ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315 
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Post by ilmoro on Mar 7, 2019 2:08:37 GMT
I've done 28 days of lending with Loanpad and for intrigue I thought I would run it out for the year to see if my returns were on track. Should be earning 6.00% as a first 100 sign-up, my annual calculated return is actually 3.39%. Now my first deposit was split over a few days which would attribute some of the discrepancy but not that much. The only other thing I can think of is there is currently more cash on the platform then there is loans to assign it to. But that still that doesn't explain the size of discrepancy. It's not looking too clever right now and I will proceed with caution until I can work out an answer. Edit: Just noticed there has also been another loan added recently, now totaling 7. Which makes the size of discrepancy even more worrying. Interest is paid on all sums invested whether actually committed to loans or not so cash:loans ratio isn't relevant. Just calculated mine and my return is correct. Are you calculating your return based on your cash balance or the sum of the individual payments? The latter are rounded down so will give you an inaccurate result. Edit: 6% of my invested funds aren't in loans but still seem to be earning interest.
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Post by Loanpad on Mar 7, 2019 7:00:47 GMT
Interest is paid on all sums invested whether actually committed to loans or not so cash:loans ratio isn't relevant. Just calculated mine and my return is correct. Are you calculating your return based on your cash balance or the sum of the individual payments? The latter are rounded down so will give you an inaccurate result. Edit: 6% of my invested funds aren't in loans but still seem to be earning interest. Yes, thanks. I suspected interest was paid on idle funds I just couldn't remember. I've calculated cash balance divided by 28 multiplied by 365. 28 data points should be more than enough to counter the rounding effect and give a fairly accurate trajectory. Alternatively my daily interest is paying at less than half of what it should be, granted it's early days I will give another month to see if it irons out, but I am disappointed right now given the fan fare Loanpad launched with. Hi Proptechfish If you take your current daily interest payment x 365 that will give you the annual return (to within a penny) for that account. All investors will have received interest at the full rates advertised every day as otherwise our daily reconciliations would not balance and it would be immediately noticed and rectified. Please contact us at support@loanpad.com or live chat when logged in so we can look at your account for you and ensure everything is correct. If any such issue is found, we’ll credit your account with a goodwill payment of 3 month’s interest.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Mar 7, 2019 7:35:34 GMT
Yes, thanks. I suspected interest was paid on idle funds I just couldn't remember. I've calculated cash balance divided by 28 multiplied by 365. 28 data points should be more than enough to counter the rounding effect and give a fairly accurate trajectory. Alternatively my daily interest is paying at less than half of what it should be, granted it's early days I will give another month to see if it irons out, but I am disappointed right now given the fan fare Loanpad launched with. Hi Proptechfish If you take your current daily interest payment x 365 that will give you the annual return (to within a penny) for that account. All investors will have received interest at the full rates advertised every day as otherwise our daily reconciliations would not balance and it would be immediately noticed and rectified. Please contact us at support@loanpad.com or live chat when logged in so we can look at your account for you and ensure everything is correct. If any such issue is found, we’ll credit your account with a goodwill payment of 3 month’s interest. Mine works out exactly if I use the downloaded daily interest amount. The interest doesn't round on the display so it can be nearly a penny out.
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shimself
Member of DD Central
Posts: 2,563
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Post by shimself on Mar 7, 2019 10:12:13 GMT
Somewhat to my and their surprise they have taken me on as an investor despite living outside UK
The Lending Partner. What do we know? The daily diversification-is it public, can you see how much of each loan you have today?
Thanks
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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: 11,315
Likes: 11,523
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Post by ilmoro on Mar 7, 2019 10:16:23 GMT
Somewhat to my and their surprise they have taken me on as an investor despite living outside UK
The Lending Partner. What do we know? The daily diversification-is it public, can you see how much of each loan you have today?
Thanks
Yes you can view your loan book. Lending partner is detailed in loan docs. Seem a sensible, established lender with a decent track record. Some DD in DDC.
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Post by snowgoose on Mar 7, 2019 17:24:54 GMT
I believe that Loanpad is relatively new. Anyone know anything about that or got any experience of them?
Cancel that. I just found the thread on them. Sorry.
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Post by snowgoose on Mar 7, 2019 17:30:54 GMT
Loanpad
What date did you open your doors?
How many loans do you have to date?
Can you name your lending partner?
Can you tell us something about them and their history and how do they source their loans?
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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: 11,315
Likes: 11,523
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Post by ilmoro on Mar 7, 2019 18:29:10 GMT
IFISA Transfer out fee removed due to popular demand.
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Post by Loanpad on Mar 8, 2019 11:08:02 GMT
Loanpad What date did you open your doors? How many loans do you have to date? Can you name your lending partner? Can you tell us something about them and their history and how do they source their loans? Hi snowgoose We enabled new sign ups at the end of January so about 5 weeks ago. We currently have 7 loans live and hope to add more next week. The lending partner has been established c.40 years. They have a long standing and growing borrower base and new borrowers typically come from word of mouth/referrals. They do not do any marketing as such and do not work with brokers i.e. all loans are direct. Currently the lending partner has over 50% of the loans shared with Loanpad and that is fully subordinated/first loss. We have some other top quality lending partners in the pipeline too which we hope to add over the coming weeks and months.
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Post by Financial Thing on Mar 12, 2019 15:21:26 GMT
Loanpad What date did you open your doors? How many loans do you have to date? Can you name your lending partner? Can you tell us something about them and their history and how do they source their loans? My video might be helpful in answering some of your questions: www.financialthing.com/get-to-know-loanpad/
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Post by mrclondon on Mar 31, 2019 11:19:52 GMT
Loanpad - your website hasn't taken kindly to the arrival of summer time, and has decided it wanted an extra hour in bed this morning !
The transaction statements show all previous transactions to have been processed at 13:00 not 12:00, and no interest run for today (as of 12:20) which I'm assuming will occur at 13:00.
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Post by Loanpad on Mar 31, 2019 12:46:57 GMT
Loanpad - your website hasn't taken kindly to the arrival of summer time, and has decided it wanted an extra hour in bed this morning !
The transaction statements show all previous transactions to have been processed at 13:00 not 12:00, and no interest run for today (as of 12:20) which I'm assuming will occur at 13:00.
Hi mrclondon yes, there is a notice on the dashboard to this effect. The ‘interest run’ was indeed at 1pm today. Our developers are working on fixing the timestamp display issue and reverting the interest run to be at midday as usual (not 1pm as today). We hope they’ll be fixed very soon, ideally by tomorrow.
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benaj
Member of DD Central
N/A
Posts: 5,591
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Post by benaj on Apr 1, 2019 11:03:14 GMT
Hi Loanpad, how long does it take to update the platform? Got this error this afternoon when withdrawing fund: "The Platform is updating. Please try again in a few minutes" |
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Post by Loanpad on Apr 1, 2019 11:27:06 GMT
Hi Loanpad , how long does it take to update the platform? Got this error this afternoon when withdrawing fund: "The Platform is updating. Please try again in a few minutes" Hi benaj it usually isn't for more than a couple of minutes after midday whilst the system updates/interest is paid etc. Hope you weren't waiting longer than that but if you are still having any issues please contact support@loanpad.com and we'll look into it further for you
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Post by Loanpad on Apr 1, 2019 11:28:20 GMT
Loanpad - your website hasn't taken kindly to the arrival of summer time, and has decided it wanted an extra hour in bed this morning !
The transaction statements show all previous transactions to have been processed at 13:00 not 12:00, and no interest run for today (as of 12:20) which I'm assuming will occur at 13:00.
Hi mrclondon yes, there is a notice on the dashboard to this effect. The ‘interest run’ was indeed at 1pm today. Our developers are working on fixing the timestamp display issue and reverting the interest run to be at midday as usual (not 1pm as today). We hope they’ll be fixed very soon, ideally by tomorrow. Just to confirm the display issue is fixed and interest run back to being at midday
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