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Post by p2plender on Aug 28, 2015 12:33:47 GMT
There's a place for people who want hassle free savings/investments, it's called a saving account. No input required, simples..
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c88dnf
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Post by c88dnf on Aug 28, 2015 12:59:34 GMT
and it still says " The rate to lend right now is: 6.1%" - perhaps this is just set once per day? Nope - the "rate to lend at" simply reflects the current highest rate a borrower is offering. It's now (14.50 Friday) at 6.2%, up from 5.9% a couple of hours ago. The lowest lender rate now offered is 6.4% with 6.5% extremely likely by this evening. Quite simply, "the rate to lend at" figure is as meaningful as me saying I'm currently the most talented ballet dancer in our house. The house is empty. Apart from the cat who appears to disagree about the ballet dancing.
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Post by p2plender on Aug 28, 2015 13:15:13 GMT
yeah but it is still 'the rate to lend at' IF you want to lend at. Up to individual to then take the rate. What about if there was a borrower request at 0%? Would the lender look and think I'll have that as that must be all I can get?
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Post by nickthefool on Aug 28, 2015 13:45:30 GMT
Quite simply, "the rate to lend at" figure is as meaningful as me saying I'm currently the most talented ballet dancer in our house. The house is empty. Apart from the cat who appears to disagree about the ballet dancing. That's the crux of it at the moment. There's generally little or no borrower offers left on the market. Maybe that will change in time? I do find it a little odd that the "rate to lend right now" is given as the lowest lender offer, when there are no borrower offers on the market. Does anyone know if the same display is shown from the borrower side?
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Post by bobthebuilder on Aug 29, 2015 9:48:02 GMT
Although I thoroughly dislike this blatantly misleading change to the display, if RS insist on pointing novice lenders to “the rate to lend”, then they could at least change the wording to something more balanced. I’m very flattered to be regarded as a Ratesetter “expert”, but it’s a term that seems almost designed to intimidate the less than confident, and I would suggest that instead RS could try the wording “The rate to lend right now is x%. You may be able to obtain a higher rate if you are prepared to wait to be matched. To select this option, click here.”
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ashtondav
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Post by ashtondav on Aug 29, 2015 10:49:01 GMT
Personally, I think we ought to be grateful RS still permit us to bid. They could have taken the ZOPA approach where you are offered a take it or leave it rate each month - a move that has alienated the old faithful but has done nothing to decrease their popularity with new lenders. SIMPLE ATTRACTS. We on this board are the minority.
RS needs to increase its market share and lower prices help achieve that. It is in all our interests. I for one do not feel comfortable outside the ZOPA/RS zone of p2p, and like the choice of business models.
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Post by geoffrey on Aug 31, 2015 6:59:27 GMT
I'm sorry, but this change is extremely misleading to newbie lenders, because it seriously misrepresents the market rate. It would be far more acceptable if the display guided such lenders to lend at the established MR. But no. Instead, it guides lenders to lend at the lower of the top borrower offer or the lowest lender offer. So, if I put some money on the five-year market at a ridiculous rate, say, 3.5% at a time when there are no borrower offers, as far as I can tell, all newbie lenders will be guided to lend at 3.5%. As far as I'm concerned, this is fleecing naïve lenders, and is not consonant with the image I have of RS as an organization based on principles of equity. Guide lenders towards lending at the market rate, and this move would be entirely acceptable. Guiding them to lend at unrealistically low rates is completely unacceptable, indeed, I'd call it underhand.
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Post by p2plender on Aug 31, 2015 8:41:07 GMT
Aug 31, 2015 7:59:27 GMT 1 geoffrey said:
I'm sorry, but this change is extremely misleading to newbie lenders, because it seriously misrepresents the market rate. It would be far more acceptable if the display guided such lenders to lend at the established MR. But no. Instead, it guides lenders to lend at the lower of the top borrower offer or the lowest lender offer. So, if I put some money on the five-year market at a ridiculous rate, say, 3.5% at a time when there are no borrower offers, as far as I can tell, all newbie lenders will be guided to lend at 3.5%. As far as I'm concerned, this is fleecing naïve lenders, and is not consonant with the image I have of RS as an organization based on principles of equity. Guide lenders towards lending at the market rate, and this move would be entirely acceptable. Guiding them to lend at unrealistically low rates is completely unacceptable, indeed, I'd call it underhand.
yeah but it is still 'the rate to lend at' IF you want to lend at. Up to individual to then take the rate. What about if there was a borrower request at 0%? Would the lender look and think I'll have that as that must be all I can get?
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Post by rarrar on Aug 31, 2015 17:51:13 GMT
Offering lenders the option of selecting Market Rate for new money would be the best option especially for Newbies.
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ashtondav
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Post by ashtondav on Sept 1, 2015 8:47:15 GMT
But it's the rate you need to agree to if you want to lend your money "right now", and therefore it is the rate shown in the box.
The fact you don't particularly like punters to be given that option is your opinion. It is doing nothing other than giving newbies the opportunity to immediately put their money to work at rates that are many multiples what they can get from a BS.
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Greenwood2
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Post by Greenwood2 on Sept 1, 2015 10:36:11 GMT
But it's the rate you need to agree to if you want to lend your money "right now", and therefore it is the rate shown in the box. The fact you don't particularly like punters to be given that option is your opinion. It is doing nothing other than giving newbies the opportunity to immediately put their money to work at rates that are many multiples what they can get from a BS. Not if there are no borrowers at that rate, and not sensible (and therefore shoudn't be suggested) if there are only trivial amounts of funds offered up to 1% higher.
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Greenwood2
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Post by Greenwood2 on Sept 1, 2015 10:40:44 GMT
I went to invest for the first time in a while, and even seeing that the screens had changed it took me a minute to realise there was a 'click here' to get to the proper lending screens. For a minute I assumed I had no choice and I guess many newbies would just fill in the boxes.
Edit: Looks like a good way to drive down rates.
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oldgrumpy
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Post by oldgrumpy on Sept 1, 2015 10:42:02 GMT
I don't see what "newbies" are being pointed to by RS. The bizarre display of lender offers shown now at 11:35 when I would have thought all outlier low offers would have been mopped up by the 10:58 match makes very disturbing reading. Down, down and down it seems people are being advised to lend at a lower rate than the last one (however small that one is). Considering market rate this morning was deemed (fairly) to be 5.3%, there is now a long string of small offers all the way down to 4%, and POW!! .... RS have suddenly discovered that borrowers are only offering 3.8%! Four cheers for "Your Rate" which keeps me out of this game. Strange that there is no such behaviour on 5 yr today*. ed. Having said that, something has just started up with the £30K+ lodged at 6.1% (edit... the repayment run money has just been dropping in making it £200K+ £330K), trivial amounts have just appeared for 6.0%, 5.9% and 5.6% ... (now 5.8% and 5.7% have filled in) and BINGO! borrowers have appeared offering 5.5%. Attachments:
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registerme
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Post by registerme on Sept 1, 2015 11:02:47 GMT
There's something awry with the (or just mine?) five year market display at the moment anyway. If you look at the "vanilla expert" screen you'll see it says that there is 1.1m available to lend at 5.8%. However if you look at the full market you only see a cumulative 2.4k there. EDIT: Unless I am being stupid, which is always possible .
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Greenwood2
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Post by Greenwood2 on Sept 1, 2015 11:08:08 GMT
There's something awry with the (or just mine?) five year market display at the moment anyway. If you look at the "vanilla expert" screen you'll see it says that there is 1.1m available to lend at 5.8%. However if you look at the full market you only see a cumulative 2.4k there. EDIT: Unless I am being stupid, which is always possible . I think that's the total above 5.8%
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