baz657
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Post by baz657 on Oct 30, 2014 18:15:43 GMT
Looks like there is going to be 1% cashback on certain loans on top of the 2% on property. Looks like the 1% is going on loans that don't reach 100% right away with the first one to finish being loan No. 8553 which is currently @77% out of £208,340 with 23 hours to go.
Perhaps FC have promised or guaranteed too much to potential borrowers and it's costing FC now to get the lenders they need.
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Post by davee39 on Oct 30, 2014 18:19:52 GMT
Or property soaking up too much passive Autobid money. The downside is that rates will drop, probably costing holders and keepers more than the cashback is worth. Playtime for flippers though. Already clearing out some of my lower rate loans!
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min
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Post by min on Oct 30, 2014 19:12:19 GMT
Looks like there is going to be 1% cashback on certain loans on top of the 2% on property. Looks like the 1% is going on loans that don't reach 100% right away with the first one to finish being loan No. 8553 which is currently @77% out of £208,340 with 23 hours to go. Perhaps FC have promised or guaranteed too much to potential borrowers and it's costing FC now to get the lenders they need. According to FC cash back is to 'celebrate' passing £400 million mark and has nothing to do with cash back being on loans that don't look like filling.
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baldpate
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Post by baldpate on Oct 30, 2014 20:06:43 GMT
The 1% offer seems to have been removed for 8553 in the brief moment it took me to read the FC Promotion Details page.
EDIT: correction you can see the offer on the Loan Request page, but it doesn't appear in your Watchlist. Thanks a bunch , FC!
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Post by GSV3MIaC on Oct 30, 2014 22:17:04 GMT
Already made this complaint elsewhere. There are several things which the watchlist and auction list don't agree on, and cash back is one.
Reading the t&cs, it's 1% on all loans over 75k, which were not already fully funded at announcement time, and off into future until withdrawn. Tasty, but I'd still rather they raised the bar on bidable rates.
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Post by davee39 on Oct 31, 2014 8:30:24 GMT
Clearly 8553 (Jeweler) is struggling, and may not cross the line. I am interested in this one because my wife enjoys watching daytime jewelry channels and I sometimes get drawn in (window shopping only). The point is that FC would like to make bigger loans available but they seem to struggle. So is there a demand for these or should there be a cashback on all the bigger loans? Is there a real difference between a large unsecured loan taken by a bigger company and the little loans taken by small companies? Finally should there be a higher rate cap to get these loans away? An auction should start attractive before it gets competitive so how about 16% for C and C- loans? I suspect the loans would fill faster and the herd would then pile in to lower the rate.
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Post by GSV3MIaC on Oct 31, 2014 8:58:24 GMT
I've suggested before that the max rate should be related to the min rate .. 2x or 1.5x or whatever. Makes no sense to cap a+ and c- both at 15%, and other platforms like rebs have higher options for generally less dodgy loans.
p.s. (rather than reply to myself, I'll just edit this) .. the 1% cash back seems to be being manually added, in many cases rather late in the day - it ain't there on 8617,22,27 as I speak and it WAS not there on 8647, last time I looked (but is now). Need to keep your wits about you (and yes, maybe collect a few screen shots, since that's the only place to see it was EVER there). Clearly not a well planned and executed strategy, more like a reaction to a market imbalance (number of loans has gone up A LOT in the last couple of weeks, at least the ones we see .. maybe the whole loan pipeline is choked?).
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mikeb
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Post by mikeb on Oct 31, 2014 18:32:39 GMT
Clearly not a well planned and executed strategy, more like a reaction to a market imbalance (number of loans has gone up A LOT in the last couple of weeks, at least the ones we see .. maybe the whole loan pipeline is choked?). You cynic. The cashback is in celebration of £400 million being lent, and nothing at all to do with loans limping toward the finish line and being under threat of being put out of their misery ... 
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blender
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Post by blender on Oct 31, 2014 20:49:48 GMT
I have decided from today to save all my repayments etc in available funds so that I can properly celebrate the half billion.
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fasty
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Post by fasty on Oct 31, 2014 21:10:18 GMT
I wondered whether FC had "let loose" a bundle of loans in over-enthusiastic anticipation of hoards of new lenders irresistibly drawn in by the lavish and imaginative TV commercials? Now they need the splashback to fill the loans. In any event, I've copped a few apparently decent rate loan parts in the last few days. But I'm not counting my chickens just yet, oh no. I can remember last time similar happened, when most of the borrowers never drew down the loans.
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Post by GSV3MIaC on Oct 31, 2014 21:39:23 GMT
Fret not, as mentioned in another thread, you can score pretty good rates, even at par, in the SM right now, on loans which are already clocking up interest. If you are willing to pay a premium there are even better rates on offer .. Ridiculous, in some cases. The cashback will probably result in even more parts being flipped at high rates, when the original lender just wanted the cashback.
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Post by davee39 on Oct 31, 2014 22:40:24 GMT
Fret not, as mentioned in another thread, you can score pretty good rates, even at par, in the SM right now, on loans which are already clocking up interest. If you are willing to pay a premium there are even better rates on offer .. Ridiculous, in some cases. The cashback will probably result in even more parts being flipped at high rates, when the original lender just wanted the cashback. Sell now while buyers last! While rates on qualifying loans may come down, could rates on smaller loans goup while lenders hunt the cashback. The next highly predictable FC action will be to throttle back the no of available loans again.
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baldpate
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Post by baldpate on Nov 4, 2014 14:32:59 GMT
FC seem to have turned this tap off - e.g 8672 Driving Business £100K, no cashback. No prior notification by email though (as per T&C #4) - perhaps a temporary pause whilst they ask the bank for a loan?
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Post by pepperpot on Nov 4, 2014 14:51:59 GMT
There was a short delay yesterday before the 1% cb appeared in the list, of up to 30 mins, have a look again in half an hour or so.
Edit: hmm, an hour later and still no sign..
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blender
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Post by blender on Nov 4, 2014 16:17:36 GMT
It seems to qualify. Now I wonder what the most likely explanation for the lack of a cash back flag is? Clue - this FC.
Oh - there it is, while posting.
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