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Post by mrflibble on Mar 31, 2018 16:03:05 GMT
Hi all, new member here.
I have about 20 loan orders waiting to get filled with other lenders. It's down from Thursday when I had about 40, but although I've only been on FC for a few weeks, it's the first time I've seen it.
Loan orders normally only show up briefly before being lent out as proper loan parts.
I'm guessing this means that FC are short of lenders? Is this a common occurrence?
I was expecting FC to be awash with cash before FY end to use up ISA allowances.
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Post by Badly Drawn Stickman on Mar 31, 2018 16:54:45 GMT
Hi all, new member here. I have about 20 loan orders waiting to get filled with other lenders. It's down from Thursday when I had about 40, but although I've only been on FC for a few weeks, it's the first time I've seen it. Loan orders normally only show up briefly before being lent out as proper loan parts. I'm guessing this means that FC are short of lenders? Is this a common occurrence? I was expecting FC to be awash with cash before FY end to use up ISA allowances. I doubt that is the problem. Funding Circle have never quite mastered bank holidays, consequently interest payments get delayed for a few days (I have no idea what the daily amount is, but substantial springs to mind). This probably has a knock on effect. Having said that I believe there was a large number of loans originated last week. Somebody else will be along soon with an alternative scenario, don't trust them.
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cb25
Posts: 3,528 
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Post by cb25 on Mar 31, 2018 17:01:31 GMT
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Post by Badly Drawn Stickman on Mar 31, 2018 17:15:45 GMT
I interpret mrflibble to have a different problem, in that he has loan orders that have not yet turned into fully fledged loans. I may be wrong.
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ashtondav
Member of DD Central
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Post by ashtondav on Mar 31, 2018 17:40:24 GMT
But thats a shortage of borrowers, not lenders! A shortage of lenders would mean lending speed is very fast.
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Post by Ace on Mar 31, 2018 17:58:40 GMT
Hi all, new member here. I have about 20 loan orders waiting to get filled with other lenders. It's down from Thursday when I had about 40, but although I've only been on FC for a few weeks, it's the first time I've seen it. Loan orders normally only show up briefly before being lent out as proper loan parts. I'm guessing this means that FC are short of lenders? Is this a common occurrence? I was expecting FC to be awash with cash before FY end to use up ISA allowances. In my short experience with FC, nothing happens outside office hours. So, any loan orders that are unfilled at the end of a working day remain unfilled until the next working day, and usually it's not until late morning before things get moving.
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Post by Ace on Mar 31, 2018 18:04:48 GMT
But thats a shortage of borrowers, not lenders! A shortage of lenders would mean lending speed is very fast. An "unfilled order" is where your money has been allocated to a borrowers loan, but insufficient other lenders money has been allocated to fill the loan. Hence the shortage of lenders hypothesis.
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Post by mrflibble on Mar 31, 2018 20:27:37 GMT
I interpret mrflibble to have a different problem, in that he has loan orders that have not yet turned into fully fledged loans. I may be wrong. Yes, that's the correct interpretation. The thing is, earlier in the week, it was struggling to lend out anything at all. I was transferring stuff from my Classic account into my ISA and accidentally sold some loans from the ISA (oops). It took a few days to start re-lending (typically one or two new loans per day), then on Wednesday night / Thursday morning I got all these unfilled orders (many of which still haven't been filled). It seems to have gone from a shortage of borrowers early in the week (hence slow lending) to a major shortage of lenders now. Could be a holiday thing, perhaps deposits into the account need a manual step.
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Post by Badly Drawn Stickman on Mar 31, 2018 20:55:56 GMT
I interpret mrflibble to have a different problem, in that he has loan orders that have not yet turned into fully fledged loans. I may be wrong. Yes, that's the correct interpretation. The thing is, earlier in the week, it was struggling to lend out anything at all. I was transferring stuff from my Classic account into my ISA and accidentally sold some loans from the ISA (oops). It took a few days to start re-lending (typically one or two new loans per day), then on Wednesday night / Thursday morning I got all these unfilled orders (many of which still haven't been filled). It seems to have gone from a shortage of borrowers early in the week (hence slow lending) to a major shortage of lenders now. Could be a holiday thing, perhaps deposits into the account need a manual step. I would be fairly confident that they will complete on Tuesday. Sadly now we seem to have lost access to the loan page (unless somebody has relocated it) it is difficult to see what new loans are being generated and their status. it could be a funds to borrower delay, or in deed any number of other things. Usually best with FC just to let the system perform its mysterious wonders.
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cb25
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Post by cb25 on Apr 1, 2018 8:51:56 GMT
I interpret mrflibble to have a different problem, in that he has loan orders that have not yet turned into fully fledged loans. I may be wrong. Agreed, I read it too quickly (doh !)
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pickles
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Post by pickles on Apr 1, 2018 9:09:48 GMT
The FC engine's workings are still a mystery, but it seems to work in batches for buying, selling, paying interest, reconciling accounts, etc. All at different times.
I don't think what you see is down to a shortage of lenders. I have cash waiting to be lent and no orders pending. It doesn't seem possible that all 20 of the borrowers in your pending list have multiple loans *and* I already hold my limit in all of them.
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blender
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Post by blender on Apr 1, 2018 9:18:36 GMT
The FC engine's workings are still a mystery, but it seems to work in batches for buying, selling, paying interest, reconciling accounts, etc. All at different times. I don't think what you see is down to a shortage of lenders. I have cash waiting to be lent and no orders pending. It doesn't seem possible that all 20 of the borrowers in your pending list have multiple loans *and* I already hold my limit in all of them. I agree. There have been no new loans for a couple of days and the existing new ones should filled by the repayments which run through the night. The repayments were collected five working days ago, and so should all be there to credit lenders on the due date, at least during the early part of the hols. Maybe the 'scheduled maintenance' has something to do with it. The engine and attendants are probably to blame. Wrong sort of coal delivered, perhaps.
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Post by mrflibble on Apr 3, 2018 9:14:22 GMT
I don't think what you see is down to a shortage of lenders. I have cash waiting to be lent and no orders pending. It doesn't seem possible that all 20 of the borrowers in your pending list have multiple loans *and* I already hold my limit in all of them. If you already held your limit in them, then they wouldn't be listed in my dashboard as "orders" - they would have completed into real loans. So yes, if you have cash waiting to be lent (and no incomplete orders), then it would seem that it's not down to a shortage of lenders. The only other possibility is that you have an excess of low-risk, low-rate loans already in your loan book, and it needs some higher-interest, higher-risk loans to balance it out to raise the expected aggregate interest rate. The orders I have stuck at the moment are all bands A+ to B. But that seems unlikely. I'll assume it's all down to the FC elves being on holiday.
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blender
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Post by blender on Apr 3, 2018 10:24:15 GMT
Another factor may be existing 'classic' account holders selling on the SM, perhaps with the intention of buying an IFISA after the year end, from Friday. FC provides no way to transfer. Or it could just be the FC goblins not being on holiday.
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pickles
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Post by pickles on Apr 5, 2018 12:11:22 GMT
I don't think what you see is down to a shortage of lenders. I have cash waiting to be lent and no orders pending. It doesn't seem possible that all 20 of the borrowers in your pending list have multiple loans *and* I already hold my limit in all of them. If you already held your limit in them, then they wouldn't be listed in my dashboard as "orders" - they would have completed into real loans. That's why I said "multiple loans" A business can have more than one loan with FC, the FC engine won't let you go over 0.5% in any one *business* not any single *loan*.
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