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Post by Ace on Apr 16, 2018 14:52:22 GMT
I'm currently favouring Lending Works over Growth Street as it gave me less cash drag and a higher rate, though only if you're unlikely to need the money for a year. It has a 0.6% fee for early access, so if you invest for a year in the 5 year account you'll still get 5.4% in one year after selling fee, and you're laughing if you can leave it for longer. It's probably even better than that when you consider that you don't have to enter the monthly queue for reinvestment. I've only invested small sums so far, so it could take longer for larger sums to be invested.
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Post by p2plender on Apr 17, 2018 5:34:04 GMT
Well under 5% here with cash drag. Of course this was the place to park funds when it was 6.5% ish. Those days well gone and it'll not be long before rates topple again once new 'bonus enticed' money arrives. Not worth the hassle with safer platforms like RS around. LW worth a look, agree.
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benaj
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Post by benaj on Apr 18, 2018 7:39:31 GMT
I'm currently favouring Lending Works over Growth Street as it gave me less cash drag and a higher rate, though only if you're unlikely to need the money for a year. It has a 0.6% fee for early access, so if you invest for a year in the 5 year account you'll still get 5.4% in one year after selling fee, and you're laughing if you can leave it for longer. It's probably even better than that when you consider that you don't have to enter the monthly queue for reinvestment. I've only invested small sums so far, so it could take longer for larger sums to be invested. Less cash drag in LW? I have just opened an account, it seems the cash drag is even worse initially, at current lending pace, it's losing 19 days (2 days of clearing balance with a debit card plus 17 days matching time) interest a year. To be fair, other platform likes FC takes time to diversify the funds as well.
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r00lish67
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Post by r00lish67 on Apr 18, 2018 8:52:06 GMT
Less cash drag in LW? I have just opened an account, it seems the cash drag is even worse initially, at current lending pace, it's losing 19 days (2 days of clearing balance with a debit card plus 17 days matching time) interest a year. To be fair, other platform likes FC takes time to diversify the funds as well. I don't think they flag the difference very well (or at all, if I recall), but transfers in by bank transfer are usually either 1 day or same day - every little helps! Not surprised to hear the matching time has gone up significantly - I'm surprised they haven't lowered their rates again yet. I suppose 17-ish days is tolerable, with gritted teeth, for a 5 year investment.
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IFISAcava
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Post by IFISAcava on Apr 18, 2018 10:17:23 GMT
I'm currently favouring Lending Works over Growth Street as it gave me less cash drag and a higher rate, though only if you're unlikely to need the money for a year. It has a 0.6% fee for early access, so if you invest for a year in the 5 year account you'll still get 5.4% in one year after selling fee, and you're laughing if you can leave it for longer. It's probably even better than that when you consider that you don't have to enter the monthly queue for reinvestment. I've only invested small sums so far, so it could take longer for larger sums to be invested. Less cash drag in LW? I have just opened an account, it seems the cash drag is even worse initially, at current lending pace, it's losing 19 days (2 days of clearing balance with a debit card plus 17 days matching time) interest a year. To be fair, other platform likes FC takes time to diversify the funds as well. But a) you invest for longer terms with LW and b) reinvestments are prioritised over new ones, so overall cash drag is significantly less. On the other hand you don't have easy access to money without paying quite a withdrawal fee (0.6%plus difference in interest rates, which can be another 1% or more).
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Post by Ace on Apr 18, 2018 12:00:01 GMT
I'm currently favouring Lending Works over Growth Street as it gave me less cash drag and a higher rate, though only if you're unlikely to need the money for a year. It has a 0.6% fee for early access, so if you invest for a year in the 5 year account you'll still get 5.4% in one year after selling fee, and you're laughing if you can leave it for longer. It's probably even better than that when you consider that you don't have to enter the monthly queue for reinvestment. I've only invested small sums so far, so it could take longer for larger sums to be invested. Less cash drag in LW? I have just opened an account, it seems the cash drag is even worse initially, at current lending pace, it's losing 19 days (2 days of clearing balance with a debit card plus 17 days matching time) interest a year. To be fair, other platform likes FC takes time to diversify the funds as well. Oh dear benaj, a 17 Day drag is a little disconcerting. I only experienced a single day drag a couple of months back. However, with GS it's a per month delay. My investment there experienced a 2 day drag, which would amount to 120 days if consistent over 5 years! It's to too early for me to tell yet, but, if my LW borrowers started redeeming early on a regular basis I may well have to reconsider my view. So, I'm still favouring LW over GS at the mo. Having said that, I'm also keeping some in GS for diversification reasons, and I'll happily swap back to them if cash drag, early redemptions, and/ or rates dictate.
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IFISAcava
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Post by IFISAcava on Apr 18, 2018 13:07:35 GMT
Less cash drag in LW? I have just opened an account, it seems the cash drag is even worse initially, at current lending pace, it's losing 19 days (2 days of clearing balance with a debit card plus 17 days matching time) interest a year. To be fair, other platform likes FC takes time to diversify the funds as well. Oh dear benaj, a 17 Day drag is a little disconcerting. I only experienced a single day drag a couple of months back. However, with GS it's a per month delay. My investment there experienced a 2 day drag, which would amount to 120 days if consistent over 5 years! It's to too early for me to tell yet, but, if my LW borrowers started redeeming early on a regular basis I may well have to reconsider my view. So, I'm still favouring LW over GS at the mo. Having said that, I'm also keeping some in GS for diversification reasons, and I'll happily swap back to them if cash drag, early redemptions, and/ or rates dictate. And LW has an ISA, so 6% grosses up very nicely for a higher rate tax payer.
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jnm21
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Post by jnm21 on May 12, 2018 5:17:57 GMT
Good point about ISA, if only I was a higher rate tax payer!
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benaj
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Post by benaj on Dec 11, 2019 22:30:41 GMT
I wonder if this is a December thing, current matching time according to the stats: 5 days
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puddleduck
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Post by puddleduck on Dec 12, 2019 10:01:23 GMT
I wonder if this is a December thing, current matching time according to the stats: 5 days I think the 2% bonus on investments must be contributing to the queue. I have over 75% of my money queued at the moment over the last several days.
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Post by davids on Dec 16, 2019 9:57:34 GMT
I'm in a similar situation today, over the last week my reinvestments have started queueing up and now it's 75% of my GS holding
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pom
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Post by pom on Dec 16, 2019 10:44:30 GMT
Strange - I only seem to have a few days worth at most - nothing older than the 14th currently and the stuff from 11th that was still there when I last checked (on Fri or Sat?) has been matched, and the amounts are pretty small. But maybe I've been lucky with my repayment timings vs more new money than usual, and have my loans more spread out...I don't have a big one due until the 20th (which will be about 20% of my holding)
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