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Post by Badly Drawn Stickman on Jul 6, 2019 11:32:11 GMT
I set this up yesterday, the name is maybe a touch unspecific as the main purpose is reinvesting interest payments. Loanpad deserve a mention for this, its a very useful feature. I know it totally defeats the purpose so wont make it a daily event, but watched the process today (obviously to ensure it worked) mainly to see if it was smart enough to add todays interest to the current amount (which by serendipity was enough in total to make the current £10 level). It did and made the transfer today, given that normally that would not have been reinvested till tomorrow (Yes i know one extra days interest on £10 wont change my lifestyle much) was fully impressed. I would have suggested it as an improvement if it had not. I note that the plan is to reduce the level to £1 shortly, i suspect that will be a popular move. Good work Loanpad keep it up. |
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Post by Loanpad on Jul 9, 2019 11:21:03 GMT
I set this up yesterday, the name is maybe a touch unspecific as the main purpose is reinvesting interest payments. Loanpad deserve a mention for this, its a very useful feature. I know it totally defeats the purpose so wont make it a daily event, but watched the process today (obviously to ensure it worked) mainly to see if it was smart enough to add todays interest to the current amount (which by serendipity was enough in total to make the current £10 level). It did and made the transfer today, given that normally that would not have been reinvested till tomorrow (Yes i know one extra days interest on £10 wont change my lifestyle much) was fully impressed. I would have suggested it as an improvement if it had not. I note that the plan is to reduce the level to £1 shortly, i suspect that will be a popular move. Good work Loanpad keep it up. Hi Badly Drawn Stickman thanks for the feedback which is really appreciated. Reducing the multiple to £1 is on our list and we’ll confirm when that will be in place as soon as we can. Reinvesting interest is one purpose of the Auto Lend feature but it will also do the same for new deposits on to the platform, to avoid the need to log in and manually transfer.
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Post by mrclondon on Jul 9, 2019 12:32:32 GMT
Reinvesting interest is one purpose of the Auto Lend feature but it will also do the same for new deposits on to the platform, to avoid the need to log in and manually transfer. Your comment above seems to be a direct contradiction to the explanation on the Preferences page of the website which states very clearly Note: Your preferences will automatically be turned off if you transfer funds directly into your cash account. You will need to turn them back on as required. If the intention is to allow the mechanism to auto invest cash deposits, it will be necessary to disable the auto invest following transfer requests from Classic/premium to cash. Perhaps that is what your note is meant to refer to (although I read it as meaning cash deposits from outside LP)
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Post by Loanpad on Jul 9, 2019 13:34:10 GMT
Reinvesting interest is one purpose of the Auto Lend feature but it will also do the same for new deposits on to the platform, to avoid the need to log in and manually transfer. Your comment above seems to be a direct contradiction to the explanation on the Preferences page of the website which states very clearly Note: Your preferences will automatically be turned off if you transfer funds directly into your cash account. You will need to turn them back on as required. If the intention is to allow the mechanism to auto invest cash deposits, it will be necessary to disable the auto invest following transfer requests from Classic/premium to cash. Perhaps that is what your note is meant to refer to (although I read it as meaning cash deposits from outside LP) Yes the note means if you "transfer" funds (i.e. from Classic/Premium) but not new "deposits". This will be made clearer to avoid any confusion., thanks for flagging it
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littleoldlady
Member of DD Central
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Post by littleoldlady on Oct 22, 2019 16:25:20 GMT
Note: Your preferences will automatically be turned off if you transfer funds directly into your cash account. You will need to turn them back on as required. Is this cancellation of autolend done at the point when you request a transfer or later when the transfer is actually made?
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Post by Loanpad on Oct 23, 2019 12:17:40 GMT
Note: Your preferences will automatically be turned off if you transfer funds directly into your cash account. You will need to turn them back on as required. Is this cancellation of autolend done at the point when you request a transfer or later when the transfer is actually made? Auto Lend will be turned off only when the transfer actually completes and not when a transfer is set up
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Oct 23, 2019 21:05:03 GMT
Is this cancellation of autolend done at the point when you request a transfer or later when the transfer is actually made? Auto Lend will be turned off only when the transfer actually completes and not when a transfer is set up Thanks. That's not very convenient as one has to remember to go back and reset autolend a day or so after requesting a transfer. Having said that it does not appear to work you say it should. I requested a transfer from Classic to Premium which has now been actioned but autolend was not turned off.
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Post by Ace on Oct 23, 2019 21:34:58 GMT
Auto Lend will be turned off only when the transfer actually completes and not when a transfer is set up Thanks. That's not very convenient as one has to remember to go back and reset autolend a day or so after requesting a transfer. Having said that it does not appear to work you say it should. I requested a transfer from Classic to Premium which has now been actioned but autolend was not turned off. Autolend will only be turned off when a transfer to your cash account completes. I.e. The assumption is that if you move funds to your cash account you won't want them to be immediately automatically reinvested, otherwise you would have transferred to the appropriate Classic or Premium account.
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Post by Badly Drawn Stickman on Nov 8, 2019 14:16:59 GMT
Loanpad how is the plan to reduce the reinvestment level down to £1 going? Given it is now some 3 months since it was mentioned. I know in the big scheme of things its probably low down the list and would not make anybody rich overnight but I suspect on smaller investments would be welcome.
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Post by Loanpad on Nov 11, 2019 13:41:08 GMT
Loanpad how is the plan to reduce the reinvestment level down to £1 going? Given it is now some 3 months since it was mentioned. I know in the big scheme of things its probably low down the list and would not make anybody rich overnight but I suspect on smaller investments would be welcome. Hi Badly Drawn Stickman unfortunately it is unlikely to be before Q2/2020. We are keen to get this live asap but it forms part of a much larger update to our software which will enable a lot of new functionality
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