shimself
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Post by shimself on Nov 4, 2017 9:44:17 GMT
From p2pfinancenews in June - Growth Street hits the 1000 investor mark
From p2pfinancenews in November - Growth Street hits £100m of lending
So that's an average £100K per lender. Wow! Other threads here indicate people have been coming OFF the platform over summer if anything so growth in lender base seems unlikely, Can we have the real story please?
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mary
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Post by mary on Nov 4, 2017 9:55:11 GMT
From p2pfinancenews in June - Growth Street hits the 1000 investor mark From p2pfinancenews in November - Growth Street hits £100m of lending So that's an average £100K per lender. Wow! Other threads here indicate people have been coming OFF the platform over summer if anything so growth in lender base seems unlikely, Can we have the real st ory please? You have fallen for the cleverly misleading headline. Total lending, including all fully repaid loans, totals £100m since they started. But as loans only ever last a maximum of 30 days, from their stats page, loans outstanding are £8m, with £12m of funds available. www.growthstreet.co.uk/investing/statisticsThis mismatch between borrowers and lenders has led to rates on offer to decline by 0.2% every month for the last several months, hence some lenders have left, although not sufficient to balance supply and demand.
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shimself
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Post by shimself on Nov 4, 2017 10:45:31 GMT
You have fallen for the cleverly misleading headline. Total lending, including all fully repaid loans, totals £100m since they started. But as loans only ever last a maximum of 30 days, from their stats page, loans outstanding are £8m, with £12m of funds available. www.growthstreet.co.uk/investing/statisticsThis mismatch between borrowers and lenders has led to rates on offer to decline by 0.2% every month for the last several months, hence some lenders have left, although not sufficient to balance supply and demand. You know, I realised how they were conjuring it up after I posted (it seems to be the actual act of posting that oils the wheels, just too late). The stats page is pretty good. Takehome message is that they are short of borrowers, and that (not coincidentally?) this year they have for the first time had bad debts. Is the lending invoice discounting or what, have you understood that?
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mary
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Post by mary on Nov 4, 2017 10:53:02 GMT
You have fallen for the cleverly misleading headline. Total lending, including all fully repaid loans, totals £100m since they started. But as loans only ever last a maximum of 30 days, from their stats page, loans outstanding are £8m, with £12m of funds available. www.growthstreet.co.uk/investing/statisticsThis mismatch between borrowers and lenders has led to rates on offer to decline by 0.2% every month for the last several months, hence some lenders have left, although not sufficient to balance supply and demand. You know, I realised how they were conjuring it up after I posted (it seems to be the actual act of posting that oils the wheels, just too late). The stats page is pretty good. Takehome message is that they are short of borrowers, and that (not coincidentally?) this year they have for the first time had bad debts. Is the lending invoice discounting or what, have you understood that? I think it's more like a rolling overdraft. I had not noticed the defaults, which are substantially higher that the contributions from loan fees. It's only (fortunately) the Founders substantial contributions to the provision fund that is ensuring borrowers have not taken any losses!
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r00lish67
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Post by r00lish67 on Nov 4, 2017 14:22:55 GMT
You know, I realised how they were conjuring it up after I posted (it seems to be the actual act of posting that oils the wheels, just too late). The stats page is pretty good. Takehome message is that they are short of borrowers, and that (not coincidentally?) this year they have for the first time had bad debts. Is the lending invoice discounting or what, have you understood that? I think it's more like a rolling overdraft. I had not noticed the defaults, which are substantially higher that the contributions from loan fees. It's only (fortunately) the Founders substantial contributions to the provision fund that is ensuring borrowers have not taken any losses! I hadn't really clocked this either. It is a bit concerning, but on the other hand the founders topping up the fund to 3x the level it was in 2014 is quite a show of faith.
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shimself
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Post by shimself on Nov 4, 2017 15:11:11 GMT
You know, I realised how they were conjuring it up after I posted (it seems to be the actual act of posting that oils the wheels, just too late). The stats page is pretty good. Takehome message is that they are short of borrowers, and that (not coincidentally?) this year they have for the first time had bad debts. Is the lending invoice discounting or what, have you understood that? I think it's more like a rolling overdraft. I had not noticed the defaults, which are substantially higher that the contributions from loan fees. It's only (fortunately) the Founders substantial contributions to the provision fund that is ensuring borrowers have not taken any losses! a rolling overdraft! Crikey, I wonder how much measuring and thinking they manage to do for all their borrowers (over 100) every month. That's >5 loan evaluations every day
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Post by p2plender on Nov 6, 2017 7:42:37 GMT
I've withdrawn another big chunk, don't like this platform one bit anymore.
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