r00lish67
Member of DD Central
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Post by r00lish67 on Sept 25, 2017 8:20:07 GMT
Order of rolled-over £2k at priority rate placed on 19th September still waiting for investment today (and 'my' priority rate is still the same as theirs). Presumably, if you selected market rate (to get that whole extra 0.1% p.a) you would be waiting for eternity. How any unsuspecting investor would know this unless they read this forum, I don't know. I'm really not clear why GS are still offering it at all, it's surely an entirely inappropriate product for any lender currently and should be paused. I'll give it one more day, then I think I'll have to do what they probably want me to do and bog off elsewhere (with everything above the referral bonus threshold of course )
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alender
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Post by alender on Sept 25, 2017 20:36:59 GMT
Now got 75% (all from repayments) of my money in GS at priority rate waiting to be lent, if not matched soon will be off to AC 30 day account.
On front page of GS website for investing it states
Earn up to 5.8%*
*Assumes that all principal and interest earned is reinvested for a year,
and that you are matched to borrowers throughout that time.
As this is clearly impossible looks like this is misleading advertising.
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ding
Member of DD Central
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Post by ding on Sept 26, 2017 10:41:18 GMT
Getting worse. On market 19th, invested 26th (5.7% current priority rate).
This was on reinvestment of a contract that paid 10 days early! One thing I notice is if you open the PDF contract its a lower rate. In this case 5.56%.
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treeman
Member of DD Central
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Post by treeman on Sept 26, 2017 13:29:44 GMT
Getting worse. On market 19th, invested 26th (5.7% current priority rate). This was on reinvestment of a contract that paid 10 days early! One thing I notice is if you open the PDF contract its a lower rate. In this case 5.56%. 5.56% is what you actually get for a month - 5.7% is the AER ............. it's a standard format to show a return in a way that can be compared easily to other investments/savings accounts.
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Post by p2plender on Sept 28, 2017 14:30:13 GMT
These scammers have had millions sat idle on and off for several months now.
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bfdfix
New Member
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Post by bfdfix on Oct 2, 2017 11:20:25 GMT
I've been off the ball with things and just realised an order of £500 had been repaid and sat on the market for two monts at the market rate, really not great so I've withdrawn my money.
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Post by beeje13 on Oct 2, 2017 14:10:29 GMT
Priority rate loan ended 30th September, matched 1st October.
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ding
Member of DD Central
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Post by ding on Oct 20, 2017 13:45:30 GMT
Getting worse. On market 19th, invested 26th (5.7% current priority rate). This was on reinvestment of a contract that paid 10 days early! One thing I notice is if you open the PDF contract its a lower rate. In this case 5.56%. My last two: On market 11th, invested 15th (5.5% current priority rate). Via reinvestment that ended 18 days early. On market 15th, invested 17th (5.5% current priority rate). Via reinvestment that lent to term.
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amphoria
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Post by amphoria on Dec 24, 2017 15:56:09 GMT
I had a loan repay on 19th December, ie. just after the new rules came into effect. The money has just been re-lent at the market rate after 5 days.
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IFISAcava
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Post by IFISAcava on Dec 25, 2017 1:14:49 GMT
I had a loan repay on 19th December, ie. just after the new rules came into effect. The money has just been re-lent at the market rate after 5 days. 5 days inactive in 30 - will reduce the headline interest rate to well below 5%. 5.3% is an APR based on immediate reinvestment - it's misleading.
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Post by nesako on Dec 26, 2017 17:00:57 GMT
I had a loan repay on 19th December, ie. just after the new rules came into effect. The money has just been re-lent at the market rate after 5 days. 5 days inactive in 30 - will reduce the headline interest rate to well below 5%. 5.3% is an APR based on immediate reinvestment - it's misleading. Took 4 days to invest my money 20th Dec on the Market, lent on 24th... I have next repayment on 28th, probably will not be lent until after New Year
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Post by p2plender on Dec 26, 2017 19:15:46 GMT
GS is a scam. They don't want you 'fully invested'. They are on the side of the borrower, hence the lowering of rates and an instant supply of lender cash - sat there for days on end earning jack ship.
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p2pmark
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Post by p2pmark on Dec 26, 2017 19:44:03 GMT
GS is a scam. They don't want you 'fully invested'. They are on the side of the borrower, hence the lowering of rates and an instant supply of lender cash - sat there for days on end earning jack ship. Unless you have evidence that they are doing something illegal then calling them a scam is way over the top. They simply face a "problem" of too much in the way of lender funds, and that drives down rates (or cash drag up). I agree there were problems earlier with them not telling you if your funds were stuck at the market rate, but that isn't scammy - that reflects a new business trying to find an appropriate model, and I don't see how they benefited from that anyway. Do you have evidence they're doing something illegal?
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IFISAcava
Member of DD Central
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Post by IFISAcava on Dec 27, 2017 0:10:58 GMT
GS is a scam. They don't want you 'fully invested'. They are on the side of the borrower, hence the lowering of rates and an instant supply of lender cash - sat there for days on end earning jack ship. Unless you have evidence that they are doing something illegal then calling them a scam is way over the top. They simply face a "problem" of too much in the way of lender funds, and that drives down rates (or cash drag up). I agree there were problems earlier with them not telling you if your funds were stuck at the market rate, but that isn't scammy - that reflects a new business trying to find an appropriate model, and I don't see how they benefited from that anyway. Do you have evidence they're doing something illegal? It's probably not illegal but quoting an APR based on immediate reinvestment which has never been available is misleading. I'd rather they quoted a realistic and achievable target rate - other sites do that (allowing for defaults etc).
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Post by p2plender on Dec 27, 2017 7:40:02 GMT
"It's probably not illegal but quoting an APR based on immediate reinvestment which has never been available is misleading. I'd rather they quoted a realistic and achievable target rate - other sites do that (allowing for defaults etc)."
Thanks for explaining that to p2pmark. Sometimes you have to spoon feed to those that think everyone plays with a straight bat.
Don't forget they 'pulled' private investors in with the juicy 6.5% carrot that lasted about a week and then slid all the way down to 5.2%. But wait a minute, 5.2% isn't really 5.2% as the cash drag is huge, so yes it's a scam in my eyes. You are lucky to get 3% I reckon. I presume p2pmark is on the borrower side of this game, either that or is a charitable type chap.
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