the morning, but for clarity on the issues of concentration of lenders - this loan was taken by 290 lenders with only 16 over 10k and none over 40k. The average across all loans is around £1,200 per lender, this was £2,068... so not significantly out of the norm. Which particular morning? Another loan going live despite no changes to DD time. Why would ABL walk such a regulatory tightrope? If its not against the rules , it's certainly against best advice
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Post by moneymagnet on Oct 26, 2017 22:07:41 GMT
ABL is my favourite platform but I'm falling out of love with its methods. For the cynic: Inability to do DD before launch + no bid limit = avoiding too many awkward questions about loan detail + trying to attract more BHs (and so get rid of those annoying small fry). Exactly. It's ABL's business to fill loans as quickly and easily as possible. If investors stopped bidding on these no documentation, no bid limit loans, then ABL would have to make some adjustments. There might be a lot of complaining about it on this forum, but as long as investors blindly jump in and fill loans in less than an hour, why would ABL change?
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Post by supernumerary on Oct 27, 2017 8:54:04 GMT
If investors stopped bidding on these no documentation, no bid limit loans, then ABL would have to make some adjustments. A boycott... That isn't going to happen! TBH, I trust their judgment, as they have pulled some loans before they have gone live, which in IMHO demonstrates good diligence for all the investors. IMHO, that may be one of the reasons why the loans are filling so quickly, after launch.
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Post by ablrate on Oct 27, 2017 12:00:16 GMT
I have to jump in here as this is getting a little out of hand. We are looking at bringing something in for the launch of loans, but its not going to happen overnight, and we are not going to stop posting loans until its done. The simple fact is that loans fill quickly because there is demand for them. What we are in the process of is fixing is supply (i.e origination) so that there are plenty of opportunities to lend. We are a good way to solving that with our new hire, and plans going forward for the business and the tech. The last quarter saw a 139% increase in originated and completed loans on the previous quarter which didn't include IFISA inflows and we should be able to match that this quarter.
We are also in the process of coding the new UI with the implementation of a good batch of it today on our demo server. This will have a number of new features and that will include a different way of launching some loans which will allow more time for reading documents. We may be able to roll out the code before the new UI and will do our best to do that. Bottom line is that we will launch a technical solution while still helping the issue by increasing origination.
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Post by webbski9 on Oct 27, 2017 12:13:34 GMT
Sorry guys...is the SM paused because of the above problem ?
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Post by ablrate on Oct 27, 2017 12:16:34 GMT
Sorry guys...is the SM paused because of the above problem ? No. Its a data issue between the IFISA administration system and ours on a small number of accounts. We needed to pause it so no other errors occurred. Should be sorted soon.
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oldgrumpy
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Post by oldgrumpy on Oct 27, 2017 12:18:07 GMT
I have to jump in here as this is getting a little out of hand. We are looking at bringing something in for the launch of loans, but its not going to happen overnight, and we are not going to stop posting loans until its done. The simple fact is that loans fill quickly because there is demand for them. What we are in the process of is fixing is supply (i.e origination) so that there are plenty of opportunities to lend. We are a good way to solving that with our new hire, and plans going forward for the business and the tech. The last quarter saw a 139% increase in originated and completed loans on the previous quarter which didn't include IFISA inflows and we should be able to match that this quarter. We are also in the process of coding the new UI with the implementation of a good batch of it today on our demo server. This will have a number of new features and that will include a different way of launching some loans which will allow more time for reading documents. We may be able to roll out the code before the new UI and will do our best to do that. Bottom line is that we will launch a technical solution while still helping the issue by increasing origination. It doesn't take all that just to give a brief indication of the borrower, the loan and the loan purpose to ABL registered lenders by email.
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Post by ablrate on Oct 27, 2017 12:31:09 GMT
That will be in the mails from now on.
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Post by dan1 on Oct 27, 2017 12:32:59 GMT
Sorry guys...is the SM paused because of the above problem ? See the explanation here
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nw99
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Post by nw99 on Oct 27, 2017 15:51:26 GMT
Great work Ablrate best p2p out there
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ptr120
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Post by ptr120 on Oct 27, 2017 16:19:36 GMT
I have to jump in here as this is getting a little out of hand. We are looking at bringing something in for the launch of loans, but its not going to happen overnight, and we are not going to stop posting loans until its done. The simple fact is that loans fill quickly because there is demand for them. What we are in the process of is fixing is supply (i.e origination) so that there are plenty of opportunities to lend. We are a good way to solving that with our new hire, and plans going forward for the business and the tech. The last quarter saw a 139% increase in originated and completed loans on the previous quarter which didn't include IFISA inflows and we should be able to match that this quarter. We are also in the process of coding the new UI with the implementation of a good batch of it today on our demo server. This will have a number of new features and that will include a different way of launching some loans which will allow more time for reading documents. We may be able to roll out the code before the new UI and will do our best to do that. Bottom line is that we will launch a technical solution while still helping the issue by increasing origination. ablrate docs in advance (to allow time for DD) and bit limits are both hardly new requests - having been made as long ago as 2016 on the new features requests thread, but you've chosen to do nothing on either of those issues. You can do all you want with regards to origination, and I'm pleased to hear of the increase, but if the small / first time investor can't get their foot in the door, or feels rushed in to making an investment decision it is unlikely to help
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