benaj
Member of DD Central
N/A
Posts: 5,612 
Likes: 1,740
|
Post by benaj on Mar 4, 2019 18:13:45 GMT
|
|
mickj
Member of DD Central
Posts: 435
Likes: 191
|
Post by mickj on Mar 5, 2019 9:30:01 GMT
Why does it say 1 to 7 working days ? 1-7 days is the current estimate for new money added today based on the current queue length and the average daily amount of new money matched over the last 28 days. Money placed on offer on 24 January would have had a longer estimated queue time at that time as the queue was significantly longer. The queue estimate is not perfect but we hope the underlying calculation is much more accurate than the previous one. Hope this helps. Seems to me the queue is 'now' longer than 7 days, would be nice to have a more accurate guesstimate.......... where in the queue and when I will be at the top. Deposit placed 21th Feb and I expect I am behind a few. Surprised the new estimated time toy is not changing.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
Post by IFISAcava on Mar 5, 2019 9:49:12 GMT
1-7 days is the current estimate for new money added today based on the current queue length and the average daily amount of new money matched over the last 28 days. Money placed on offer on 24 January would have had a longer estimated queue time at that time as the queue was significantly longer. The queue estimate is not perfect but we hope the underlying calculation is much more accurate than the previous one. Hope this helps. Seems to me the queue is 'now' longer than 7 days, would be nice to have a more accurate guesstimate.......... where in the queue and when I will be at the top. Deposit placed 21th Feb and I expect I am behind a few. Surprised the new estimated time toy is not changing. having now put in a transfer request for spare funds due to the length of the queue, its now a race to see which queue is/would have been longer - ISA transfer or loan matching.
|
|
benaj
Member of DD Central
N/A
Posts: 5,612
Likes: 1,740
|
Post by benaj on Mar 5, 2019 12:59:47 GMT
New update on dashboard:
3 years: 7 - 14 days
5 years: 14 - 28 days
|
|
|
|
Post by df on Mar 5, 2019 13:13:04 GMT
New update on dashboard: 3 years: 7 - 14 days 5 years: 14 - 28 days This sounds more realistic than 1-7. I've joined the queue 6 days ago. Will keep it there and see what happens. If it take a month to lend I will refrain from any further investments until situation changes.
|
|
rscal
Posts: 985
Likes: 537
|
Post by rscal on Mar 5, 2019 13:30:06 GMT
Given this lack of fulfilment of the demand for their product, could LW not consider doing something like Kuflink (a 'reserve') where money put in can earn interest at the investment rate sought up until the actual loan is created? The way it works is if the funds are pulled by the investor prior to the (uncertain) date of the contract formation they get nothing and if left the 'reward' is a cashback anyway and falls outside normal income. It would not need to apply 'from day one', merely from after a stipluated waiting time - like five days. But it would be better payable from day 1. Given LW has a cashback budget already why not re-purpose that for the time-being and see how things go. If investors are waiting an average of three weeks and you pay them only for two weeks of that that's something like a fifth to one quarter percent - not a lot in other words. [Over to you.]
|
|
|
|
Post by gravitykillz on Mar 5, 2019 13:57:44 GMT
Finally a realistic estimate. Thanks lending works. So i am waiting slunce 20 feb. So i should in theory be matched by 18 march ?! Only 2 more weeks 2 go.
|
|
benaj
Member of DD Central
N/A
Posts: 5,612
Likes: 1,740
|
Post by benaj on Mar 5, 2019 14:21:29 GMT
Last 4 weeks lending volume on LW: £5.2+ Mil.
|
|
picnicman
Member of DD Central
Posts: 238
Likes: 216
|
Post by picnicman on Mar 5, 2019 16:18:15 GMT
New update on dashboard: 3 years: 7 - 14 days 5 years: 14 - 28 days This sounds more realistic than 1-7. I've joined the queue 6 days ago. Will keep it there and see what happens. If it take a month to lend I will refrain from any further investments until situation changes. Yes disappointing as I made a deposit based on their new matching data and also because of their 'promises' that new key partners would see a significant reduction in queue times. I will be doing as you are for now. Cheers P
|
|
mickj
Member of DD Central
Posts: 435
Likes: 191
|
Post by mickj on Mar 5, 2019 17:58:27 GMT
This sounds more realistic than 1-7. I've joined the queue 6 days ago. Will keep it there and see what happens. If it take a month to lend I will refrain from any further investments until situation changes. Yes disappointing as I made a deposit based on their new matching data and also because of their 'promises' that new key partners would see a significant reduction in queue times. I will be doing as you are for now. Cheers P Shame, would like to see my small amounts invested, "I will be doing as you are for now".
|
|
|
|
Post by Ace on Mar 5, 2019 17:59:45 GMT
Come on LW this really isn't good enough.
If you're unable to give a reasonable estimate of how long it will take to match, and you've proved that you can't do this even when you give a large range, then look at the problem from the lenders perspective and give them what they need.
I.E. Show the lender their position in the queue. That way they can take an informed decision of whether to withdraw or leave funds queuing. Currently lenders have no idea if they are at the head of the queue or still near the back.
|
|
|
|
Post by df on Mar 5, 2019 20:52:33 GMT
Given this lack of fulfilment of the demand for their product, could LW not consider doing something like Kuflink (a 'reserve') where money put in can earn interest at the investment rate sought up until the actual loan is created? The way it works is if the funds are pulled by the investor prior to the (uncertain) date of the contract formation they get nothing and if left the 'reward' is a cashback anyway and falls outside normal income. It would not need to apply 'from day one', merely from after a stipluated waiting time - like five days. But it would be better payable from day 1. Given LW has a cashback budget already why not re-purpose that for the time-being and see how things go. If investors are waiting an average of three weeks and you pay them only for two weeks of that that's something like a fifth to one quarter percent - not a lot in other words. [Over to you.] Landbay did this, and probably still do now. Invested money still earn interest. When I invested with Landbay it took 6 months for my money to be lent, but no interest lost. Saying this, they can probably afford it because their rates to lenders are very small. AC has QAA that earns interest for waiting funds. Good system - nobody complains about cash drag on AC.
|
|
|
|
Post by Proptechfish on Mar 6, 2019 2:05:48 GMT
Given this lack of fulfilment of the demand for their product, could LW not consider doing something like Kuflink (a 'reserve') where money put in can earn interest at the investment rate sought up until the actual loan is created? The way it works is if the funds are pulled by the investor prior to the (uncertain) date of the contract formation they get nothing and if left the 'reward' is a cashback anyway and falls outside normal income. It would not need to apply 'from day one', merely from after a stipluated waiting time - like five days. But it would be better payable from day 1. Given LW has a cashback budget already why not re-purpose that for the time-being and see how things go. If investors are waiting an average of three weeks and you pay them only for two weeks of that that's something like a fifth to one quarter percent - not a lot in other words. [Over to you.] This reminds me of something I read about Paypal. In the early days Paypal use to pay interest on balance until the regulator jumped on them for not having a banking license. The potential fall-out was so catastrophic it was the main catalyst for the tieing up with Ebay (plus good timing). So it might not be that straightforward although i do confess i'm not sure how the regulation has moved on since then, and of course a couple of platforms have managed to pull off something similar.
|
|
|
|
Post by jonrgrant on Mar 6, 2019 4:21:04 GMT
My monies from the 13th Feb have now been matched.😀
|
|
qwakuk
Member of DD Central
Posts: 259
Likes: 96
|
Post by qwakuk on Mar 6, 2019 11:12:53 GMT
My monies from the 13th Feb have now been matched.😀 Just logged in and the 5 year queue now says 21 - 28 days !
|
|
