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Post by overthehill on Jul 23, 2022 16:02:24 GMT
Which bank does Loanpad use for withdrawals , Wells Fargo, stagecoach not bank ? The email was prompt 3 days ago but I'm still waiting for the money.
My error, I've no idea why I thought the money would be withdrawn automatically ?!!
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billt
Posts: 105 
Likes: 79
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Post by billt on Sept 13, 2022 9:53:07 GMT
Some new milestones at Loanpad today: - Over £30,000,000 funds on platform.
- Average amount invested per lender > £10,000.
- Total number of loans = 73.
- Total number of lenders approaching 3,000 (actually it's 2983).
- Early access from Premium account for a 0.5% fee is now enabled (and has been for a few days).
- Still only 1% of loans by value are having their interest paid by the ICF.
Well done Loanpad. Keep up the good work. Hi Ace, Did this information come from a company announcement, or is it possible to access via the Loanpad site?
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firedog
Member of DD Central
Posts: 367
Likes: 462
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Post by firedog on Sept 13, 2022 9:55:46 GMT
Most of it is available from the Live Data Feed page under the My LoanBook tab
Updated for 14 Sept 2022
Over £30,000,000 £71,192,039 funds on platform.
Average amount invested per lender > £10,000 £17,377.29
Total number of loans = 73 175
Total number of lenders approaching 3,000 (actually it's 2983). 4,238
Early access from Premium account for a 0.5% fee is now enabled (and has been for a few days). Not currently available
Still only 1% 0% of loans by value are having their interest paid by the ICF.
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IFISAcava
Member of DD Central
Posts: 3,696
Likes: 3,023
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Post by IFISAcava on Sept 13, 2022 10:49:11 GMT
Most of it is available from the Live Data Feed page under the My LoanBook tab Updated for Sept 2022Over £30,000,000 £70,000,000 funds on platform. Average amount invested per lender > £10,000 >£17,000Total number of loans = 73 175Total number of lenders approaching 3,000 (actually it's 2983). 4,238Early access from Premium account for a 0.5% fee is now enabled (and has been for a few days). Not currently available Still only 1% 0% of loans by value are having their interest paid by the ICF. And premium over zero-risk FSCS protected savings rates lower than ever!
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ashtondav
Member of DD Central
Posts: 1,814
Likes: 1,092
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Post by ashtondav on Sept 22, 2022 12:30:25 GMT
60 day account rate is about 100% above instant access BS rate. Not stunning. But not too bad
I don’t want to tie my money in at current rates for 1 to 3 years, so won’t compare to those rates.
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Post by Badly Drawn Stickman on Sept 22, 2022 12:36:33 GMT
60 day account rate is about 100% above instant access BS rate. Not stunning. But not too bad I don’t want to tie my money in at current rates for 1 to 3 years, so won’t compare to those rates. Oddly using those kind of maths, the risk of loss of capital is 100% greater as well.....
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Post by Ace on Sept 22, 2022 12:41:50 GMT
60 day account rate is about 100% above instant access BS rate. Not stunning. But not too bad I don’t want to tie my money in at current rates for 1 to 3 years, so won’t compare to those rates. Oddly using those kind of maths, the risk of loss of capital is 100% greater as well..... A 100% increase in the risk of loss from something offering a 0% risk due to FSCS protection would be.... 0%. Excellent. I'll take that 😉
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,337
Likes: 11,562
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Post by ilmoro on Sept 28, 2022 13:01:39 GMT
There is a very chunky loan (as far as the main partner is concerned) that went into admin in June though LP has only just updated.
LP exposure is low and interest being covered ... partner will take a loss
Seems to have been a lot going on behind the scenes ... far more than the picture presented to the lenders. Might be time to dig a bit deeper on some of the loans
DD thread gives access to more details
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Post by Ace on Oct 15, 2022 22:29:28 GMT
Most of it is available from the Live Data Feed page under the My LoanBook tab Updated for 14 Sept 2022Over £30,000,000 £71,192,039 funds on platform. Average amount invested per lender > £10,000 £ 17,377.29Total number of loans = 73 175Total number of lenders approaching 3,000 (actually it's 2983). 4,238Early access from Premium account for a 0.5% fee is now enabled (and has been for a few days). Not currently available Still only 1% 0% of loans by value are having their interest paid by the ICF. I was just looking to see how these stats had changed over the past month and noticed that there was a small error in the above. The total funds on platform should have been £73,644,955, I.e. the total number of lenders multiplied by the average amount invested. I suspect the reported figure above was the Total Loanpad Loans, I.e. the amount currently lent out at the time reported. The current stats are: £75,314,308 funds on platform. Average amount invested per lender = £17,490.55. Total number of loans 168. Total number of lenders = 4306. Early access to Premium account not currently available (I expect it would be allowed if asked since there is currently over £4.6m of unallocated cash). 0 loans are being serviced by the ICF. It seems that the rate of increase in funds on the platform has slowed (only ~£1.7m in a month); not too surprising. It's not clear to me whether the increase in unallocated cash is due to: general fluctuation, the need to service more expected withdrawals, or a difficulty in finding borrowers at the higher rates needed for the scheduled increases (and possibly expected future increases). Louis is due to be on Financial Thing's Webinar in a couple of weeks, so we should get a chance to ask. Will also be interesting to hear what's happened to the forecast platform update and new product.
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firedog
Member of DD Central
Posts: 367
Likes: 462
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Post by firedog on Oct 25, 2022 18:02:43 GMT
Interesting that in the latest investor update Loanpad plans to switch to a 'more variable' interest rate model on many new loans. I suppose a perceived weakness of Loanpad's approach, at least during a period of rising interest rates, is that their margin gets squeezed as investors demand returns to compensate for current market conditions, but borrowers are continuing to benefit from rates established during lower inflation.
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Post by df on Oct 25, 2022 18:26:33 GMT
Interesting that in the latest investor update Loanpad plans to switch to a 'more variable' interest rate model on many new loans. I suppose a perceived weakness of Loanpad's approach, at least during a period of rising interest rates, is that their margin gets squeezed as investors demand returns to compensate for current market conditions, but borrowers are continuing to benefit from rates established during lower inflation. Yes, it works well when banks' interest rates stay more or less stable for a long period of time. Current market conditions is a big problem for p2p industry - can't change the rates with the existing borrowers. I haven't given up on LP yet, but it is getting close to that point when the rates they offer to lenders are no longer sustainable.
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Oct 26, 2022 1:43:07 GMT
on the face of itp2p borrowers seem to be getting some great low interest loans for what are really high risk development loans.even with default interest it would take them back to where it was a few years back.lender rates static or going the wrong way.are these multi million multi tranche rolled up interest at 6/7% worth the risk.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 781 
Likes: 889
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Post by p2pfan on Oct 26, 2022 11:48:39 GMT
on the face of itp2p borrowers seem to be getting some great low interest loans for what are really high risk development loans.even with default interest it would take them back to where it was a few years back.lender rates static or going the wrong way.are these multi million multi tranche rolled up interest at 6/7% worth the risk. Yes, P2P lending is on a different hemisphere to all other types of lending when it comes to interest rates. The decision makers at P2P platforms have been sleeping at the wheel while the world has changed at a rapid pace this year. Banks and other lenders have skyrocketed the interest rates they are charging borrowers and the rates they are paying their savers or investors, yet P2P platforms have only very slightly increased the rates they are paying lenders or, in the case of a number of P2P platforms, not increased rates at all. Their complacency and general disdain for P2P lenders will cost them a mass defection to banks and also other forms of investing. High risk investing with a P2P platform like Loanpad doesn't make sense when can get similar interest rates from saving with a 100% safe bank account. Come on Loanpad, your rates are not even what they used to be when you slashed them a while back.
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a0010402
Member of DD Central
Posts: 111
Likes: 64
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Post by a0010402 on Oct 26, 2022 12:20:06 GMT
"We are providing you with a brief monthly update on performance and a non-update on interest rates."
There, fixed it for you.
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Oct 27, 2022 9:29:44 GMT
Loanpad Premium, 6o days notice = 4.4%
Aldermore 12 months fixed, FSCS protected = 4.35 %
Hmm, If I don't need the cash in a hurry why take any risk for 0.05%?
This must be quite a problem for the likes of Loanpad: presumably their existing loans are fixed rate and they can only increase rates for new borrowers / loans, hence only able to increase rates to lenders very slowly.
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