deltron
Member of DD Central
Posts: 54
Likes: 66
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Post by deltron on Oct 18, 2021 4:08:23 GMT
Been auto-investing since mid-September and was pleased with the number of new loans coming online. I happened to scroll down my account page the other day to where that graph details what your portfolio is doing and noticed that fully half of the pledges are sat doing precisely nothing. The worst single offender was the first pledge that I made around the 13th September. But there's a bunch of others from September too. I can understand a delay of a week or so but the number of loans that have weeks of delays is ridiculous. There's no accrued interest for this, the vast majority of loans only pay interest on loan expiry, and there's no secondary market. The rigidity of this platform and their inability to get loans going asap is dissuading me from investing any further. They also fobbed me off with a two-line email response telling me that they were experiencing delays with a number of loans, which is exactly what I had told them, and then failed to answer the other questions I'd posed to them. Not good. Not good at all.
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Post by Ace on Oct 18, 2021 7:48:19 GMT
Been auto-investing since mid-September and was pleased with the number of new loans coming online. I happened to scroll down my account page the other day to where that graph details what your portfolio is doing and noticed that fully half of the pledges are sat doing precisely nothing. The worst single offender was the first pledge that I made around the 13th September. But there's a bunch of others from September too. I can understand a delay of a week or so but the number of loans that have weeks of delays is ridiculous. There's no accrued interest for this, the vast majority of loans only pay interest on loan expiry, and there's no secondary market. The rigidity of this platform and their inability to get loans going asap is dissuading me from investing any further. They also fobbed me off with a two-line email response telling me that they were experiencing delays with a number of loans, which is exactly what I had told them, and then failed to answer the other questions I'd posed to them. Not good. Not good at all. I totally agree. In my opinion CP is one of the very best platforms, but they really should try harder to address this issue. Given that their loans have been funding in seconds for years now, I really don't see why they raise funds for them so long before they are certain that drawdown will be required. Excellent platform CP, but could do better on this point. To add a balance: as a long term lender on CP I have around 100 extant loans with only 6 currently awaiting drawdown, which represents 4% of my funds on platform.
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Post by overthehill on Oct 18, 2021 7:53:28 GMT
Been auto-investing since mid-September and was pleased with the number of new loans coming online. I happened to scroll down my account page the other day to where that graph details what your portfolio is doing and noticed that fully half of the pledges are sat doing precisely nothing. The worst single offender was the first pledge that I made around the 13th September. But there's a bunch of others from September too. I can understand a delay of a week or so but the number of loans that have weeks of delays is ridiculous. There's no accrued interest for this, the vast majority of loans only pay interest on loan expiry, and there's no secondary market. The rigidity of this platform and their inability to get loans going asap is dissuading me from investing any further. They also fobbed me off with a two-line email response telling me that they were experiencing delays with a number of loans, which is exactly what I had told them, and then failed to answer the other questions I'd posed to them. Not good. Not good at all. This trend started 6-9 months ago, many other platforms pays interest from the time you invest. I think this is why there hasn't been many loans recently, not of any size for sure. You can ask to get your pledge refunded, I've done this a couple of times. At the rate they are hiring high salary people I'm not sure where CP is going to end up, out of retail probably?
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mcfc
I’m invested in Qardus, Loanpad, Proplend, and Crowproperty
Posts: 91
Likes: 62
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Post by mcfc on Oct 18, 2021 10:21:11 GMT
Been auto-investing since mid-September and was pleased with the number of new loans coming online. I happened to scroll down my account page the other day to where that graph details what your portfolio is doing and noticed that fully half of the pledges are sat doing precisely nothing. The worst single offender was the first pledge that I made around the 13th September. But there's a bunch of others from September too. I can understand a delay of a week or so but the number of loans that have weeks of delays is ridiculous. There's no accrued interest for this, the vast majority of loans only pay interest on loan expiry, and there's no secondary market. The rigidity of this platform and their inability to get loans going asap is dissuading me from investing any further. They also fobbed me off with a two-line email response telling me that they were experiencing delays with a number of loans, which is exactly what I had told them, and then failed to answer the other questions I'd posed to them. Not good. Not good at all. I totally agree. In my opinion CP is one of the very best platforms, but they really should try harder to address this issue. Given that their loans have been funding in seconds for years now, I really don't see why they raise funds for them so long before they are certain that drawdown will be required. Excellent platform CP, but could do better on this point. To add a balance: as a long term lender on CP I have around 100 extant loans with only 6 currently awaiting drawdown, which represents 4% of my funds on platform. I completely agree, and this has also become a real bug bear for me. I have approx 2k of loans sat waiting to draw down that are not earning interest for me. I do not believe this is acceptable, given that many of these loans were due to complete in September and I invested into them on that premise. I can accept that occasionally things happen and loans may take longer than expected to draw down, but to have so many loans, so regularly taking such a long time, then obviously there is a problem. I am also definitely considering removing myself from CP as there are other reliable P2P sites where I do not experience this problem,…Loanpad, and Proplend being just two of them. Please Crowdproperty, sort this out quickly.
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liso
Member of DD Central
Posts: 389
Likes: 394
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Post by liso on Oct 28, 2021 10:40:04 GMT
The time lag in (some) loans drawing down is completely unacceptable. I am waiting 8 weeks and 6 weeks for loans from September to start. No interest paid, no explanation or update from CP.
CP's current push to grow their business, and their huge popularity among lenders, allows them to overlook these problems, but their inattention diminishes returns to lenders. And perhaps also increases our risk. Our risk, not their risk!
I have stopped investing with them for now. Will watch and wait
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,008
Likes: 574
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Post by dave4 on Oct 28, 2021 10:51:15 GMT
Lender money has become cheep and plentiful over many platforms. Popular methods of cash drag include.. Funds Invested and awaiting loan commencement (if it actually draws down) Funds in a holding pond awaiting for movement towards a possible % of a loan draw down. Funds in a Que securing a possible place to invest in the future.
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liso
Member of DD Central
Posts: 389
Likes: 394
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Post by liso on Oct 28, 2021 11:19:00 GMT
Lender money has become cheep and plentiful over many platforms. Popular methods of cash drag include.. Funds Invested and awaiting loan commencement (if it actually draws down) Funds in a holding pond awaiting for movement towards a possible % of a loan draw down. Funds in a Que securing a possible place to invest in the future. The loans were pitched with a specified start date. I know that delays can occur but CP should at least provide an explanation. Yes, I agree lender money is cheap and plentiful atm, but that doesn't mean lenders should not hold platforms to account.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,008
Likes: 574
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Post by dave4 on Oct 28, 2021 11:29:16 GMT
Lender money has become cheep and plentiful over many platforms. Popular methods of cash drag include.. Funds Invested and awaiting loan commencement (if it actually draws down) Funds in a holding pond awaiting for movement towards a possible % of a loan draw down. Funds in a Que securing a possible place to invest in the future. The loans were pitched with a specified start date. I know that delays can occur but CP should at least provide an explanation. Yes, I agree lender money is cheap and plentiful atm, but that doesn't mean lenders should not hold platforms to account. agreed
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mcfc
I’m invested in Qardus, Loanpad, Proplend, and Crowproperty
Posts: 91
Likes: 62
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Post by mcfc on Oct 28, 2021 12:04:19 GMT
I also invest in Proplend. Occasionally loans there are also late to draw down. In such instances Proplend charge the borrower “pre draw down interest” which is then credited to my account once the late loan actually draws down. I believe Crowdproperty should do something similar. It is not right that I invest in a loan with a published expected draw down date, only for those dates to regularly over run by several weeks and months, resulting in my capital sat idle and not earning
me interest. The whole point in me investing in Crowdproperty is to earn interest. If my money is not doing so, then what is the point ?
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Oct 28, 2021 12:50:21 GMT
I also invest in Proplend. Occasionally loans there are also late to draw down. In such instances Proplend charge the borrower “pre draw down interest” which is then credited to my account once the late loan actually draws down. I believe Crowdproperty should do something similar. It is not right that I invest in a loan with a published expected draw down date, only for those dates to regularly over run by several weeks and months, resulting in my capital sat idle and not earning me interest. The whole point in me investing in Crowdproperty is to earn interest. If my money is not doing so, then what is the point ? Agree with you. These ever-extending periods until loans draw down on Crowdproperty is massively frustrating and leads to the overall interest returns we make being considerably lower than advertised. Many P2P platforms like Kuflink and Ablrate pay what they call 'Instant Returns' or 'Cashback', meaning that lenders receive interest for each and every day until the loan draws down. Crowdproperty should do the same.
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Post by chubby on Nov 3, 2021 18:25:16 GMT
I feel this delay in starting loans is totally against the spirit of P2P and is causing a loss of goodwill with investors. spoke to CP some weeks ago and was told that they were about to reduce the backlog and we would see an improvement soon. I always find the staff helpful but I think they have to toe the party line. I still have 9 loans waiting to start. Why cannot CP invest our money in a reasonable time or is this part of their forward plans ?
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Post by overthehill on Nov 3, 2021 18:53:22 GMT
I feel this delay in starting loans is totally against the spirit of P2P and is causing a loss of goodwill with investors. spoke to CP some weeks ago and was told that they were about to reduce the backlog and we would see an improvement soon. I always find the staff helpful but I think they have to toe the party line. I still have 9 loans waiting to start. Why cannot CP invest our money in a reasonable time or is this part of their forward plans ?
I can only guess the focus is elsewhere. I have one older than a week and it is still unprepared, data still absent in loan spreadsheet.
Tomorrow's loan is a bridge so should be turned around quickly, I might be mistaken but it seemed to jump into the charts at no1 from nowhere.
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mcfc
I’m invested in Qardus, Loanpad, Proplend, and Crowproperty
Posts: 91
Likes: 62
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Post by mcfc on Nov 3, 2021 21:32:51 GMT
Older than a week is really nothing in my experience I have more than one around two months late in closing. My patience with CP is pretty much worn out.
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mcfc
I’m invested in Qardus, Loanpad, Proplend, and Crowproperty
Posts: 91
Likes: 62
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Post by mcfc on Nov 3, 2021 21:33:09 GMT
Older than a week is really nothing in my experience I have more than one around two months late in closing. My patience with CP is pretty much worn out.
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Post by Ace on Nov 3, 2021 22:06:52 GMT
Again, I agree that CP should do better to minimise this element of cash drag. Though, to put it in perspective, I currently have 10 loans in this state: - 1 "funds not received" (today's loan),
- 4 "loans currently being prepared",
- 5 with loan start dates specified. They range from 9/11/21 to 17/11/21. I seem to recall that these dates are often missed.
I haven't kept records of how long any of these have been waiting, but the total allocated to all of these undrawn loans for me is 4.2% of my funds on platform. It's an area that I think CP should address, but it's not a big enough pain for me to consider drawing down from this platform.
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