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Post by sharpe on Oct 24, 2018 17:48:10 GMT
An update
I depsosited another £1000 and split it into 5 x £200 investments
Set to 8%-15% @ 10% auto diversify.
All five investments have already loaned out £20 each......all on the same loan agreement. £100 lent to the same borrower on a loan of £200. My other investment of £1200 is still sat there with no further money lent out.
This really needs looking at.
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Post by sayyestocress on Oct 25, 2018 8:10:49 GMT
An update
I depsosited another £1000 and split it into 5 x £200 investments
Set to 8%-15% @ 10% auto diversify.
All five investments have already loaned out £20 each......all on the same loan agreement. £100 lent to the same borrower on a loan of £200. My other investment of £1200 is still sat there with no further money lent out.
This really needs looking at.
Probably worth talking to them directly if not done so already to make sure there's not something wrong with your account or that particular investment, because that sounds pretty strange.
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Post by sharpe on Oct 25, 2018 9:07:48 GMT
As per my first post I had already called them yesterday and they could offer no reason why the money hadn't been lent out. Only that everything seemed normal and was in the queue. I'm not the only poster that has noticed odd behaviour with the way money is lent out.
I've now withdrawn the original £1200 plus £800 from the additional £1000 deposited from the market. Didn't fancy being 50% of a single loan. The one positive is when withdrawing money you are given an option to revinvest, subsequently funds don't need to go all the way to one's bank account to be combined/seperated/revinvested.
I will stick to £200 chunks for now and only send a batch for investment once each £200 has been fully matched.
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jsmill
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Post by jsmill on Oct 25, 2018 9:29:04 GMT
sharpe Entirely agree with you on this. The loan allocation is pretty inexplicable to my mind. I use a number of p2p platforms and haven't found any others that are opaque. Happy to continue my experiment with Welendus but wont commit material capital until I am comfortable on this.
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Godanubis
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Post by Godanubis on Oct 25, 2018 17:18:51 GMT
sharpe Entirely agree with you on this. The loan allocation is pretty inexplicable to my mind. I use a number of p2p platforms and haven't found any others that are opaque. Happy to continue my experiment with Welendus but wont commit material capital until I am comfortable on this. The total amount lent out on this platform is quite small and would probably amount to A tiny amount of investors portfolios on other platforms. We are perhaps judging a bit harshly and comparing with the big boys who have Borrowers Eagerly seeking funds a single loan on a big platform could outstrip total lent here. They also have larger investor pool to draw on. What is the total number of individual investors on Wen. ?
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nyneil
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Post by nyneil on Oct 31, 2018 12:17:38 GMT
nsiam I already have a modest sum lent out through Welendus as I very much like your platform, ethos and enthusiasm. That having been said, i do have concerns which i would like your feedback on: After spending quite some time reading your website and Googling your team members, I’m concerned that I cannot see evidence of significant financial experience or financial skills or related professional qualifications within your current team. Amer Bhatti is an experienced Compliance Officer, but no one else appears to have financial qualifications or high-level experience. Rob Goodall is showing as Lead Credit Risk & Analytics, but his Linkedin profile shows that he only worked for Welendus for 9 months, leaving in May 2017, to work for Lloyds Banking Group, yet he is still presented as being a, senior, member of your team and seemingly the only one with any credit experience! Everyone else, listed on your website, is technical, marketing or customer services and, disappointingly, you don't give any background information about any of them. Who is actually qualified and experienced enough to run a P2P finance company? Who understands the intricacies of credit risk and who has experience of handling delinquent loans? I know you are ‘buying back’ overdue loans from lenders, and even paying the interest at the moment, thank you, but i’m concerned this could create the illusion of everything being ok when potentially delinquent loans are just taken out of sight. I realize that late payment might not be considered to be the same as default, in some circles, as the borrower might bring his/her payments up to date, but anything beyond that could destabilize a fledgling company if the delinquency rate turns out to be higher than expected, and many of the loans have yet to mature. Maybe for the type of short term, low value high interest loans you provide, the due diligence requirements are much easier to satisfy, compared to the requirements for the types of property and development loans which have caused so much grief for some platforms and their investors. In the back of my mind i know that some other platforms which started out with good intentions, have run into difficulty as a result of their lack of 'relevant' experience. We are also dealing with unsecured loans here, so there are no assets to fall back on. To balance my concerns, Welendus definitely has a number of talented and enthusiastic team members and I note that you have full FCA authorization, which I take to mean that you have well thought out and robust procedures in place. The types of loans originated by Welendus are less complex than those offered by many other platforms (which is why i wanted to diversify my investments by including Welendus) I hope you are able to reassure me 'factually' as i would very much like to support you and see Welendus flourish. I am prepared to stand corrected, if my assumptions are misguided.
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Post by nsiam on Oct 31, 2018 20:46:59 GMT
nsiam I already have a modest sum lent out through Welendus as I very much like your platform, ethos and enthusiasm. That having been said, i do have concerns which i would like your feedback on: After spending quite some time reading your website and Googling your team members, I’m concerned that I cannot see evidence of significant financial experience or financial skills or related professional qualifications within your current team. Amer Bhatti is an experienced Compliance Officer, but no one else appears to have financial qualifications or high-level experience. Rob Goodall is showing as Lead Credit Risk & Analytics, but his Linkedin profile shows that he only worked for Welendus for 9 months, leaving in May 2017, to work for Lloyds Banking Group, yet he is still presented as being a, senior, member of your team and seemingly the only one with any credit experience! Everyone else, listed on your website, is technical, marketing or customer services and, disappointingly, you don't give any background information about any of them. Who is actually qualified and experienced enough to run a P2P finance company? Who understands the intricacies of credit risk and who has experience of handling delinquent loans? I know you are ‘buying back’ overdue loans from lenders, and even paying the interest at the moment, thank you, but i’m concerned this could create the illusion of everything being ok when potentially delinquent loans are just taken out of sight. I realize that late payment might not be considered to be the same as default, in some circles, as the borrower might bring his/her payments up to date, but anything beyond that could destabilize a fledgling company if the delinquency rate turns out to be higher than expected, and many of the loans have yet to mature. Maybe for the type of short term, low value high interest loans you provide, the due diligence requirements are much easier to satisfy, compared to the requirements for the types of property and development loans which have caused so much grief for some platforms and their investors. In the back of my mind i know that some other platforms which started out with good intentions, have run into difficulty as a result of their lack of 'relevant' experience. We are also dealing with unsecured loans here, so there are no assets to fall back on. To balance my concerns, Welendus definitely has a number of talented and enthusiastic team members and I note that you have full FCA authorization, which I take to mean that you have well thought out and robust procedures in place. The types of loans originated by Welendus are less complex than those offered by many other platforms (which is why i wanted to diversify my investments by including Welendus) I hope you are able to reassure me 'factually' as i would very much like to support you and see Welendus flourish. I am prepared to stand corrected, if my assumptions are misguided. Hi nyneil, Thank you for your feedback. Much appreciated. My very quick answer will be, disruptors usually come from the outside with fresh mind and fresh ideas. With this being said, we consider ourselves a technology company and we do have some of the most advanced technologies in place that are hard to find in the sector. To do so, we need very talented technology team with fresh minds, fresh ideas, thoughts who can be our problem solvers. This is how we can deliver innovation. Regarding the team, I can confirm that Rob is still working with us together with other short-term credit AND technology experts that are behind the scenes. From the development side, our development team do have financial development background. Last but not least, you are correct that I am not from a financial background. In fact, I am a space engineer by background with engineering, math, algorithms and some development under my belt. In addition, I have some consultancy background which also helps. I see this as plus in a way that we are not inheriting any of the out dated/broken banking background and systems. With this being said, I have been working on Welendus for almost 4 years now building it from scratch. This alone adds a huge industry knowledge which is very valuable. With regards to missed payment and default rates, we are actually performing much better than large/older player in the sector. Not only that, we are way more advanced from a technology point of view than most of the large players. Regarding our loans being less complex, this may be true for some short-term lenders but not for Welendus. We do have some very complex models and systems in place that are more advanced than most other lenders out there. Plus, we do have machine learning and AI which out perform manual processing. This alone is enhancing our systems every day. All this a side, we are hiring on a relatively large scale at the moment and adding some very strong technology and finance names on-board very soon. Hope this answers your questions and concerns. Best, Nadeem
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benaj
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Post by benaj on Nov 1, 2018 12:08:20 GMT
Hi nsiam, is there any chance to improve the matching algorithm? I found the minimum matched amount is too low, I have loan parts below £10, sometimes even £1, the return on these are virtually 0 when they are completed early since average loan term is 120 days.
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nyneil
Member of DD Central
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Post by nyneil on Nov 2, 2018 17:58:18 GMT
nsiam I already have a modest sum lent out through Welendus as I very much like your platform, ethos and enthusiasm. That having been said, i do have concerns which i would like your feedback on: Snip.... I hope you are able to reassure me 'factually' as i would very much like to support you and see Welendus flourish. I am prepared to stand corrected, if my assumptions are misguided. Hi nyneil , Thank you for your feedback. Much appreciated. My very quick answer will be, disruptors usually come from the outside with fresh mind and fresh ideas. With this being said, we consider ourselves a technology company and we do have some of the most advanced technologies in place that are hard to find in the sector. To do so, we need very talented technology team with fresh minds, fresh ideas, thoughts who can be our problem solvers. This is how we can deliver innovation. Regarding the team, I can confirm that Rob is still working with us together with other short-term credit AND technology experts that are behind the scenes. From the development side, our development team do have financial development background. Last but not least, you are correct that I am not from a financial background. In fact, I am a space engineer by background with engineering, math, algorithms and some development under my belt. In addition, I have some consultancy background which also helps. I see this as plus in a way that we are not inheriting any of the out dated/broken banking background and systems. With this being said, I have been working on Welendus for almost 4 years now building it from scratch. This alone adds a huge industry knowledge which is very valuable. With regards to missed payment and default rates, we are actually performing much better than large/older player in the sector. Not only that, we are way more advanced from a technology point of view than most of the large players. Regarding our loans being less complex, this may be true for some short-term lenders but not for Welendus. We do have some very complex models and systems in place that are more advanced than most other lenders out there. Plus, we do have machine learning and AI which out perform manual processing. This alone is enhancing our systems every day. All this a side, we are hiring on a relatively large scale at the moment and adding some very strong technology and finance names on-board very soon. Hope this answers your questions and concerns. Best, Nadeem nsiam Thank you for your prompt and interesting reply. I was expecting that you are likely using experienced contractors to help develop your platform, but thank you for confirming this is actually the case; it makes sense for a small and agile early growth company. I found it interesting and encouraging, to read your comments (along with those on Seeders) on how Welendus fits in to the larger market. Well done, on what you have achieved so far; i look forward to see how the platform develops.
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Post by nsiam on Nov 8, 2018 20:18:00 GMT
Hi nsiam , is there any chance to improve the matching algorithm? I found the minimum matched amount is too low, I have loan parts below £10, sometimes even £1, the return on these are virtually 0 when they are completed early since average loan term is 120 days. Hi benaj, Thank you for your feedback. We will look at introducing a minimum investment cap. Best, Nadeem
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zlb
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Post by zlb on Nov 22, 2018 13:56:53 GMT
there are a number of tp borrower reviews saying that they repaid early and then weren't allowed a subsequent loan. not many negative reviews but they all say this, bar 1.
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zlb
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Post by zlb on Nov 24, 2018 19:45:49 GMT
I'm trying with £100, thanks to this forum. I got the email saying my money was fully invested across 11 loans, the day after I'd set the investment up. It's a small thing, but although the default setting appears to be to attribute 10% to any one borrower, it's spread the 100 across 11, so I think that's good. Found the site difficult in terms of finding exactly where one setting is or another, and box names ambiguous. Using mobile.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Nov 28, 2018 21:44:16 GMT
Since starting this thread I have increased my investment and I am happy with the way it is going. My friends and family have sufficient funds to buy the entire loan book but in line with the platform goals to help the smaller borrowers I am more than happy to also help the smaller investors who may not have the stomach or time for the required DD of the big boys in P2P lending by only investing in monthly blocks of £100 . Keep up the good work and standards.
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benaj
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Post by benaj on Nov 28, 2018 22:37:44 GMT
I find the Welendus lending model is a bit unique. It's a little bit like FC x LC x Ratesetter, (autobid, custom rates, and SM.) I certainly didn't understand Welendus in the first month because of loans sold to PF and poor diversification of 10 loans. It's almost 6 months with Welendus, most of my "Investments" are doing well thanks to PF. I now have a much better understanding about Welendus. My longest loan completed is 141 days, lending rate is 12% and earned 3.4% interest before selling to PF. Longest live loan is 153 days, lending @ 12.5% and earned 5.2% interest; lending term is 180 days so I am keen to know if the borrow can repay the loan completely without loan extension. Some loans wouldn't earn interest at all, I had loans completed after 1 day and I couldn't earn interest because the capital was not large enough to generate 1p interest. Now I have 382 active loans but I still do not have a clue why some of my money is not being lent and stuck in the lending queue for ages (almost 4 weeks) even I have a few new loans matched today from the other "investments". The money in (stuck) "investment" queue just won't get matched no matter what. I am happy with Welendus so far but I definitely not interested buying the entire loan book yet.
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Post by sayyestocress on Nov 29, 2018 9:53:40 GMT
...I had loans completed after 1 day and I couldn't earn interest because the capital was not large enough to generate 1p interest. Now I have 382 active loans but I still do not have a clue why some of my money is not being lent and stuck in the lending queue for ages (almost 4 weeks) even I have a few new loans matched today from the other "investments". The money in (stuck) "investment" queue just won't get matched no matter what IIRC borrowers can pay back the loan within a day and pay no interest, so I believe no lender would get any interest on those loans.
I've noticed that re-lent existing investments get matched quicker than new investments, is your "stuck" money new money? I imagine that there is likely a monthly peak on borrower demand set a period before / after the nations typical payday. Perhaps the money went in just after said peak?
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