rgog
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Post by rgog on Jul 19, 2017 12:33:56 GMT
Started out with high hopes but sagging rather now. Have had one order at market rate since 23/6! From what I have read here the priority rate is only a bit faster but at a much reduced rate?
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littleoldlady
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Post by littleoldlady on Jul 19, 2017 16:38:04 GMT
Started out with high hopes but sagging rather now. Have had one order at market rate since 23/6! From what I have read here the priority rate is only a bit faster but at a much reduced rate? Priority rate is not much lower than Market rate - equivalent to about a weeks interest. I think there might be a resistance point at 5%. If the priority rate drops into the fours I can see it drying up.
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mary
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Post by mary on Jul 19, 2017 17:41:24 GMT
Started out with high hopes but sagging rather now. Have had one order at market rate since 23/6! From what I have read here the priority rate is only a bit faster but at a much reduced rate? Priority rate is not much lower than Market rate - equivalent to about a weeks interest. I think there might be a resistance point at 5%. If the priority rate drops into the fours I can see it drying up. Priority Rate is 0.1% lower than Market, and both rates are dropping 0.1% every 30 days as >50% of people are selecting Priority Rate. Waiting 5 days at Market Rate lowers the effective interest rate by 1%, and it seems that it is taking even longer than that to get a match. My last Priority Rate order took 4 days to match, although that did include a weekend.
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littleoldlady
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Post by littleoldlady on Jul 19, 2017 17:58:59 GMT
I think you mean Waiting 5 days at Market Rate lowers the effective interest rate by 0.1%, so as I said, down to the priority rate.
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metoo
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Post by metoo on Jul 19, 2017 19:05:52 GMT
I think you mean Waiting 5 days at Market Rate lowers the effective interest rate by 0.1%, so as I said, down to the priority rate. It's now a 5 day wait at Priority rate. 5/35 days waiting x 6.2% is 0.885% reduction in returns, as well as the declining rate each month. ie 30/35 days invested x 6.2% is 5.3% return. Hope that makes sense.
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Steerpike
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Post by Steerpike on Jul 19, 2017 19:34:36 GMT
Yes, my XIRR has fallen rapidly over the last 6 weeks.
Clearly, what we need is a "super-priority rate" at say .2% below market rate, I'm sure that would fix it ;-)
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littleoldlady
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Post by littleoldlady on Jul 19, 2017 20:00:52 GMT
I think you mean Waiting 5 days at Market Rate lowers the effective interest rate by 0.1%, so as I said, down to the priority rate. It's now a 5 day wait at Priority rate. 5/35 days waiting x 6.2% is 0.885% reduction in returns, as well as the declining rate each month. ie 30/35 days invested x 6.2% is 5.3% return. Hope that makes sense. You mean there is a 5 day wait every month? I thought it was just the initial investment (so 360/365). If you are right, and the delay is increasing then it's hopeless.
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metoo
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Post by metoo on Jul 19, 2017 20:04:21 GMT
Yes, my XIRR has fallen rapidly over the last 6 weeks. Clearly, what we need is a "super-priority rate" at say .2% below market rate, I'm sure that would fix it ;-) It would just be a race to the bottom, like RateSetter. Demand has to balance so the queue gets much shorter.
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metoo
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Post by metoo on Jul 19, 2017 20:25:48 GMT
Chat with Growth Street earlier today. They were happy for me to share this: Hopefully things will improve.
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sand2880
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Post by sand2880 on Jul 20, 2017 21:13:43 GMT
Just lent out an early repayment....6 days wait at priority.
Time for that super priority rate to kick in!
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greatmarko
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Post by greatmarko on Jul 20, 2017 22:17:36 GMT
Just lent out an early repayment....6 days wait at priority. Time for that super priority rate to kick in! ...or for them to temporarily stop taking on any more lenders! (That's surely got to be preferable to even lower rates?!)
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Post by p2plender on Jul 21, 2017 5:33:32 GMT
RS rates creeping up so GS is starting to look what it is, a wasted sign up experience.
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rgog
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Post by rgog on Jul 21, 2017 9:24:14 GMT
Wow, RS rates now at 2.9% so you are not actually losing money to inflation! (based on last CPI figures I have seen, by RPI you are still losing).
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Post by nesako on Jul 21, 2017 9:36:23 GMT
Okay, got early repayment today. So far, up to this day, it never took more than the same day to get my repayments re-invested (luck?), given recent feedback, it may be 5 days wait now, so let's just see...
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Post by khampson on Jul 21, 2017 12:21:46 GMT
I have 3k waiting at priority are for over a week, sadly this is the end of the road for me, I joined GS for a hands off experience but I find myself logging everyday to see whats happening, I have shifted 90% of my funds and invested at 12%+, I was happy getting the 6%+ and forgetting about it but my rate is dropping through the floor due to cash drag. I just can't have funds sat around earning 0% when I can get 4.25% and actually forget about it.
GS was showing signs of being one of the best platforms for lenders 6 months ago, now its hard work and I now get more disappointed when I log in than using any other platform, such a shame as at first it was one of my favourites , I will still monitor or leave a bare minimum in just to monitor it, All I see is free falling rates and it just being Ratesetter II.
Also I think GS is more borrower focused than lender as these are paying the fees, we are just there so they can provide the service and feel that we are not very well appreciated.
Thanks my take.
All the best guys
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