dan83
Posts: 243
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Post by dan83 on Jan 30, 2017 18:53:10 GMT
Hi,
I'm new to Money Thing, but not new to P2P.
I don't have full access yet, so some of my questions may sound daft.
It would be great if some one could answer my questions.
1) Do Money Thing (MT) have an invest now, pay later strategy like Saving Stream (SS) or can you only invest what you have in your account like Funding Circle (FC)?
2) How are loans funded? 1st come 1st served like FC or can you set pre-funding like SS?
3) Can I sell loan parts, if so how do I buy second hand loans parts?
I'll prob think of more questions.
Thanks.
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fp
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Post by fp on Jan 30, 2017 19:03:16 GMT
1) Do Money Thing (MT) have an invest now, pay later strategy like Saving Stream (SS) or can you only invest what you have in your account like Funding Circle (FC)?
No, they don't have BNPL, you need to pre-fund your account in advance
2) How are loans funded? 1st come 1st served like FC or can you set pre-funding like SS?
First come, first served, however there are usually bid limits for the first 24 hours.
3) Can I sell loan parts, if so how do I buy second hand loans parts?
Any SM loan parts will show on the available loans page, some days there is a good flurry of them (new loan days), others you might be lucky to see anything all day
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ali
Member of DD Central
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Post by ali on Jan 30, 2017 19:06:10 GMT
Hi, I'm new to Money Thing, but not new to P2P. I don't have full access yet, so some of my questions may sound daft. It would be great if some one could answer my questions. 1) Do Money Thing (MT) have an invest now, pay later strategy like Saving Stream (SS) or can you only invest what you have in your account like Funding Circle (FC)? 2) How are loans funded? 1st come 1st served like FC or can you set pre-funding like SS? 3) Can I sell loan parts, if so how do I buy second hand loans parts? I'll prob think of more questions. Thanks. 1) The later 2) The former 3) Yes. You buy SM parts just like you buy PM parts. (Coloured backgrounds are used to distinguish them and PM parts can't be sold until the loan fills).
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dan83
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Post by dan83 on Jan 30, 2017 19:08:42 GMT
Do you get exact times loans will go live or is it just a case of staying online all day waiting?
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ali
Member of DD Central
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Post by ali on Jan 30, 2017 19:10:39 GMT
Do you get exact times loans will go live or is it just a case of staying online all day waiting? Exact times, but it's invariably 4pm.
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dan83
Posts: 243
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Post by dan83 on Jan 30, 2017 19:41:57 GMT
How long does it normally take to get money into my account and how much notice do you normally get before a loan goes live?
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fp
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Post by fp on Jan 30, 2017 19:44:40 GMT
Money is usually credited within the hour, provided your bank transfers this quick.
New loans usually have a minimum 24 hours notice
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ali
Member of DD Central
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Post by ali on Jan 30, 2017 19:45:19 GMT
How long does it normally take to get money into my account and how much notice do you normally get before a loan goes live? A minute or two (unless you forget to confirm your bank transfer like me this morning!). MT are fast. Normally 24 hours.
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guff
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Post by guff on Jan 30, 2017 20:03:22 GMT
How long does it normally take to get money into my account and how much notice do you normally get before a loan goes live? A minute or two (unless you forget to confirm your bank transfer like me this morning!). MT are fast. Normally 24 hours. A minute or two (even when you forget to confirm your bank transfer like me this morning!). MT are fast. Normally 24 hours at 16:00 and on time. MT are boringly predictable but SS are a lot more fun...
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dan83
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Post by dan83 on Jan 31, 2017 17:31:30 GMT
There is 25 new loans on the pending loans page.
I noticed they are renewing them, so they are not new loans.
As a new member, I obviously don't hold any share in the current loan, am I allowed to buy into some or are they only for people who already own a share?
Will all the loan value be up for grabs or will the people who already hold a share in the original loan get the chance to roll over into the new loan?
Realistically, with a £200,000 loan an a bid limit if £25, how likely am I to get a bite of the cherry?
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ali
Member of DD Central
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Post by ali on Jan 31, 2017 17:39:49 GMT
Those who already hold the loan have first call. At some point on the relevant launch day, Ed will work out who has their "Renew" checkboxes ticked and thus how much of the loan is pre-alloced. The entries on the pending page will then be updated (so going from 100% available down to something like 5% available). If you are around and logged in at 4pm on the dot then you'd normally have a good chance of picking up a number of £25 slices. Given that these are likely to be the last AE loans, things will probably be different, but I wouldn't want to guess whether people will generally renew more than normal or less then normal.
Edit: I hadn't noticed that the loans were starting on different days (thanks @new2p2p). Text updated accordingly.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 31, 2017 18:04:54 GMT
There is 25 new loans on the pending loans page. I noticed they are renewing them, so they are not new loans. As a new member, I obviously don't hold any share in the current loan, am I allowed to buy into some or are they only for people who already own a share? Will all the loan value be up for grabs or will the people who already hold a share in the original loan get the chance to roll over into the new loan? Realistically, with a £200,000 loan an a bid limit if £25, how likely am I to get a bite of the cherry? There was an email sent out this morning about these renewals. Dont know if youd get it as you had no holdings. Current status shows 17 loans with a potential 4 figure avaliability, several with over 20k. Obviously this is subject to change as more people wil probably change their renewal settings but Id say there is a good chance of picking up bits of these loans. Feb 2 looks a good day as currently 80k unclaimed
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Post by GSV3MIaC on Jan 31, 2017 18:17:51 GMT
I for one will be sad to see the AE loans go .. was one of the few offerings not directly tied to the property bubble market. I wonder what rate Ed would have to come up with to keep them?
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dan83
Posts: 243
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Post by dan83 on Jan 31, 2017 18:25:52 GMT
There is 25 new loans on the pending loans page. I noticed they are renewing them, so they are not new loans. As a new member, I obviously don't hold any share in the current loan, am I allowed to buy into some or are they only for people who already own a share? Will all the loan value be up for grabs or will the people who already hold a share in the original loan get the chance to roll over into the new loan? Realistically, with a £200,000 loan an a bid limit if £25, how likely am I to get a bite of the cherry? There was an email sent out this morning about these renewals. Dont know if youd get it as you had no holdings. Current status shows 17 loans with a potential 4 figure avaliability, several with over 20k. Obviously this is subject to change as more people wil probably change their renewal settings but Id say there is a good chance of picking up bits of these loans. Feb 2 looks a good day as currently 80k unclaimed My account was only approved this afternoon, aroun 2:30. I'd assume that's why I never got the email. Will I be able to log on at 4pm tomorrow and invest or should I just wait for a new loan?
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archie
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Post by archie on Jan 31, 2017 18:27:45 GMT
I for one will be sad to see the AE loans go .. was one of the few offerings not directly tied to the property bubble market. I wonder what rate Ed would have to come up with to keep them? Me too, is 38% of my portfolio. Edit : I wouldn't advise anyone to unbalance their holdings like this.
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