james
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Post by james on Jun 10, 2016 0:17:23 GMT
Whilst I can appreciate that loans lasting less than a minute might be undesirable but equally undesirable would be only being able to pick up trivial amounts of a loan. I'm looking for a minimum of £250 preferably £500 share of a loan. Better £50 or £25 than having to wake up at 4PM near the middle of my night to have a chance and then perhaps getting nothing anyway. In this it's better to err on the too little side so people normally at work or asleep due to their working hours have a chance and those who want more have the opportunity to buy on the secondary market or after a time limit. It's pretty unlikely that you'd want to be around at say 3 or 4 in the morning at my ideal buying time, but that is what I'm effectively expected to do if the limits don't work. I'm a little surprise that Ed isn't already aiming for a three to five day target with per day restrictions for that long so that there's less chance of higher than expected demand overshooting into just minutes of availability. In the long lasting case it's not unduly onerous to buy three or four times at the buyer's choice of time and that's generally going to be easier than a scramble at exactly 4PM when the limit is lifted. The daily limits might be allowed to accumulate if unused so that someone who does have a higher minimum desired size can participate only when their accumulated limit is enough to pass their threshold. Nothing can be perfect but accumulating if unused deliberately smaller daily limits seem likely to come closer to doing the job at the moment.
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Post by lynnanthony on Jun 10, 2016 3:22:54 GMT
No system is going to suit everyone. (I've dropped out of SS because I don't like their system at the moment.) For myself, I don't want shrapnel, I prefer decent chunks of selected loans. I can live with the MT system. Trying to tweak it to keep everyone happy may not be a good idea; for every individual MT please there may well be two that they upset.
(I wonder if Ed has a target lender profile? ISTM that both extremes (The HNW individuals and the post-office-savings-bank crowd, no offense intended to anyone) bring problems, and the eighty percent in the middle are a much safer bet.)
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investibod
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Post by investibod on Jun 10, 2016 10:11:30 GMT
I agree with those above saying don't go down the shrapnel route. A loan has got to be worth holding. A very difficult balancing act. FS seem to do OK with the £25 limit on renewals / small loans. I think that that is the sort of region to consider as the absolute minimum restriction. There is the alternative argument of going down to shrapnel for the first 24 hours, then anybody not interested in shrapnel can go for FFF once the 24 hours limit is over (if there is anything left). If there is nothing left after 24 hours, then there are enough people interested in shrapnel to make that a valid option.
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littleoldlady
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Post by littleoldlady on Jun 10, 2016 11:18:48 GMT
How about pre-funding with a minimum and maximum. Filled bottom up (using the maximum figure), dropping those where less than the minimum would be allocated. So everyone sets their own shrapnel level, everyone gets the same treatment even if operating or sleeping when the loan goes live. To prevent SS type gaming no INPL and no sales on the SM for a period, or a limit on the maximum.
The coding challenge might excite SuperShaung.
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Post by lynnanthony on Jun 10, 2016 12:07:42 GMT
How about pre-funding with a minimum and maximum. Filled bottom up (using the maximum figure), dropping those where less than the minimum would be allocated. So everyone sets their own shrapnel level, everyone gets the same treatment even if operating or sleeping when the loan goes live. To prevent SS type gaming no INPL and no sales on the SM for a period, or a limit on the maximum. The coding challenge might excite SuperShaung. To play devil's advocate, what is the benefit of all this (and/or other) complication to MT?
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james
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Post by james on Jun 10, 2016 14:28:41 GMT
I agree with those above saying don't go down the shrapnel route. A loan has got to be worth holding. What's shrapnel and what does it take to be worth holding? For an 18 year old with little income a Pound or five might be the maximum prudent amount, for a person investing a million on the platform it might take thousands to be worth the time. That diversity is part of why I think that accumulating if unused limits can be useful, since someone can just wait until the limit reaches whatever they desire, or if not, can conclude that it never was going to be worth their while anyway so at least they didn't waste their time looking at it because it filled before it reached their threshold.
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littleoldlady
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Post by littleoldlady on Jun 10, 2016 17:01:39 GMT
How about pre-funding with a minimum and maximum. Filled bottom up (using the maximum figure), dropping those where less than the minimum would be allocated. So everyone sets their own shrapnel level, everyone gets the same treatment even if operating or sleeping when the loan goes live. To prevent SS type gaming no INPL and no sales on the SM for a period, or a limit on the maximum. The coding challenge might excite SuperShaung. To play devil's advocate, what is the benefit of all this (and/or other) complication to MT? Keeping their customers happy - something they have been very good at so far.
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Post by flobberchops on Jun 10, 2016 18:26:41 GMT
Ideally we'd get the best of both worlds - a low initial bid limit (circa £50?) and also enough loans to keep the big spenders happy. Diversification is the name of the game, right?
That said I think MT are doing splendidly with the constraints currently in place, and I'd sooner have a steady trickle of decent loans than a flood of poor investments that default at the drop of a hat.
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Post by lynnanthony on Jun 10, 2016 18:53:39 GMT
To play devil's advocate, what is the benefit of all this (and/or other) complication to MT? Keeping their customers happy - something they have been very good at so far. Are we lenders the customers? Or are we the product?
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Post by mrclondon on Jun 10, 2016 20:17:55 GMT
Keeping their customers happy - something they have been very good at so far. Are we lenders the customers? Or are we the product? Neither 
We lenders are the supplier of raw material (money) that the p2p platforms use to make their product (loans) which are sold to their customers (borrowers).
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littleoldlady
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Post by littleoldlady on Jun 11, 2016 7:31:57 GMT
Keeping their customers happy - something they have been very good at so far. Are we lenders the customers? Or are we the product? Yes, I did hesitate before describing us as "customers" but could not think of a better term. In this context I consider it to be reasonable, ie MT regard us like customers even if we technically are not.
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oldgrumpy
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Post by oldgrumpy on Jun 11, 2016 9:12:22 GMT
How about the selected restricton day one (0.5%?) then double dose restriction on the second 24 hours (or even 18 hours to utilize a different time of day activation) (and to stop a BH grabbing all by FFF) then unrestricted thereafter?
Too complicated?
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archie
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Post by archie on Jun 11, 2016 9:52:27 GMT
The current system works fine, just the maximum bid might need reducing slightly so more people can get a share of each loan. I prefer knowing what funds are required prior to the loans going live.
I joined MT and SS on the same day. I have three times as much invested on MT, partly due to the low pre-funding allocations, partly due to the stupid captcha system making the SM difficult.
Generally investors tend to hold their loans on MT much more than on other platforms, when there are parts for sale I like the ease at which you can buy them.
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Post by lynnanthony on Jun 11, 2016 10:07:43 GMT
I take a previous point about young people with limited spare funds - isn't that need met by the secondary market? I wonder how many lenders that description applies to, really? Bluntly, IMHO, if there are any that fit that description and they want to play with the grownups then they need to play by grownup rules, not expect to be patted on the head with a "there, there, you go first."
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james
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Post by james on Jun 11, 2016 10:39:49 GMT
It isn't only young people who have limited funds or a desire for wider diversification. Fifty year olds on average incomes don't need to have their heads patted, just a way of getting sensible amounts for their assets allocated to this platform and their incomes. The secondary market doesn't really address the need because of the limited availability. £100 per new loan is only achievable sometimes by saying "you only get it if you can be here at exactly 4PM and get lucky" due to the imbalances of supply and demand. That's another form of rationing - either be there at a time when your employer says you shouldn't be or be awake when you're usually asleep or whatever, vs the alternative of rationing the amount.
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