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Post by betterthanworking on Jun 2, 2015 13:16:58 GMT
escastro, It would make a huge difference if accrued interest up to the date of the sale remained with the seller. Some of these loans with high teen interest rates give monthly payments that exceed a reasonable premium and site fees combined. I've found myself putting loans up for sale at 'reasonable premium', then deciding to remove them two weeks later because I would make a loss if they sold just before payout — all too much hassle. It probably restricts buying activity too; folk delay buying until just before payout day, but by then the micro loan in question may have been removed from sale, or repriced upwards to compensate. Another dissuasive aspect of the system is that the (new) individual loan windows generated from the SM page take 12 to 15 seconds to open (on my platform (Safari on Mac) anyway), but it really would make a big difference when 'window shopping' the secondary market if this was a bit quicker. Reading back, that all seems like I'm having a moan, but it's not the intention; I am trying to be constructive, as I like ReBS and want it to thrive :-) By the way, the ReBS website now shows micro loan trading for April to be 15k, not the 7k which was shown half way through May when I started this thread, so there is obviously some time-lag in data being incorporated into that graph.
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Post by betterthanworking on May 29, 2015 17:35:19 GMT
Hi webwiz. Hmm, yes. Reading back over that last post, I've not been very clear, have I. To be honest, I'm not absolutely sure on this, but as I see it, interest is added one month after monies are deposited. If you withdraw the money before that date, you get no interest. Simple enough so far. But what happens if you pay in a second amount half way through the month, then make a withdrawal. Which batch of money does the withdrawal come from? The answer I got from the company was that oldest money is withdrawn first. Anyway, this is less of an issue if you are investing for medium term.
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Post by betterthanworking on May 19, 2015 10:58:02 GMT
Well, it looks like they have improved the layout of the micro loans tab; now with added discount/premium column. Thumbs up to that.
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Post by betterthanworking on May 18, 2015 18:26:17 GMT
I have a moderate toe in the water with Fruitful.
My findings/impressions are:
1. Signups are controlled by a waiting list for investors; you need to apply for an invitation. I waited for about two weeks I think. 2. Admin and communications are very good. I had enquiries and a problem (my own fault) dealt with swiftly and efficiently. 3. Ultra simple product offering for investors, and streamlined graphically-clean website. 4. As mentioned by drum previously, care is required over the interest payment conditions. I made detailed enquiries about this, and was answered by their Chief Technical Officer. It seems that one's investment is assigned to specific loans (I get the impression this is a small number of loans,) and notional interest is only assigned to the investor's balance on the day of the month that the loan payment is due. My concern is that if I pay in several deposits on different days of the month, then withdraw some funds, I would want to choose those pounds that do not carry much accrued interest as opposed to those that might have say, almost a months accrued interest. The CTO said they had plans for "…tools to give better visibility of when your interest payments are due/and from what borrower". 5. There is protection from a 'canopy fund'.
For me, my initial impression that this offering was suitable as a short-term home for funds has been corrected, and I am now happy to cautiously use it for limited-scale medium-term investment. In terms of rates and flexibility, it is certainly more attractive than Wellesley for example, though my gut reaction says there is more risk.
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Post by betterthanworking on May 15, 2015 16:37:59 GMT
Reality check here! This is a one bedroom flat we are talking about, albeit with a posh postcode.
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Post by betterthanworking on May 13, 2015 16:49:56 GMT
True enough, but that's not a new thing, so should not alter activity levels.
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Post by betterthanworking on May 13, 2015 10:34:47 GMT
Turnover has been falling for the last few months, and in April was only 7k. What's going on? Though I must admit the loan parts on offer are not that tempting. Data HERE
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Post by betterthanworking on May 12, 2015 14:32:21 GMT
Steerpike, you can withdraw your bid if you want. See note from ReBS in the 'Discussion' tab for the loan.
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Post by betterthanworking on May 11, 2015 13:49:22 GMT
I seemed to get a bid in, then the site froze, then I got a confirmation email thanking me for my loan funding of £0.00. I repeated, and exactly the same happened again. So despite being there for the kick-off, I didn't manage to get any of that one. Picked up some of the scraps though.
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Post by betterthanworking on May 1, 2015 17:04:40 GMT
Yes, I just got the email(s) too. 30 day is down, but the longer term deals are up. The five year has gone from 5.25% to 5.5%. How annoying; I have a chunk of that. Still, it's the risk you take with a longer deal. Looks like they are aiming to tempt stable, longer term cash. And who can blame them.
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Post by betterthanworking on Apr 30, 2015 11:51:58 GMT
Correct razra. So not really P2P at all. However, I believe the cash-back is tax-free, being an 'inducement to invest' rather than part of the return.
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Post by betterthanworking on Apr 30, 2015 9:54:00 GMT
I got an email about this from Wellesley, but it doesn't seem to be publicised on their website, so it's perhaps only for existing investors. 1% CB on 3yr @ 6%, and 1.5 % CB on 5yr @ 7%.
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Post by betterthanworking on Apr 25, 2015 18:17:51 GMT
agent69, us, or the borrower?
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Post by betterthanworking on Apr 25, 2015 17:03:01 GMT
…and the fact that the borrower implies they are expecting c.12% on the loan doesn't encourage bids either.
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Post by betterthanworking on Apr 19, 2015 19:39:07 GMT
veronicae, ah yes, I hadn't noticed that. It still doesn't separate the bids tho'.
baldpate, I have my notebook at the ready.
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