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Post by Deleted on Dec 18, 2019 19:01:05 GMT
As title:
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Stonk
Stonking
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Post by Stonk on Dec 18, 2019 19:12:10 GMT
Don't all rush in at 4.0%. That big borrower demand at 3.6% could see it go a fair bit higher still ...
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Stonk
Stonking
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Post by Stonk on Dec 18, 2019 19:17:02 GMT
This must be a little bit of a kick in the teeth to RS's plan to reduce their overall rates by cutting the GRs a couple of weeks ago. They didn't much like lending at 3.0% / 4.0% / 5.0%, and now they find themselves lending on at, err, 4.1% / 4.6% / 5.1%.
Hooray for market forces!
At least until early tomorrow morning, when the automatic orders will suddenly yank the the going rate back down to the Going Rate.
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Stonk
Stonking
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Post by Stonk on Dec 18, 2019 20:38:30 GMT
Never has it been more clear that RS is acting contrary to investors' best interests.
With loans currently changing hands in the market at 4.2% (Access), when I choose to invest the website suggests I do so at 3.0%. Even when I click the tiny pencil, the initially selected rate is 3.0% ("you're at the front of the queue") -- never mind that I can click the "+" 12 times and still be at the front of the queue.
This is pretty underhand.
In fact, since only the GR is displayed along the typical route to placing an order, I don't think the average user would even have the faintest idea that 4.2% is the true market rate, let alone be able to find how to achieve it.
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jcb208
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Post by jcb208 on Dec 18, 2019 22:12:43 GMT
Thanks for the tip off just invest a chunk at 4.1% fully matched in access
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Post by gravitykillz on Dec 18, 2019 22:57:20 GMT
Invested a chunk of cash almost 40 minutes ago and it's still on market ? Surely it should have gone on loan by now ? Mind you I have not used my ratesetter account since February. Anyone know what to do?
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Stonk
Stonking
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Post by Stonk on Dec 18, 2019 23:19:03 GMT
Invested a chunk of cash almost 20 minutes ago and it's still on market ? Surely it should have gone on loan by now ? Mind you I have not used my ratesetter account since February. Anyone know what to do?
What rate did you set?
Assuming you're talking about Access :
Right now, setting 4.2% would put you at the front of the queue. Then you would match next time the system wakes up and does some matching (although you could be overtaken in the meantime by others selecting 4.1%). Matching happens in occasional little spurts. Perhaps they're holding back from matching too much ... wouldn't want to encourage lenders to think too high!
4.1% would get matched to an existing borrower order -- I'm not sure whether they changed how this works, but it used to be an instant match, and then potentially a bit of a wait for the loan to form.
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Stonk
Stonking
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Post by Stonk on Dec 18, 2019 23:25:32 GMT
4.3% is being nibbled away right now. So if you chose 4.2% or lower, you should have matched.
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Post by gravitykillz on Dec 18, 2019 23:29:08 GMT
I did not pick a rate. Just selected the access account. And deposit all amount. Re investment is set a 4.4% which is my Feb rate.
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Post by gravitykillz on Dec 18, 2019 23:30:46 GMT
How do I select a rate or cancel the funds on market?
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Post by gravitykillz on Dec 18, 2019 23:32:02 GMT
Previous software was straightforward this update is not so straightfoward
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Stonk
Stonking
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Post by Stonk on Dec 18, 2019 23:35:39 GMT
If you did not choose a rate, it will have been offered at the Going Rate, 3.0%. I would expect that to match instantly. Confused!
If you can still do so, cancel the 3.0% order and offer it again, setting your rate (using the little pencil icon) at 4.2%. By my reckoning, that should match straight away or very soon.
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Stonk
Stonking
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Likes: 658
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Post by Stonk on Dec 18, 2019 23:38:04 GMT
Previous software was straightforward this update is not so straightfoward
I can't help with that ... it appears you're on a mobile and it may look totally different from what I am looking at on my PC!
You're totally correct that a lot has changed. Most functionality is still there, but in different places and requiring more clicks.
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Post by gravitykillz on Dec 18, 2019 23:40:48 GMT
Gotcha. Thanks
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r00lish67
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Post by r00lish67 on Dec 19, 2019 0:37:43 GMT
As I'm, for the first time since the new products launched, considering re-entering the fray I'm just thinking out loud. Unless you think you'll need the money in a hurry, would MAX not always be the best product?
I say this as MAX rates are 1.00% p.a higher than access. The access fee is 90d interest i.e. 1/4 of the going rate, so currently 1.00%.
So providing you're confident that you will retain your investment for about a year (slightly less in fact as it will amortise away) then you're going to be earning a higher rate than access/plus even if you subsequently cash them in (unless the GR shoots massively upwards, which doesn't feel particularly imminent).
This combined with the fact that using P2P in general as "easy access" is a bad plan in my view, that seems to steer me towards always using MAX.
Agree/disagree?
Aside from paying a fee, is there any other prioritising done between products when using RYI? That would be the only other thing to make me interested in Access - if RYI's were prioritised even after the Plus/Max orders have paid their fee.
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