Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Oct 13, 2018 12:01:06 GMT
I invest in several P2P platforms with quite a considerable sum invested overall.
I therfore look at this forum often to guage investor experiences.
Posts on most platforms are daily and numerous.
One big exception is WELENDUS I regularly fall asleep looking for a post
This is a GOOD THING over 90% of other P2P posts are negative for good reasons.
Welendus being this exception shows an overall investor happiness with performance and managment.
I subscribe to this view.
My overall impression is very positive. The provision fund is working well and everything is on track.
I am currently removing investment from "stagnent" P2P platforms as it becomes available and moving it to Welendus.
KEEP UP THE GOOD WORK
Other's impressions welcomed
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liso
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Post by liso on Oct 13, 2018 13:44:02 GMT
Today I withdrew funds that have been sitting unmatched for 10 days.
Cash drag is significant, but a bigger concern for me is that most of my capital repayments have come from the provision fund. Maybe this is not typical - I am a recent lender on the platform - but until I receive a greater number of repayments from nondefaulted loans, I will not be increasing funds. At this level of default, I cannot see how the business is sustainable.
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Post by Proptechfish on Oct 13, 2018 15:13:17 GMT
I've been with Welendus for 8 months on the whole very positive. Although i do have one significant gripe, i withdrew an investment instruction to consolidate in to a single instruction (i had set up a new instruction by accident) referenced in earlier posts. The following month i noticed i did not receive a provision fund payment. I emailed to query it, got response 3 days later to say it was being looked in to, i have nothing since and that was weeks ago. Now looking around myself i have found similar examples of this leaving me to assume that if an instruction is amended /withdrawn you lose the entire provision fund payment for the month. Firstly i can find no reference to this on the website and secondly i can't see a justification for this especially for loans have already been acquired by provision fund but just not yet paid to lenders prior to such an amendment.
So my biggest concern with WeLendUs right now is i could only describe their communication as 'very poor' (the email mentioned was the 1st of 4 over 6 months about different things to get a response). Given that some of the more established players in P2P arrogantly ignored the importance lender relations and now paying the price, i did think WeLendUs would have paid a higher regard.
As critical as this post is i do want WeLendUs to succeed as i am a lender and a minor shareholder, but i want it be sustainable, however i see communication as major factor in P2P sustainability and my experiences to date have undoubtedly curtailed my enthusiasm as both a lender and a equity stake holder.
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Ukmikk
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Post by Ukmikk on Oct 13, 2018 16:54:48 GMT
Hi, I have invested a small amount as a toe-dip in early august, and am monitoring how this goes for the time being. I like what welendus are trying to do and hope it is successful in the long term. It's a little early to make a decisive judgement on returns. I have some concerns which prevent me from increasing my investment at this stage;
Defaults look to be high, but the loan information presented makes it difficult to analyse fully.
The model is heavily dependant on the PF but exactly how coverage is calculated is unclear and the representative appears unwilling to present an illustrative calculation. Overall I feel there Could be more transparency. Some other lenders have expressed concerns about the sustainability of the model.
Returns are currently being propped up by discretionary interest paid on late paying loans. If and when this is removed then returns could plummet.
My experience of customer service has been poor - the phone was not answered, twice, and a requested callback not received. Successful businesses understand the importance of good customer service.
As I said, I like the proposition and wish the platform every success. I look forward to a time when I can confidently invest more.
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benaj
Member of DD Central
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Post by benaj on Oct 13, 2018 18:50:31 GMT
I started with very little in June with 10 loans. Now I have 245 live loans and another 35 loans bought by PF. No Capital loss yet thanks to PF.
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Post by df on Oct 13, 2018 19:31:10 GMT
I invest in several P2P platforms with quite a considerable sum invested overall.
I therfore look at this forum often to guage investor experiences.
Posts on most platforms are daily and numerous.
One big exception is WELENDUS I regularly fall asleep looking for a post
This is a GOOD THING over 90% of other P2P posts are negative for good reasons.
Welendus being this exception shows an overall investor happiness with performance and managment.
I subscribe to this view.
My overall impression is very positive. The provision fund is working well and everything is on track.
I am currently removing investment from "stagnent" P2P platforms as it becomes available and moving it to Welendus.
KEEP UP THE GOOD WORK
Other's impressions welcomed
My overall impression is very positive. I've started at the beginning in December last year and so far can't think of any negative comments about Welendus. Lending took off slowly, creating cash drag, but that was clearly communicated from the outset so I knew what to expect. Since then the platform keeps improving. Communication from nsiam is excellent. I'm not sure exactly what my overall annual return is, but together with PF bonuses it looks like somewhere in the area of above 9%+. One of my favourite platforms atm.
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zlb
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Post by zlb on Oct 13, 2018 19:35:43 GMT
I have an account opened some time ago, which I was going to transfer a bit into soon. On reading the forum over time, the main question for me is the sustainability of the PF model, and curiosity about real interest rate as others have mentioned E.g.as Ukmikk and liso mention. do welendus report on this? Or comment on how things are going? nsiam ?
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michaelc
Member of DD Central
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Post by michaelc on Oct 14, 2018 14:49:38 GMT
Today I withdrew funds that have been sitting unmatched for 10 days. Cash drag is significant, but a bigger concern for me is that most of my capital repayments have come from the provision fund. Maybe this is not typical - I am a recent lender on the platform - but until I receive a greater number of repayments from nondefaulted loans, I will not be increasing funds. At this level of default, I cannot see how the business is sustainable. Is it possible that this is "normal" in the payday loan business? i.e. Lots of defaults hence why the apr is so high. With the cost to borrow being so high, that allows a slush fund (provision fund) that covers these defaults. Isn't that exactly how it is supposed to work?
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Oct 14, 2018 20:15:17 GMT
Today I withdrew funds that have been sitting unmatched for 10 days. Cash drag is significant, but a bigger concern for me is that most of my capital repayments have come from the provision fund. Maybe this is not typical - I am a recent lender on the platform - but until I receive a greater number of repayments from nondefaulted loans, I will not be increasing funds. At this level of default, I cannot see how the business is sustainable. Again people not reading the information supplied. I had 2 loans paid by provision fund out of 50 ish. Perhaps you are too optimistic and have your limits set to too low a time ie 7days. It’s not a bank people are inherently unreliable. The time taken for your funds to be allocated may be due to increased diligence undertaken before handing out your money. Payment by provision fund is not a permanent default and full recovery may occur and money returns to provision fund. Unlike most P2P this would probably result in the borrowers being excluded from further borrowing and making our future lending less risky.
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liso
Member of DD Central
Posts: 389
Likes: 394
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Post by liso on Oct 14, 2018 21:18:12 GMT
Today I withdrew funds that have been sitting unmatched for 10 days. Cash drag is significant, but a bigger concern for me is that most of my capital repayments have come from the provision fund. Maybe this is not typical - I am a recent lender on the platform - but until I receive a greater number of repayments from nondefaulted loans, I will not be increasing funds. At this level of default, I cannot see how the business is sustainable. Again people not reading the information supplied. I had 2 loans paid by provision fund out of 50 ish. Perhaps you are too optimistic and have your limits set to too low a time ie 7days. It’s not a bank people are inherently unreliable. The time taken for your funds to be allocated may be due to increased diligence undertaken before handing out your money. Payment by provision fund is not a permanent default and full recovery may occur and money returns to provision fund. Unlike most P2P this would probably result in the borrowers being excluded from further borrowing and making our future lending less risky. Some good points overshadowed by condescension. Yes, I do know "it's not a bank" and I did "read the information supplied".
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elliotn
Member of DD Central
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Post by elliotn on Oct 15, 2018 4:15:56 GMT
Again people not reading the information supplied. I had 2 loans paid by provision fund out of 50 ish. Perhaps you are too optimistic and have your limits set to too low a time ie 7days. It’s not a bank people are inherently unreliable. The time taken for your funds to be allocated may be due to increased diligence undertaken before handing out your money. Payment by provision fund is not a permanent default and full recovery may occur and money returns to provision fund. Unlike most P2P this would probably result in the borrowers being excluded from further borrowing and making our future lending less risky. Some good points overshadowed by condescension. Yes, I do know "it's not a bank" and I did "read the information supplied". I thought His intervention simply divine.
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michaelc
Member of DD Central
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Post by michaelc on Oct 15, 2018 13:07:38 GMT
To be fair it may partly be a language issue but it does sometimes read like a teenager is writing. Just an impression.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 15, 2018 13:41:37 GMT
Its all meaningless without some form of qualification to what you are talking about, 2 PF payments over 50 loans in what time period? What rate/risk level?
Ive got about 67 PF out of 170 loans over 9 months, at least 14 day PF cutoff on my offers. Ive had minimal cash drag once I got the lending range right 12-15%, 10% max diversification. PF figures will also be maginifiied if you have multiple offers running as you could end up in the same loans on more than one offer (ive 4)
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benaj
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Post by benaj on Oct 15, 2018 14:08:24 GMT
Its all meaningless without some form of qualification to what you are talking about, 2 PF payments over 50 loans in what time period? What rate/risk level?
Ive got about 67 PF out of 170 loans over 9 months, at least 14 day PF cutoff on my offers. Ive had minimal cash drag once I got the lending range right 12-15%, 10% max diversification. PF figures will also be maginifiied if you have multiple offers running as you could end up in the same loans on more than one offer (ive 4) The same loan parts are interesting. I have 2 loan parts but started on different dates, 1 day apart
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Oct 15, 2018 22:51:34 GMT
Its all meaningless without some form of qualification to what you are talking about, 2 PF payments over 50 loans in what time period? What rate/risk level?
Ive got about 67 PF out of 170 loans over 9 months, at least 14 day PF cutoff on my offers. Ive had minimal cash drag once I got the lending range right 12-15%, 10% max diversification. PF figures will also be maginifiied if you have multiple offers running as you could end up in the same loans on more than one offer (ive 4) Good point on same loans. The thread was ment as a general impression and opinions of current investors not an in-depth analysis. Just as as a query what is you return over the 9 months ?
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