|
|
Post by davee39 on Aug 11, 2014 9:44:00 GMT
So lenders are invited to lend to financially stressed individuals, with an obviously high default risk, who are still paying a fairly high rate to the platform. The Lenders get a slightly higher rate than available elsewhere and a carefully induced warm cosy feeling?
No! I do not believe a word of it.
If you have money to invest there is no lack of choice of solid P2P companies with a clear business model and fair returns
If you want to help people in debt the answer is to support debt charities, lobby government and support legitimate anti-wonga activities - perhaps starting with a Credit Union!
|
|
|
|
Post by captainconfident on Aug 12, 2014 17:04:10 GMT
A vote of thanks from me to markr for test ..riding Quidcycle and reporting the results.
It is hard to credit that they have hesitated to engage with potential lenders on this board, the one place where early adopters and major investors hang out.
|
|
|
|
Post by webbski9 on Aug 14, 2014 10:05:30 GMT
I have been in touch with QC and am advised they are contemplating a Secondary Market.
This is the way forward and I think will make their model more attractive.I would also like to see loans offered for shorter periods ie 1 month.
|
|
markr
Member of DD Central
Posts: 766 
Likes: 426
|
Post by markr on Sept 5, 2014 11:46:08 GMT
Further update. I logged in yesterday and nothing had changed, still £200 lent out and £300 in the queue. Since I have no idea why and I can't edit my offer or create a new one without adding more funds, I withdrew the unlent money. I sent the request, instantly received a code by text message, confirmed it and the £300 was in my bank today (it may well have been same day but I didn't check).
This is the frustrating thing, they seem to have a good solid website in place, what is there seems secure and works well, but they simply don't provide enough information to be able to invest sensibly. They need to come down on either a Zopa "give us your money and we'll lend it for you at this rate" or a RS "this is the market laid bare, you choose what to do". At the moment it's like trying to invest in RS blindfolded.
|
|
|
|
Post by webbski9 on Sept 6, 2014 10:51:30 GMT
Thanks Makr. Still no sign of a Secondary Market or short dated loans.They do seem more " ethical" than business orientated ,but that of course,makes life a tad more difficult to succeed in.this peer to peer World.And ,sadly,they do not seem keen to embark on feedback with us,their potential customers.Shame Best Regards  |
|
|
|
Post by quidcycle01 on Sept 25, 2014 11:12:31 GMT
We appreciate feedback on our business and where problems are uncovered, we will do our best to rectify them as quickly as possible. I am sorry to hear of your experience. Please get in touch with me with details and I will look into the matter for you: support@quidcycle.com (Yingdee Chew) |
|
|
|
Post by webbski9 on Oct 4, 2014 10:04:18 GMT
Where is that Secondary Market Yingdee ?
|
|
|
|
Post by quidcycle01 on Oct 6, 2014 12:21:51 GMT
Hi webbski9,
Thanks for your question.
We are planning to have the secondary market in 2015. This should tie in with the ISA requirements.
|
|
|
|
Post by webbski9 on Oct 7, 2014 14:22:44 GMT
OK,many thanks
|
|
|
|
Post by gritton on May 13, 2016 9:34:52 GMT
I invested 2.5k with quidcycle just over a year ago.
The transaction should have been settled last week. I requested the funds + interest to be returned to my bank account. Since then nothing has appeared. I received an email from them last week saying that there "had been a change of management" so at the current time they were unable to carry out any money transfers.
I have rang them this morning to get some information and their customer service rep gave me exactly no information.
Looking at Companies House records three of their directors have resigned since Christmas including their high profile chief executive Frank M (who went in April)
Of course, none of this is mentioned on their website.
Not looking particularly positive re recovery of my investment at the moment.................................
|
|
|
|
Post by gritton on May 13, 2016 13:31:37 GMT
Having spoken to one of the directors at quidcycle it appears that there was a genuine problem with their bank and the funds have now been repaid to my bank account, so all in order after all.
|
|
|
|
Post by wilf on May 30, 2016 9:28:24 GMT
I have put my toe in the water with £500 in the Flexiloan. All the £500 was allocated to loans quite quickly. But the loans have failed to fill. 6 months on I have £200 earning interest and £300 stuck in limbo with amounts as small as 1.8% allocated (i.e. my money is the only money in the loan).
Anyone else had the same experience. Have connected Quidcycle to check whats happening. I haven't sets the rates too high but there is no new lender money to fill up the loans.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on May 30, 2016 9:50:30 GMT
I have put my toe in the water with £500 in the Flexiloan. All the £500 was allocated to loans quite quickly. But the loans have failed to fill. 6 months on I have £200 earning interest and £300 stuck in limbo with amounts as small as 1.8% allocated (i.e. my money is the only money in the loan). Anyone else had the same experience. Have connected Quidcycle to check whats happening. I haven't sets the rates too high but there is no new lender money to fill up the loans. Do you mean that loans listed up to 6 months ago are still actually being sought on this platform, and the prospective borrowers haven't gone elsewhere yet because of the delay in money being available for them? Or has QC just left the loans on the site to avoid paying the already pledged cash back to be used on newer projects? 
|
|
|
|
Post by wilf on May 31, 2016 18:10:04 GMT
Had quite a long, well at least 2, telephone calls trying to understand the lending model.
I lend at an over the odds rate that I did not expect to be lent - I expected to wait.
However the loans were "allocated" quite quickly and at this point I am commited.
As u point out how can a borrower wait so long for loans to fill?
Why doesn't the money at lower "market" rates back fill the higher rates?
It does not add up.
Hence no more money at this point.
|
|
|
|
Post by wilf on Dec 10, 2016 10:10:20 GMT
£400 of £500 now lent. The other £100 was returned after 10 months!
|
|
