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Post by scoobydoo on Apr 22, 2016 16:14:38 GMT
Hi all,
I'm new to SS and these forums.
Just wondering about the loans in the SM.
99% of them go instantly. By the time I click on the link the amount available has already gone to £0 most of the time.
I can understand that if people were using bots and there was no delay mechanism but I thought the whole point of the captchas were to stop that. So if it isn't bots, is it just fast fingers along with fast internet?
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SteveT
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Post by SteveT on Apr 22, 2016 16:19:48 GMT
Yup, lots of people that have had lots of practice. There apparently is a trick to "pre-qualifying" the Captcha and then waiting for more of the same loan to appear before clicking Buy instantly. I've never tried it as I'm happy just to use pre-funding to invest in new SS loans, only ever using the SM to sell older loans to those with more limited patience / greater need to get invested.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 22, 2016 16:20:08 GMT
Hi all, I'm new to SS and these forums. Just wondering about the loans in the SM. 99% of them go instantly. By the time I click on the link the amount available has already gone to £0 most of the time. I can understand that if people were using bots and there was no delay mechanism but I thought the whole point of the captchas were to stop that. So if it isn't bots, is it just fast fingers along with fast internet? Fast fingers and technique; less so bots, due to the captchas, but a BOT can get you to the captcha quicker; but it does require being at the PC. There is also a 3sec refresh rate, so you could be up to 3 seconds behind others users. It's been covered on the forum 100s of times, but at the end of the day, there are over 2800 active investors on SS, and if only 1% are chasing the loans on the SM, the odds are against you. I've said it in the past when the SM was liquid (it hasn't always been that way in recent months); don't be in such a hurry to invest your money. Be patient with the pre-fund loans, and treat the SM as an easy place to get rid of your loans when you require the money. This is the primary purpose of the SM, and for that purpose it works well.
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Post by GSV3MIaC on Apr 22, 2016 16:30:52 GMT
There was (if you can find it) a neat post from sl75 explaining how you can 'tee up' a captcha, and then use a small pre-canned bit of javascript (added to the page) to 'fire' the buy request at whatever happens to come up for sale. There are also some (human assisted) bots still on the case. Suggestions for some sort of pre-funding (i.e. an official allocation / rationing method) for SM parts have not been widely well received, so far. |
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Post by scoobydoo on Apr 22, 2016 18:21:06 GMT
I've said it in the past when the SM was liquid (it hasn't always been that way in recent months); don't be in such a hurry to invest your money. Be patient with the pre-fund loans, and treat the SM as an easy place to get rid of your loans when you require the money. This is the primary purpose of the SM, and for that purpose it works well. The problem with just waiting for pre-funds is that if you have a sizeable chunk to invest then I guess you could be waiting a while to get fully invested, especially if the platform gets more and more popular.
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Liz
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Post by Liz on Apr 22, 2016 18:36:11 GMT
And dogs have paws, not fingers, so you are disadvantaged.
Your best bet is load up on loans when they are released, then sell and diversify as loans are released, meaning no dead time.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Apr 22, 2016 18:36:47 GMT
I've said it in the past when the SM was liquid (it hasn't always been that way in recent months); don't be in such a hurry to invest your money. Be patient with the pre-fund loans, and treat the SM as an easy place to get rid of your loans when you require the money. This is the primary purpose of the SM, and for that purpose it works well. The problem with just waiting for pre-funds is that if you have a sizeable chunk to invest then I guess you could be waiting a while to get fully invested, especially if the platform gets more and more popular. Completely sympathise with you; most of us that joined SS within the last 12 months have been in a similar situation trying to invest their pot. While I will still stick with my point in my post above, it's not impossible to invest in the SM. There are times when you'll find it easier..... > There is usually an increase of activity on the SM around Midnight and several hours after. Investors like to get that extra days interest before selling up, and many are not around to pick them up so it's slightly easier to invest > When a new loan goes live there is always an increase in activity on the SM; it's always best to stay at your PC on these days especially just after the loan goes live as you often see a list of loans appear. > When several large loans go live in a short period, it often turns the SM into a static looking place, with loans sticking around for hours and even days. This happened recently with a list of available loans lasting a couple of weeks. With the threat of the Hull loan going live soon, and two stage 2 loans amounting to £5,105,000 then this could easily happen again in the near future. Be patient, and expect to work for your generous 12%  . Once your pot has been invested, you'll be glad that the SM works to your advantage when you need funds.
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tony
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Post by tony on Apr 22, 2016 18:56:26 GMT
I have tried pre-funding a couple of times and on each occasion I have been allocated a small fraction of the amount I applied for and both amounts included odd pence. If this is what usually happens it would take me ages to invest the modest £500 I usually have available and result in my having umpteen part loans to keep track of and also having funds in my account for long periods earning nowt. The alternative way of maintaining a zero balance and then transferring money in each time I am allocated a loan part is even more time consuming and impractical.
I have problems with other platforms where, unlike SS, you have to have funds in your account before you can invest. e.g. MT where I see a fund open to investment, immediately arrange a "faster payments" transfer only to find that the loan is fully funded before my funds are cleared an in my account. Then I have a choice of leaving my money on account, perhaps for ages earning nothing, or to immediately withdrawing them neither of these options appeal to me.
Does anyone know which platforms, other than SS, accept a part loan, when you have no funds in your account, providing you transfer funds in within a certain time?
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Post by mrclondon on Apr 22, 2016 19:06:49 GMT
Does anyone know which platforms, other than SS, accept a part loan, when you have no funds in your account, providing you transfer funds in within a certain time?
I'm not aware of any others, and in any case (almost) everyone accepts its contrary to FCA client money handling rules. So make the most of it, it may not last for much longer.
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jonah
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Post by jonah on Apr 22, 2016 19:08:53 GMT
Only SS do that.
MT withdrawals are very quick though... My slice of today's car was back in my current account within minutes of the forum post on here.
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nick
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Post by nick on Apr 22, 2016 19:43:20 GMT
Does anyone know which platforms, other than SS, accept a part loan, when you have no funds in your account, providing you transfer funds in within a certain time?
I'm not aware of any others, and in any case (almost) everyone accepts its contrary to FCA client money handling rules. So make the most of it, it may not last for much longer.
I believe the FCA had proposed prohibiting authorised firms from carrying out a transaction for a client until the firm has received cleared funds form a client, but this proposal was abandoned due to technical difficulties in defining 'cleared funds'. I haven't seen anything in the current Client Assets Sourcebook (CASS). Firms are more broadly required to ensure that non-payment by one client does not adversely affect another (eg the seller of a loan part). However, this risk is normally addressed by the firm contributing its own cash as client money until payment is received from the client - I assume this is what must be happening behind the scenes.....
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Post by holmesy999 on Apr 22, 2016 21:28:48 GMT
I would say just be patient as it comes in waves. It wasnt that long ago that there was a Scottish estate sitting there where you could have invested heaps, there was a shed load of money to invest in Exeter, and the Watford loans (although one is now kaput) had people asking if they were ever going to be all taken up.
You have joined at a time where Google adds have been ramped up, p2p is now a buzz word heard at pubs and dinner conversation and membership of a 12% club is desirable. If you go small it will take while to get a portfolio (it's taken me 2 months to invest my small amounts up to £1,000) - you either go big at one loan, or take a while to invest the odd £29 pounds here and there. Midnight and 6 am are good times to pounce.
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Post by retired2005 on Apr 26, 2016 11:08:06 GMT
tried searching on captcha and sl85 but cant find the post .... dont suppose anyone can point me to it while I carry on searching....?
Thanks!
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Post by GSV3MIaC on Apr 26, 2016 13:29:21 GMT
tried searching on captcha and sl85 but cant find the post .... dont suppose anyone can point me to it while I carry on searching....? Thanks! It helps if you use sl75 .. I guess 85 must be their big brother. 8>.
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. Once your pot has been invested, you'll be glad that the SM works to your advantage when you need funds.
