nick
Member of DD Central
Posts: 1,055
Likes: 825
|
Post by nick on Feb 22, 2019 17:40:38 GMT
Has anyone made a successful withdrawal from their account and how long did you have to wait from making the withdrawal request to receiving funds? I made a withdrawal request for the first time over a day ago and I'm still waiting - just want to make sure that this is within the normal processing time. I couldn't see any guidance in their FAQ nor elsewhere on this forum. As usual, I only get through to voicemail when calling lender support and expect it will a few days before getting an email response.
|
|
|
Post by gravitykillz on Feb 22, 2019 20:09:18 GMT
I got my money the next working day.
|
|
|
Post by failedtheturingtest on Feb 22, 2019 23:37:32 GMT
I've been impressed by Welendus on this score, I did a bank transfer out a week and a half ago and the money was in my bank account in under an hour, and similarly I did a bank transfer in yesterday and it was ready to be invested in about the same amount of time (this was during normal working hours).
|
|
nick
Member of DD Central
Posts: 1,055
Likes: 825
|
Post by nick on Feb 25, 2019 23:48:51 GMT
Update: my withdrawal was received early morning Monday having been originally requested mid/late afternoon Thursday, so 2 business days later.
|
|
rscal
Posts: 906
Likes: 499
|
Post by rscal on Mar 7, 2019 19:19:28 GMT
Just took all my loans out today. I can report that all bar a single £10 loan has cashed to my current account by the evening. A bit drastic but, since the start of last week I had 30% of my balance remained unlent (16% added and 14% repaid/bought by PF) and I ran out of patience. I've only had the account for 12 weeks and I've made about 6.5% pa. It would help if unallocated moneys could have been removed without cancelling the whole investment and, until W becomes easier to use I think I'll give it a pass but keep the account.
|
|
liso
Member of DD Central
Posts: 389
Likes: 394
|
Post by liso on Mar 7, 2019 19:29:52 GMT
Likewise. Today I withdrew everything but 1K, and almost all was in my account within an hour.
Too much cash drag, a platform that is opaque and convoluted in how it works, and the inability to withdraw only idle funds, finally got too much trouble for the return.
|
|
|
Post by df on Mar 7, 2019 20:04:10 GMT
It's good to know that withdrawals are quick and easy.
It looks like there is an oversupply of lenders' funds atm, so withdrawals will probably benefit those who are still there waiting to get invested.
|
|
|
Post by sayyestocress on Mar 8, 2019 16:39:27 GMT
Likewise. Today I withdrew everything but 1K, and almost all was in my account within an hour. Too much cash drag, a platform that is opaque and convoluted in how it works, and the inability to withdraw only idle funds, finally got too much trouble for the return. Too much trouble? It's pretty much fire and forget. Even with cash drag it beats any other provision fund covered p2p lender in terms of return that I'm aware of.
|
|
|
Post by df on Mar 8, 2019 20:16:48 GMT
Likewise. Today I withdrew everything but 1K, and almost all was in my account within an hour. Too much cash drag, a platform that is opaque and convoluted in how it works, and the inability to withdraw only idle funds, finally got too much trouble for the return. Too much trouble? It's pretty much fire and forget. Even with cash drag it beats any other provision fund covered p2p lender in terms of return that I'm aware of. I guess this could be true. If you set rates for all your investments 5%-15% and auto-diversity to 20% you are very likely to get higher returns than from RS or LW using the same fire and forget strategy. The only maintenance would be needed is to import PF bonus to existing investments once a month. Has anyone tried this?
|
|
|
Post by sayyestocress on Mar 8, 2019 21:05:30 GMT
With RS you'd be locked into 5 year loans to get ~6%. And you'd have to leave market rate re-investments on for it to be fire and forget which probably isn't advisable as you'd likely pick up the lower rate loans. You'd want to be setting your own rates and keeping tabs on the available rates to maximise ratesetter returns. The average WL rate is much higher than RS upper limits and you're not locked into 5 year loans with a hefty sell-out fee.
|
|
|
Post by df on Mar 9, 2019 13:34:20 GMT
With RS you'd be locked into 5 year loans to get ~6%. And you'd have to leave market rate re-investments on for it to be fire and forget which probably isn't advisable as you'd likely pick up the lower rate loans. You'd want to be setting your own rates and keeping tabs on the available rates to maximise ratesetter returns. The average WL rate is much higher than RS upper limits and you're not locked into 5 year loans with a hefty sell-out fee. Yes, it requires quite a bit of maintenance in order to keep your RS earnings at 6%+. I use RS as part of diversified portfolio, but much prefer WL model. I suppose the advantage of RS is that it is more established (more years of trading). I'm not sure how much weight it should have when making investment decisions, but I tend to consider it as part of my risk assessment.
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Mar 18, 2019 15:38:00 GMT
Likewise. Today I withdrew everything but 1K, and almost all was in my account within an hour. Too much cash drag, a platform that is opaque and convoluted in how it works, and the inability to withdraw only idle funds, finally got too much trouble for the return. I am looking to invest with WL....I just wanted clarification what you meant by not being able to withdraw idle funds? So if I have cash drag of say 1K and I want to withdraw this into my bank account, it is not possible to do this?
|
|
benaj
Member of DD Central
Posts: 4,855
Likes: 1,591
|
Post by benaj on Mar 18, 2019 16:47:46 GMT
i made a withdrawal recently, no issue at all 😀
|
|
Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
|
Post by Godanubis on Mar 18, 2019 17:06:13 GMT
Likewise. Today I withdrew everything but 1K, and almost all was in my account within an hour. Too much cash drag, a platform that is opaque and convoluted in how it works, and the inability to withdraw only idle funds, finally got too much trouble for the return. I am looking to invest with WL....I just wanted clarification what you meant by not being able to withdraw idle funds? So if I have cash drag of say 1K and I want to withdraw this into my bank account, it is not possible to do this? My brother has cash lag of £2000+ nothing invested in over a month . CS say no issues I had 8 loans today he has none added in over a month. PM to nizam no response.
|
|
number5
Member of DD Central
Posts: 449
Likes: 98
|
Post by number5 on Mar 18, 2019 17:13:16 GMT
I am looking to invest with WL....I just wanted clarification what you meant by not being able to withdraw idle funds? So if I have cash drag of say 1K and I want to withdraw this into my bank account, it is not possible to do this? My brother has cash lag of £2000+ nothing invested in over a month . CS say no issues I had 8 loans today he has none added in over a month. PM to nizam no response. So not really a good time to join WL?
|
|