beh
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Post by beh on Jul 24, 2017 10:11:23 GMT
Market rate now down to 6.1%, couple days short of a month waiting for a match. Even if it weren't a month out of date, the information provided is worthless - www.growthstreet.co.uk/lend-order-statistics. Why can they not manage a weekly update like Zopa does in their emails or to allow you to view the current market like on RS?
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greatmarko
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Post by greatmarko on Jul 24, 2017 11:55:09 GMT
Even if it weren't a month out of date, the information provided is worthless - www.growthstreet.co.uk/lend-order-statistics. Why can they not manage a weekly update like Zopa does in their emails or to allow you to view the current market like on RS? Indeed - they need to stop averaging their statistics over a period since December last year, and instead perhaps average them over the past 30 day period. Their statistics page is a complete waste of space and potentially quite misleading to new investors who are considering the platform.
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IFISAcava
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Post by IFISAcava on Jul 27, 2017 3:02:20 GMT
One issue I have noticed is that even if you are reinvesting at the priority rate, when the market rate drops you end up with potential cash drag because your outstanding loan offers at the old priority rate are now loan offers at the market rate (i.e. they stay at the rate offered). I had 7 K that was caught this way and not relent after 6 days. Cancelled the offers and then reoffered at the new priority rate (i.e. 0.1% lower) and they were lent in less than a day. Best check at times of rate reductions if you are relending at priority.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jul 27, 2017 6:31:43 GMT
One issue I have noticed is that even if you are reinvesting at the priority rate, when the market rate drops you end up with potential cash drag because your outstanding loan offers at the old priority rate are now loan offers at the market rate (i.e. they stay at the rate offered). I had 7 K that was caught this way and not relent after 6 days. Cancelled the offers and then reoffered at the new priority rate (i.e. 0.1% lower) and they were lent in less than a day. Best check at times of rate reductions if you are relending at priority. Good tip! I will start doing this myself, but it is a drag as I suppose one has to log on every day to see if there is anything waiting. I have complained to GS that their web site is false when it says under Reinvestment (my bold) "At which rate do you want to reinvest: The Market Rate: indicative 6.1% AER The Priority Rate at that time"
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Post by p2plender on Jul 27, 2017 11:53:04 GMT
This shower should be pulled for false marketing!!!
Even one of review sights has them down at 6.5%
Much better return on RS monthly and Assetz than waiting to be matched.
Fortunately monies can be returned after a month.
Representative of GS don't be shy, come and tell us why the matching process is so opaque.
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Post by nesako on Jul 27, 2017 13:33:52 GMT
Given what just happened, I now think the lending queue is way more complex than someone may think.... Had first loan repaid on 21st, still matching... Had second loan repaid on 26th, matched same day? Both loans are of the same size (1K), the only difference is that money in the second loan is "older", though the first loan has been already re-invested twice
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Post by dan1 on Jul 27, 2017 13:46:52 GMT
Given what just happened, I now think the lending queue is way more complex than someone may think.... Had first loan repaid on 21st, still matching... Had second loan repaid on 26th, matched same day? Both loans are of the same size (1K), the only difference is that money in the second loan is "older", though the first loan has been already re-invested twice Could it be due to a rate change between your orders? Your older order may be at a higher rate and therefore unlikely to match for quite some time given recent experiences.
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Post by nesako on Jul 27, 2017 13:49:09 GMT
Given what just happened, I now think the lending queue is way more complex than someone may think.... Had first loan repaid on 21st, still matching... Had second loan repaid on 26th, matched same day? Both loans are of the same size (1K), the only difference is that money in the second loan is "older", though the first loan has been already re-invested twice Could it be due to a rate change between your orders? Your older order may be at a higher rate and therefore unlikely to match for quite some time given recent experiences. You must be right, the order sits at 6.1%, this dropped to 6% while being matched, meaning I am now trying to match on the Marker Rate... what a load of c....
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Post by dan1 on Jul 27, 2017 13:57:21 GMT
nesako I claim no credit for noticing this, see the post above by IFISAcava
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Post by peerlessperil on Jul 27, 2017 21:49:25 GMT
I've had money sitting uninvested for a month now.
The stats they use to indicate how long it takes to get invested are now downright misleading (or at least no longer relevant given others also seem to be getting nowhere and therefore the stats omit recent platform experience)? Verges on false advertising.
If they published the live queues for market & priority you could at least make an informed choice.
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Post by p2plender on Jul 27, 2017 23:55:33 GMT
This platform/company is a total embarrassment to the industry.
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Post by nesako on Jul 28, 2017 14:47:00 GMT
Could it be due to a rate change between your orders? Your older order may be at a higher rate and therefore unlikely to match for quite some time given recent experiences. You must be right, the order sits at 6.1%, this dropped to 6% while being matched, meaning I am now trying to match on the Marker Rate... what a load of c.... Well cancelling old order and re-placing at new Priority rate got me invested in 24 hours....
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Post by p2plender on Jul 29, 2017 10:33:18 GMT
Sure isn't a set and forget as many thought.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jul 29, 2017 21:32:00 GMT
Sure isn't a set and forget as many thought. Falling rates Need to log on every day to correct rate of any reinvestment (as above) No reply to my point (see above) I am winding down this platform. pity.
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m2btj
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Post by m2btj on Jul 30, 2017 8:39:28 GMT
I invested £2k at 6% Priority Rate on Friday afternoon. It had been fully invested when I checked on Saturday morning. I can live with 6% & the flexibility to withdraw on 30 days.
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