aj
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Post by aj on Apr 4, 2019 10:46:20 GMT
I'm on the look out for a loan on the SM as I had a repayment earlier in the week. Someone put a bunch of parts up for sale just before 11.
10:59 Your investment is pending
11:01 Investment Not funded
11:07 Your investment is pending
11:09 Investment Not funded
11:10 Your investment is pending
11:10 Investment Not funded
Still got idle cash sitting around, no parts bought.
Grumble grumble grumble, why can't loan allocation be instantaneous like other sites?
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pom
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Post by pom on Apr 4, 2019 11:09:34 GMT
Grumble grumble grumble, why can't loan allocation be instantaneous like other sites? Probably because they're not true p2p?
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michaelc
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Post by michaelc on Apr 4, 2019 14:54:38 GMT
Why aren't they? The fact that their platform has a manual step and is thus not instantaneous is just a technical issue not a financial one.
As far as I can see multiple individuals (peers) are grouping together to finance loans.
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ilmoro
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'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 Apr 4, 2019 17:33:16 GMT
Why aren't they? The fact that their platform has a manual step and is thus not instantaneous is just a technical issue not a financial one. As far as I can see multiple individuals (peers) are grouping together to finance loans. They don't have peer to peer permissions & are offering unregulated loans. Read the disclaimer on the home page under company info
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michaelc
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Post by michaelc on Apr 4, 2019 19:43:37 GMT
Why aren't they? The fact that their platform has a manual step and is thus not instantaneous is just a technical issue not a financial one. As far as I can see multiple individuals (peers) are grouping together to finance loans. They don't have peer to peer permissions & are offering unregulated loans. Read the disclaimer on the home page under company info I had already read that thanks. They don't have permission from the FCA to run a p2p platform which IMO is only a technicality. The loans are clearly p2p loans whether or not they are regulated.
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ilmoro
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'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 Apr 4, 2019 23:44:15 GMT
They don't have peer to peer permissions & are offering unregulated loans. Read the disclaimer on the home page under company info I had already read that thanks. They don't have permission from the FCA to run a p2p platform which IMO is only a technicality. The loans are clearly p2p loans whether or not they are regulated. Collateral loans were clearly P2P!!!! Unregulated so no recourse to FOS/FCA in relation to the loans, ineligible for loss relief, no IFISA Why has anybody bothered applying for FCA P2P authorisation because apparently if they look like a duck they are a duck so why bother being able to quack? NB BC aren't doing anything wrong, they are just not true P2P.
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bababill
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Post by bababill on Apr 5, 2019 1:00:22 GMT
ilmoro I believe LendInvest operates the same set up as BC. Are you saying LendInvest left the Peer-to-Peer Finance Association because they were not offering an Article 36(H) regulated platform?
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ilmoro
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Post by ilmoro on Apr 5, 2019 1:43:04 GMT
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aj
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Post by aj on Apr 5, 2019 9:23:15 GMT
So If i get this right, their allocation system cannot be automated because that would put them closer to being defined as 'true P2P' and have to be FCA regulated as such?
Given the FCAs handling of Collateral, perhaps a manual allocation system is a small price to pay...
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