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Post by bracknellboy on Dec 22, 2013 22:02:57 GMT
And then this, from one of the last loans I bid on before deciding to cease bidding on FC: " The borrower has decided not to accept the loan. They have informed FC that they are uncomfortable with the idea of borrowing / owing money to lots of different individuals." which reinforces my view that a number of loans are being listed on FC without the borrower's consent. It does beg the question as to whether this borrower knows that the debt financing he is currently seeking is at risk of not being repaid. I am speechless. Completely and utterly.
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Post by mrclondon on Dec 22, 2013 22:10:21 GMT
Please tell me that was 4208 MRC -- if not, the excuses are getting recycled. Yes 4208 - sorry I hadn't spotted you had already posted this literary master piece. On rechecking I see that there was just one question which was answered although the language is such that its hard to tell whether the answer has been authored by the borrower or a broker.
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oldgrumpy
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Post by oldgrumpy on Mar 12, 2014 22:23:50 GMT
(5273) Please note: this auction has not been accepted as the borrower is not willing to sign the personal guarantee.
So why doesn't FC ask them them to sign the bloody guarantee before launching the auction? Then the borrower would be forced to withdraw before wasting everyone's time!
B*****y D***heads!! (That includes FC!) 
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mikeb
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Post by mikeb on Mar 13, 2014 18:28:28 GMT
5210: "The borrower will be relisting at the end of the month so the funds are available at the time he requires them. Funds have been released back to investors, Thanks. FC. "
Why not request the money at the end of the month, when you need it, rather than a fishing expedition ahead of time just to tie up money for no reason?
There's been a few "Borrower will not take up this loan as they did not need the funds" ... which fall into the same "Then why are you applying for loans?"
Oh well, at least there's plenty of other loans to bid into, and you can always blacklist such companies so as to not get caught in their second application.
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oldgrumpy
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Post by oldgrumpy on Mar 13, 2014 18:42:34 GMT
I bookmark all those timewasters so that when they re-apply I have a suitably acidic question ready.
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Post by captainconfident on Mar 14, 2014 9:16:46 GMT
5217 Borrower realised they would need the funds later in the year. FC
Doh!
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blender
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Post by blender on Mar 14, 2014 10:09:27 GMT
I am not sure that we should reject those borrowers who have had a trial run. It costs nothing to find if you are creditworthy with FC lenders, and I believe that the only way to find out if you can get a loan when you want one, and at what rate, is to go through the whole process and reject the loan - with apology and explanation. With a bank you can presumably establish your position without actually taking the money.
So it might sometimes be right to consider that the borrower who anticipates future funding needs and establishes creditworthiness through various lenders before the money is actually needed - may actually be a good manager and risk.
It would be good to have the words of the declining borrower conveyed to us without FC's interpretation so that we can make our own judgements.
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Post by GSV3MIaC on Mar 14, 2014 14:19:17 GMT
How about the %county name% alarm company who had two, or was it three, bites at the cherry and still walked away?
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blender
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Post by blender on Mar 14, 2014 14:46:31 GMT
How about the %county name% alarm company who had two, or was it three, bites at the cherry and still walked away? Sorry but confused by your metaphor. Assume they did not bite the cherry though they asked to do so more than once. I suggest two strikes and you're out as a lender policy. My question is really whose pathetic explanations are they? They sometimes sound like FC's explanations loosely based on what the non-borrower has said - I would prefer to hear the non-borrower's reasons unvarnished and make my own judgement.
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mikeb
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Post by mikeb on Mar 14, 2014 19:22:51 GMT
It costs nothing to find if you are creditworthy with FC lenders, .... when you want one, and at what rate ... It costs lenders something (lost opportunity, money tied up) each time it happens. I don't know if borrowers have to pay a fee/non refundable that I'm not aware of. As to finding out if you can get a loan when you want one, and an idea of the rate: That doesn't work -- simply because rates vary, due to availability of cash from lenders, number of other loans on platform etc. So the fact that you can get a loan at 8.9% today, which you turn down, doesn't mean you'll be able to get one "later in the year" at the same rate. Could be higher, could be lower. Could be unfunded 
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blender
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Post by blender on Mar 14, 2014 21:08:35 GMT
Hi mikeb - I did not express that well enough. What I mean is that with FC a borrower would probably like to know in advance whether he/she would qualify for a loan and what Band would apply - yes the rate would change but nothing has ever been unfunded. FC could go as far as doing the checks and giving the band without actually putting the loan to auction and wasting the time of the lenders, but they will not do that. They would say that the evaluation would have only a short period of validity anyway and they would have to go though it all again later. The only option the borrower gets is to go right through to auction. So FC charge the borrower nothing unless a loan is taken (no deposits, the fees come out of the loan money) and the borrower goes through the whole process even if he/she just wants to know for later. The only people inconvenienced are the lenders - but the autobidders do not notice.
So the pathetic explanations in some cases must be FC seeming to blame the borrower for not needing the money yet, when the borrower knew that in the first place and just wanted a 'quote'.
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oldgrumpy
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Post by oldgrumpy on Mar 14, 2014 21:17:33 GMT
Perhaps FC should take a leaf out of FK's book, the borrower being committed to accepting when the rate had descended to a predetermined level. That way the loan starts the minute an auction ends. Presumably the borrowers sign all the finalisation papers in advance to enable this quickness. No non acceptance there (or is it allowed with a penalty?)
... or have I got that wrong?
PS... and the borrower pays all the fees, the lender none.
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