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Post by danielbird193 on Apr 25, 2018 8:52:20 GMT
I made a deposit to my long-held FC account on 11th April. Two weeks later and the full balance is still sat in my account waiting to be lent out. I realise there must have been an influx of new money because of "ISA season" but this is getting ridiculous. I'm considering withdrawing the balance and putting it in my Assetz Capital account where it will at least earn some interest in the instant access account rather than sitting earning nil while FC wait for further loans to complete.
Anyone else suffering the same problem at the moment?
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Post by GSV3MIaC on Apr 25, 2018 9:08:29 GMT
Have you checked that you actually have auto lending turned on (still), and all T&Cs accepted?? If it's all in order then I suggest you ring their customer support number.
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cb25
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Post by cb25 on Apr 25, 2018 9:17:15 GMT
I made a deposit to my long-held FC account on 11th April. Two weeks later and the full balance is still sat in my account waiting to be lent out. I realise there must have been an influx of new money because of "ISA season" but this is getting ridiculous. I'm considering withdrawing the balance and putting it in my Assetz Capital account where it will at least earn some interest in the instant access account rather than sitting earning nil while FC wait for further loans to complete. Anyone else suffering the same problem at the moment? No. The newer of my two FC accounts was opened Oct 2017 and it made a Loan Offer yesterday. As mentioned in previous post, suggest you ring the FC customer helpline.
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markr
Member of DD Central
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Post by markr on Apr 25, 2018 12:26:43 GMT
I haven't added new money to my long-standing account for ages, but it is investing repayments in a timely manner, both on the primary and secondary markets. New funds added to my IFISA are also lent out pretty quickly. Lending will be slower with the Conservative option because you've narrowed your choice of loans, but to lend nothing seems odd.
As GSV3MIaC3 says, first check that you have lending enabled (go to the Lending Settings tab and check that it says "You are currently lending..." at the top, then put in a support request.
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Post by Ace on Apr 25, 2018 16:06:55 GMT
FC's loan allocation policy is a complete mystery to me. I read somewhere that it was based on the percentage of funds available. E.g. Someone with say 15% of their funds available would be allocated loans before someone with 14% of their funds available. However, from the accounts that I manage this is blatantly not true.
I manage one account with £1,500 in, of which £732 is now available for investment (48.8% of funds available). No loans allocated for the past 5 days.
Another account has about £10,000 in, of which about £100 is now available for investment (about 1% of funds available). One £18 loan allocated 3 days ago.
Yet another account has about £2,000 in, of which about £10 is now available for investment (about 0.5% of funds available). Two £20 loans allocated today and one yesterday.
Can anyone throw any light on FC's loan allocation algorithm?
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Post by listener on Apr 25, 2018 16:20:07 GMT
I would be very interested in the answer to this mystery, as I'm thinking about unfreezing my FC account (locked down to tick over and slowly run down since FC stopped us from choosing our own loans). But I'm not keen to start putting more money in if it just hangs around unused.
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Post by Ace on Apr 25, 2018 16:55:31 GMT
I would be very interested in the answer to this mystery, as I'm thinking about unfreezing my FC account (locked down to tick over and slowly run down since FC stopped us from choosing our own loans). But I'm not keen to start putting more money in if it just hangs around unused. I wouldn't want my post to dissuade you too much. I suspect that the present cash drag is mainly due to a large influx of new money for the new ISA year. I successfully managed to drip feed £10,000 over 5 weeks at the end of the last ISA year.
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Post by grahamreeds on Apr 28, 2018 8:12:37 GMT
I would be very interested in the answer to this mystery, as I'm thinking about unfreezing my FC account (locked down to tick over and slowly run down since FC stopped us from choosing our own loans). But I'm not keen to start putting more money in if it just hangs around unused. I wouldn't want my post to dissuade you too much. I suspect that the present cash drag is mainly due to a large influx of new money for the new ISA year. I successfully managed to drip feed £10,000 over 5 weeks at the end of the last ISA year. and I did exact same thing moving £20k from my Classic account to my ISA in £1k blocks.
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Post by Ace on Apr 29, 2018 12:16:08 GMT
FC's loan allocation policy is a complete mystery to me. I read somewhere that it was based on the percentage of funds available. E.g. Someone with say 15% of their funds available would be allocated loans before someone with 14% of their funds available. However, from the accounts that I manage this is blatantly not true. I manage one account with £1,500 in, of which £732 is now available for investment (48.8% of funds available). No loans allocated for the past 5 days. Another account has about £10,000 in, of which about £100 is now available for investment (about 1% of funds available). One £18 loan allocated 3 days ago. Yet another account has about £2,000 in, of which about £10 is now available for investment (about 0.5% of funds available). Two £20 loans allocated today and one yesterday. Can anyone throw any light on FC's loan allocation algorithm? I had a reply from FC to explain their loan allocation algorithm. Here's what they said: "Our lending tool is designed to lend out investors funds fairly and minimise cash-drag on investor accounts across the platform. When the amount of available funds in an account reaches 0.5% of the portfolio total, the account becomes eligible to invest. All eligible accounts are prioritised by the percentage of their account; accounts with the highest percentage of available funds being prioritised first. Autoinvest will look to allocate new loan requests to eligible accounts at 0.5% of the portfolio value or purchase loan parts put up for sale that are equivalent to 0.5% of the portfolio or below." This is obviously not the way it's working for me, as you can see from my above quoted post. I have asked FC to check why it's not working for me. Would be interesting if others are having a similar problem.
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Post by danielbird193 on Apr 30, 2018 15:10:40 GMT
Yes, I think I was suffering the same issue. I had about 6% of my account sat as cash for about 2 weeks before finally all being invested into single loan parts in a single 24 hour period.
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Post by jonathan on May 17, 2018 9:36:03 GMT
I recently opened an account with funding circle. After a slow start of about £300 per day loaned out it went up to approx £1300 on Friday. On Monday, Tues, wed, Thurs the following week there were zero loans, and only one part loan of £17, is this normal? I was only just over 50% loaned. Is this a common experience?
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benaj
Member of DD Central
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Post by benaj on May 17, 2018 10:12:03 GMT
I recently opened an account with funding circle. After a slow start of about £300 per day loaned out it went up to approx £1300 on Friday. On Monday, Tues, wed, Thurs the following week there were zero loans, and only one part loan of £17, is this normal? I was only just over 50% loaned. Is this a common experience? Loaded 5k on the 3rd may, matched 2.4k by 10 may. Then I loaded 7.4k on the 12may, so far matched 2.6k on the 16 may. i have to say no major activities today in one of my latest account.
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Post by jonathan on May 18, 2018 10:55:24 GMT
Is there a benefit to opening multiple accounts? Do they prioritise new accounts?
I went from 52 loans last Friday, to 1 part loan in the whole of this week.... My account was 1 week old last friday, maybe you get priority for a week then get sent to the back?
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benaj
Member of DD Central
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Post by benaj on May 18, 2018 10:59:17 GMT
I don't think there is benefit opening new accounts for loan matching. However, it can be annoying if someone does not like managing multiple accounts. I only use multiple accounts to manage loan chunk size, that's all. I don't have any more new loans / SM loans since yesterday.  it's very quiet |
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Post by Ace on May 18, 2018 19:51:33 GMT
Is there a benefit to opening multiple accounts? Do they prioritise new accounts? I went from 52 loans last Friday, to 1 part loan in the whole of this week.... My account was 1 week old last friday, maybe you get priority for a week then get sent to the back? See my post higher up in this thread for FCs description of their loan allocation policy. I think they must favour allocating loans to money generated from interest or returned capital as it's the only explanation I can give to cover my scenario above. I got one new loan today (none for a week before that), despite having about 42% uninvested new cash. The 42% level seems to roughly agree with other posts on here at the moment.
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