amwinv
Member of DD Central
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Post by amwinv on May 18, 2018 0:34:07 GMT
I just feel that there's two possibilities here (unless I'm missing something obvious)
1 - either their margins (30-50% interest PLUS platform fees charged to the borrower's) aren't sustaining their business model, and they need that 2% extra off us to survive...
2 - Or they are simply greedy and want yet more of the profit off the back of our money...
Neither of these are great options, and with what everyone else says in this thread mirroring my thoughts, and the suspicious lack of loans since the reduction announcement, I've also cleared my balance and set reinvestment to 0.
I hope a lot of others do too. UNB definitely haven't done themselves any favours here.
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markyg61
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Post by markyg61 on May 18, 2018 12:08:37 GMT
One yesterday and nothing today ! Friday 1PM still nothing..... I'm expecting a flood of loans later today
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jimc99
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Post by jimc99 on May 18, 2018 12:16:29 GMT
I expect a flood of loans the day the new rates apply....
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markyg61
Member of DD Central
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Post by markyg61 on May 18, 2018 12:23:05 GMT
I expect a flood of loans the day the new rates apply.... That's today. The interest rates that will apply on all new loans completed on or after 18 Feb 2018 will be: • Loans protected by the Gold Trust: 0.50% per month (currently 0.65% per month) • Loans protected by the Provision Trust: 0.70% per month (currently 0.85% per month) • Bespoke sale advance loans made through Forum Auctions: 0.70% per month (currently 0.75% to 0.80% per month, depending on LTV) • Bespoke loans to businesses with additional recourse to the directors will continue to be at 0.80% per month.
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amwinv
Member of DD Central
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Post by amwinv on May 18, 2018 14:03:32 GMT
I just feel that there's two possibilities here (unless I'm missing something obvious) 1 - either their margins (30-50% interest PLUS platform fees charged to the borrower's) aren't sustaining their business model, and they need that 2% extra off us to survive... 2 - Or they are simply greedy and want yet more of the profit off the back of our money... Neither of these are great options, and with what everyone else says in this thread mirroring my thoughts, and the suspicious lack of loans since the reduction announcement, I've also cleared my balance and set reinvestment to 0. I hope a lot of others do too. UNB definitely haven't done themselves any favours here. Nonsense. Being in business isn't an altruistic endevour. Investor demand for Unbolted's offerings is exceptionally high as our small loan allocations would indicate. Historically Unbolted have been offering their subscribers an excellent track record on loan offers and recoveries (as statistical figures attest). In other words Unbolted are offering a 'reassuringly stable bolt hole' destination for our funds. So... ...Provided the rates offered us by Unbolted remain good to reasonable as they have been and continue to be now I personally don't have an issue and certainly wouldn't suggest that Unbolted are being "Greedy". Why not try ReBS, MT, Lendy, FS et al for your zero settings returning capital from here, all of these platforms would doubtless appreciate your patronage But would you be given meaty reasons to grumble about if you did? Lending isn't altruistic either. We are here to make as much money as we can to cover inevitable losses across our portfolios and try to end up with reasonable returns for the staggering risk we take with p2p. You say they are a "stable bolt hole" for your money. You say they aren't being greedy. So... What is the reason to reduce the interest? Because they are currently seen as "safe"? So where exactly is that extra money going that used to go to lenders? Considering their ltv on several loans recently has breached their 80% "maximum" and considering how safe COL were seen when everything was going well, I think your being grossly naïve. But I hope it works out for you.
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Post by dan1 on May 18, 2018 16:03:55 GMT
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registerme
Member of DD Central
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Post by registerme on May 18, 2018 19:59:37 GMT
Well, it's certainly a much less attractive proposition now.
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stokeloans
Member of DD Central
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Post by stokeloans on May 19, 2018 6:36:32 GMT
Well, it's certainly a much less attractive proposition now. Which is why I've made my 1st withdrawal. I'm convinced some platforms think we're mug punters
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Post by GSV3MIaC on May 19, 2018 15:02:21 GMT
No, some platforms KNOW for sure that there ARE mug punters (whether you personally qualify is up to you). If they can meet their business goals using just the mugs, they certainly will.
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Post by df on May 21, 2018 16:50:30 GMT
Looking at my allocations today - I got slightly higher proportions per loan size comparing to before the rate drop. It suggests to me that some investors turned their settings to zero, but not many.
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Post by rookyone on May 22, 2018 9:40:37 GMT
My settings are all set to zero now, if they are gong to treat us as cash cows, I'm going to look for greener pastures...
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Post by angrykittens on May 22, 2018 9:55:55 GMT
My settings are all set to zero now, if they are gong to treat us as cash cows, I'm going to look for greener pastures... Let me know when you find the bling filled green pastures...
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