david42
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Post by david42 on Oct 25, 2017 14:21:14 GMT
We are not big fans of bid limits, but we do agree that time to read the docs is important so this may influence a change. We are in the process of coding the new user interface for the platform and will be launching some new features along with that and I think we will have something that solves this issue. I wanted to add a poll here - but have run out of pro board talent. These are what we are looking at in order of our preference - interested to see your thoughts ... some would be maddening - interesting to see which ones you think... i. Dynamic bidding (range based bidding on certain loans with fixed listing term) ii. Rejig of the pledge system (interest in hearing your thoughts how that would manifest) iii. Fixed time between downloading the borrowing proposal and being able to make a bid iv. Fixed period where you can only bid a percentage of your funds on account v. £1,000 bid limit for 24 hours vi. No change..... vii. Finally get around to implementing the "Auto Invest" feature that has been "Coming Soon" for like ever!! That way, investors can automatically get a slice of new loans without having to be physically in front of their computer between 1pm-2pm when new loans launch!
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marka
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Post by marka on Oct 25, 2017 14:46:53 GMT
Option iii would be my choice, depending upon the actual meaning ... The current phrasing could be interpreted to mean that I as an individual have to wait x hours from downloading the docs before I can invest, whilst someone who downloaded them an hour earlier can invest an hour earlier. As long as this is NOT what you mean then it gets my vote.
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blender
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Post by blender on Oct 25, 2017 15:04:44 GMT
For me, the only reason for change is to allow lenders to read the docs before bidding. This may be a compliance issue, and I think Ablrate is at risk if the system does not always provide for an informed offer to lend. So definitely iii for me, which I take as a fixed delay between listing and bidding - together with notification of the listing by email, as at present. ( I fear marka may be right in interpretation, and to be prohibited from bidding while other people can would be unacceptable. We want the opportunity to read, not for nanny to ensure we have had sufficient time. I will assume it means uploading, not downloading).
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registerme
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Post by registerme on Oct 25, 2017 15:58:00 GMT
I agree with blender about the risks of the current system, and would suggest ablrate change to address it before they are made to, either by the regulators or by a disgruntled investor. For me the ideal would be:- * Documentation availabe for 48 hours prior to being able to bid. * Time of day to vary by loan, but to be announced 48 hours prior to being able to bid (because one fixed time will always disadvantage some part of the investor base). * Fixed limit varying by loan size and number of investors (only ablrate will have the details) and announced in advance, much as MT do. Or a bottom up fill approach as long as ablrate don't mind the resulting withdrawals. * Within the context of the above three points I'd be happy with a pledge / auto invest system (perhaps necessitating funds being available?). |
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jjc
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Post by jjc on Oct 26, 2017 6:26:59 GMT
My views in line with others (time to view & fixed limits at Abl's discretion the only things I see a need for). Would caution strongly against auto-invest, anyone who uses (another once popular hi-rate manual lending platform) AC will know how this sucks the dumb money in, decimates allocations & drives rates down. We lenders end up with crumbs & fragments of low-yield stuff that might be easier/better to get on any other number of platforms/funds. Might make sense if you're looking to scale really big (in which case the whole business model needs to change drastically, from pre-origination & market positioning right down to the lender base), but unless I've missed something the opposite of what ablrate seem to have been aiming for to date (so bit surprised this is being contemplated)? |
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Post by Badly Drawn Stickman on Oct 26, 2017 7:24:25 GMT
I would suggest the current feeding frenzy has more to do with the IFISA than a surge of popularity in Ablrate loans. People transfering in Isa's have an imperative to invest those funds, and short term, loan quality is of low importance. Over time this will clear and loans will return to being judged on individual merits.
Without doubt those suggesting 24 hours plus to view documentation before launch are right, that should be a red line.
Bid limits for a while at least would make sense, antagonizing lenders is obviously not Ablrate's desire. I don't and am unlikely to have an IFISA with Ablrate, but would argue at this time they should maybe have a higher limit to help embed funds. Counter arguments to bid limits on small loans are obvious.
Well set bid limits would extend the bidding time to suit most.
Otherwise just leave moderately well alone
Additional Edit. 109 votes by 62 voters? Russian tampering maybe
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garfield
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Post by garfield on Oct 26, 2017 7:32:17 GMT
Additional Edit. 109 votes by 62 voters? Russian tampering maybe You can vote for as many options as you like!
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Post by Badly Drawn Stickman on Oct 26, 2017 7:43:21 GMT
Additional Edit. 109 votes by 62 voters? Russian tampering maybe You can vote for as many options as you like! I know. In a democracy though, you vote for what you want (or more often dislike least) once, otherwise it is pointless.
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blender
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Post by blender on Oct 26, 2017 7:51:03 GMT
You can vote for as many options as you like! I know. In a democracy though, you vote for what you want (or more often dislike least) once, otherwise it is pointless. May I suggest the single transferable vote system?
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Post by bracknellboy on Oct 26, 2017 8:17:14 GMT
You can vote for as many options as you like! I know. In a democracy though, you vote for what you want (or more often dislike least) once, otherwise it is pointless. Vote Early, Vote Often. Its the only way. [P.S. those options are not mutually exlusive so surely reasonable to vote more than once.] [PPS: I haven't voted: am an anarchist so its against my beliefs to partake in the democratic process]
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Post by Badly Drawn Stickman on Oct 26, 2017 9:05:17 GMT
I know. In a democracy though, you vote for what you want (or more often dislike least) once, otherwise it is pointless. Vote Early, Vote Often. Its the only way. [P.S. those options are not mutually exlusive so surely reasonable to vote more than once.] [PPS: I haven't voted: am an anarchist so its against my beliefs to partake in the democratic process] I have revisited the poll and actually read it, a chore I felt unnecessary previously. You have a valid point it is very ambiguous and multiple option could be applicable. This suggests the poll is unfit for purpose and needs rethinking. At this stage a simple is change needed or not, linear choice would suffice. To please others a transferable vote to choose the other option if yours fails to get a majority would be a sensible appeasement. Obviously changing the poll would require somebody who is part of the system, maybe an anarchist who has sold out?
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withnell
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Post by withnell on Oct 26, 2017 9:36:40 GMT
it must be within Ablrate's interest to introduce some kind of limits - I can't be the only one who put a decent chunk of money in, missed the allocation (I logged in at 13:50, pesky job getting in the way) and then withdrawing the funds! Multiply that by many users and that's a fair cost
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macq
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Post by macq on Oct 26, 2017 9:45:15 GMT
number 3 if it means time to assess the offer.Bid limits may work on smaller loans but it will be hard for Abl to work out as the last few loans did not go that quick and this last loan was helped along with the repaid plane money but am sure if people want to put extra in,they will wait a few hours for a bid window to close
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DiQ
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Post by DiQ on Oct 26, 2017 15:23:25 GMT
Three but the go live time needs to be precise and not late or a range. Giving a one hour range when the loan is gone in thirty minutes really isn't helpful. Neither is giving a time that's incorrect. Contrary to popular belief I have better things to do that hit F5 repeatedly.
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elliotn
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Post by elliotn on Oct 26, 2017 17:54:10 GMT
Fixed time tomorrow but still no heads up in the email - why the secrecy, will it get poached by letting us know the repeat borrower the day before? Late for overseas investors too so hopefully a one-off fixing SM (unless you're in the Americas of course 😉 ).
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