IFISAcava
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Post by IFISAcava on Aug 15, 2018 9:51:10 GMT
First impressions not too positive I'm afraid.
Mainly it's the failure to learn from AC and allow 20% of total portfolio (not even just the portion allocated to autolend) to be invested in each loan, even if the loans are related to same borrower. A better system would have been to allow more specification eg max amounts per loan, amount in autolend v manual investment etc.
Won't be switching it on.
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hantsowl
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Post by hantsowl on Aug 15, 2018 10:07:45 GMT
As a new ISA user with currently less than £5000 in my account I assume that I will not be able to enable this due to the 20% limit and £1000 minimum. I also wonder about the fees since the target return is 5% and the three loans currently pending have tranche A of 7.5%, 6.3% and 10.01%. Even with the 10% charge on interest received the return would be much bigger than 5%. Do we actually get the same interest on individual loans that we would get if invested manually or is their some kind of cap used with autoinvest? Finally, if I wanted this to apply to new loans and NOT to what is currently available on the PLE, how would i manage this when the doc states "The facility will also run once every weekday for our secondary market (the PLE)"? proplend
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Post by proplend on Aug 15, 2018 10:45:01 GMT
As a new ISA user with currently less than £5000 in my account I assume that I will not be able to enable this due to the 20% limit and £1000 minimum. I also wonder about the fees since the target return is 5% and the three loans currently pending have tranche A of 7.5%, 6.3% and 10.01%. Even with the 10% charge on interest received the return would be much bigger than 5%. Do we actually get the same interest on individual loans that we would get if invested manually or is their some kind of cap used with autoinvest? Finally, if I wanted this to apply to new loans and NOT to what is currently available on the PLE, how would i manage this when the doc states "The facility will also run once every weekday for our secondary market (the PLE)"? proplend Hi hantsowl - Happy to answer your questions on our new Auto-Lend facility Good news - you can enable Auto-Lend with an account of less than £5,000. Each £1,000 available will be allocated to a different loan up to that first £5,000. The 20% limit only really comes into play for account values of £5,000 or more Yes, you'd get exactly the same interest rate as manual select Lenders would get if they invested in Tranche A - the full rate that the borrower pays (before our Lender fee). Also worth noting that the pending rates quoted are before fees whilst our target rate for Auto-Lend is after fees - we do also expect the rates to average themselves out though. We are not charging any additional fees for using the Auto-Lend facility.Once enabled, available cash could be allocated to In Funding or PLE loans. The facility doesn't currently give you the option to choose which market you'd prefer but you do have the option of disabling the facility and re-enabling it at any time. More information available at www.proplend.com/invest/auto-lend-option/Thanks, Richard
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hantsowl
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Post by hantsowl on Aug 15, 2018 11:00:46 GMT
Finally, if I wanted this to apply to new loans and NOT to what is currently available on the PLE, how would i manage this when the doc states "The facility will also run once every weekday for our secondary market (the PLE)"? proplend Hi hantsowl - Happy to answer your questions on our new Auto-Lend facility Once enabled, available cash could be allocated to In Funding or PLE loans. The facility doesn't currently give you the option to choose which market you'd prefer but you do have the option of disabling the facility and re-enabling it at any time.
Thanks, Richard Hi Richard. Will autolend be run on the PLE at a specific time each day? If so, this will allow enable/disable to avoid it. Thanks, hantsowl
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Post by proplend on Aug 15, 2018 11:22:06 GMT
Hi hantsowl - Happy to answer your questions on our new Auto-Lend facility Once enabled, available cash could be allocated to In Funding or PLE loans. The facility doesn't currently give you the option to choose which market you'd prefer but you do have the option of disabling the facility and re-enabling it at any time.
Thanks, Richard Hi Richard. Will autolend be run on the PLE at a specific time each day? If so, this will allow enable/disable to avoid it. Thanks, hantsowl It will be run after 3pm each day for the PLE but there's no absolute fixed time. Auto-Lend for the primary market will run earlier in the day, immediately prior to our midday 'In Funding' time. The facility has not really been designed to be actively managed like this, but if you want to use it in this way it's entirely up to you.
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IFISAcava
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Post by IFISAcava on Aug 15, 2018 11:36:18 GMT
Given that the loans are being allocated in £1000 'tokens', and given that those with £5k or less are given a £1k limit per loan, I really don't see why one couldn't allow people to set a £ limit per loan rather than allocating 20% of your total pot to each new loan.
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IFISAcava
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Post by IFISAcava on Aug 15, 2018 12:06:58 GMT
As a new ISA user with currently less than £5000 in my account I assume that I will not be able to enable this due to the 20% limit and £1000 minimum. I also wonder about the fees since the target return is 5% and the three loans currently pending have tranche A of 7.5%, 6.3% and 10.01%. Even with the 10% charge on interest received the return would be much bigger than 5%. Do we actually get the same interest on individual loans that we would get if invested manually or is their some kind of cap used with autoinvest? Finally, if I wanted this to apply to new loans and NOT to what is currently available on the PLE, how would i manage this when the doc states "The facility will also run once every weekday for our secondary market (the PLE)"? proplend The problem will be - if you are an existing lender with say £20K, and you transfer in £5k to your ISA, it will ALL go straight into the next loan!
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Post by proplend on Aug 15, 2018 12:23:43 GMT
Given that the loans are being allocated in £1000 'tokens', and given that those with £5k or less are given a £1k limit per loan, I really don't see why one couldn't allow people to set a £ limit per loan rather than allocating 20% of your total pot to each new loan. We may look at the 20% limit as default and offering some customisation options as we develop the facility further IFISAcava. It's designed to be a passive, automatic investment option and as such, we appreciate it's not for all our platform users. Chances are, anyone who is looking to customise the limit per loan, minimum return and preferred tranche(s) would be better suited to manually selecting their loans for now. We do anticipate however that there will be a number of Lenders, existing and new who will find it a convenient way of investing their current and future account balances in lower risk P2P loans. Thanks, Richard
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hantsowl
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Post by hantsowl on Aug 15, 2018 17:29:41 GMT
As a new ISA user with currently less than £5000 in my account I assume that I will not be able to enable this due to the 20% limit and £1000 minimum. Hi hantsowl - Happy to answer your questions on our new Auto-Lend facility Good news - you can enable Auto-Lend with an account of less than £5,000. Each £1,000 available will be allocated to a different loan up to that first £5,000. The 20% limit only really comes into play for account values of £5,000 or more Hi Richard. Just to clarify this point, the message accompanying the auto lending button states the following.... "Based on your total account of £x,xxx.00, up to a maximum of £0.00 could be allocated to the next Tranche A loan, subject to availability." I have between 2 and 5 thousand waiting to be invested. If I turn auto invest on, this message does NOT change. Is this simply an incorrect message OR will auto lend not invest for me because I do not meet the criteria? This is an important question for me because i am currently finding it difficult to invest money on your platform due to lack of SM activity and slow introduction of new loans. I certainly don't want to miss out on the next new one because of this. Following up that last point, are any of the 3 pipeline loans likely at become available in the near future? Thanks, hantsowl
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rzys
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Post by rzys on Aug 15, 2018 17:58:21 GMT
I can't see the pipeline loans or the PLE any more...?
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hantsowl
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Post by hantsowl on Aug 15, 2018 18:12:30 GMT
I can't see the pipeline loans or the PLE any more...? All 3 pipeloan loans are visible for me. So are the 2 seemingly permanent entries on the PLE.
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Post by pmjenkins on Aug 15, 2018 19:30:13 GMT
I can't see the pipeline loans or the PLE any more...? All 3 pipeloan loans are visible for me. So are the 2 seemingly permanent entries on the PLE.
The 'permanent' entries are slowly being bought. £31k and £25k available today - was £128k and £107k three weeks ago.
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rzys
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Post by rzys on Aug 15, 2018 19:47:20 GMT
Thanks hantsowl, my mistake, was looking in the wrong place.
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hantsowl
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Post by hantsowl on Aug 16, 2018 16:17:17 GMT
All 3 pipeloan loans are visible for me. So are the 2 seemingly permanent entries on the PLE.
The 'permanent' entries are slowly being bought. £31k and £25k available today - was £128k and £107k three weeks ago.
£21k and £7 now. The movement has been much faster in the last 2 days. I wonder how much of these loans are being taken by people switching on Autolend and being allocated the loans when the PLE is scanned once a day.
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huxs
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Post by huxs on Oct 9, 2018 7:20:09 GMT
Hi Richard. Will autolend be run on the PLE at a specific time each day? If so, this will allow enable/disable to avoid it. Thanks, hantsowl It will be run after 3pm each day for the PLE but there's no absolute fixed time. Auto-Lend for the primary market will run earlier in the day, immediately prior to our midday 'In Funding' time. The facility has not really been designed to be actively managed like this, but if you want to use it in this way it's entirely up to you. Has anyone tried this approach of turning on Auto Invest in the morning to ensure they are in the queue for a go live and then off afterward to ensure they do not pick up the Exchange loans? I have missed the last two loans due to being a couple of mins too late. So want to ensure I don't missed todays.
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