btc
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Post by btc on May 12, 2018 5:10:52 GMT
Maybe this platform is not for me.
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hazellend
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Post by hazellend on May 12, 2018 6:35:19 GMT
Maybe this platform is not for me. How did you do it? Doesn’t seem possible unless you made a mistake?
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ceejay
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Post by ceejay on May 12, 2018 7:38:00 GMT
Well, I suppose that if you want to invest money in ABL at the moment it will mostly have to be on the SM, where almost everything is at a modest (or not so modest) premium. So, yes, if you invest a wedge and then look at your total it will be less than what you started with.
Then again, if you buy into S&S you have a similar effect with the bid/offer spread...
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blender
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Post by blender on May 12, 2018 8:05:25 GMT
You may not be considering accrued interest. When you buy on the SM, you pay cash for the interest earned to date. This subtracts from your total. But an equivalent amount is accrued, and received as cash only when the next repayment is made by the borrower, when you get the full month's worth. The detail should be in your account history.
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btc
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Post by btc on May 12, 2018 8:52:06 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer)
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archie
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Post by archie on May 12, 2018 9:02:40 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) It's now your interest. You paid for the accrued interest between the last interest payment and now. When the next interest payment is made, you will be paid for the whole month negating the amount you paid for the interest.
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TFTO
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Post by TFTO on May 12, 2018 9:03:01 GMT
Hardly a scam, just a market like most others.
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pom
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Post by pom on May 12, 2018 9:04:45 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) Interest that you'll get back on the next repayment date. But given it gives a detailed explanation of all the figures before you confirm the purchase and yet you still feel you lost money then perhaps you need to read a bit more about how it works - if nothing else I recommend you read the tax info on the FAQ if you're planning to continue with ABL in case any of it applies to you.
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agent69
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Post by agent69 on May 12, 2018 9:08:52 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) When you buy on the SM the price that you agree to pay is clearly displayed and is broken down to show things like accrued interest. You paid to transfer somebody elses' entitlement to that interest so that it became your entitlement. You'll be fine so long as the underlying investment doesn't go t*ts up before the next payment date.
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SteveT
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Post by SteveT on May 12, 2018 9:13:03 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) Your posting history shows you've lent extensively on Funding Secure, where all SM trades also involve the buyer paying the seller for accrued interest to date. The difference is that on Ablrate it's generally less than 1 month's accrued interest and only a couple of weeks before you get it back. On FS it can be as much as 5 months' accrued interest and you might be waiting years before it gets paid back to you (if ever). Which bit of this don't you understand?
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blender
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Post by blender on May 12, 2018 9:31:06 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) This looks like a malicious post to me, btc. Funding circle does the same. Is that also a scam?
If you now sell the same loans at the same rate, you will find you have made a profit. Please do.
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registerme
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Post by registerme on May 12, 2018 10:49:06 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) Sorry, but that just demonstrates a complete lack of understanding of anything. You're told the price before you trade, you're told the premium / discount before you trade, you're told that as both percentages and absolute values, you're told how much accrued interest is involved, and you have to check three or four boxes to say that you understand what you are doing before you can actually execute the trade. On top of which you can see the market depth on both bids and offers, and read all loan documentation and admin comments. I don't think it's the platform at fault here.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on May 12, 2018 12:01:34 GMT
I assumed I was getting a discount and then boom I had to pay for someone's else interest. Bring back Collateral. There was not much on the PM and my mistake was also buying from the SM. Like Bitconnect, it's a scam (for the buyer) Sorry, but that just demonstrates a complete lack of understanding of anything. You're told the price before you trade, you're told the premium / discount before you trade, you're told that as both percentages and absolute values, you're told how much accrued interest is involved, and you have to check three or four boxes to say that you understand what you are doing before you can actually execute the trade. On top of which you can see the market depth on both bids and offers, and read all loan documentation and admin comments. I don't think it's the platform at fault here. Err........Well.........Yeah..........But apart from that .....it's a scam
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marka
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Post by marka on May 12, 2018 12:56:44 GMT
Maybe this platform is not for me. I'm not sure you're suited to anything other than stuffing your cash under the mattress to be honest.
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blender
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Post by blender on May 12, 2018 14:31:00 GMT
We are not supposed to give advice. Choosing the right mattress could be tricky, and then remembering which one you chose.
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