Steerpike
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Post by Steerpike on Jan 27, 2015 17:30:55 GMT
I created modest loan offers in both markets on 26th January.
After 4 days there were no takers and as there is no queue information on the site, I thought that I would cancel my loan offers as no one seemed interested and I was then confronted with a charge of .3%.
This seems to be equivalent to an annual rate of 27% for looking after my money.
I'll leave it for another day or so and if the loan offers are still not matched I will withdraw my money take the .3% hit and invest elsewhere in future.
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bob2014
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Post by bob2014 on Jan 28, 2015 17:27:17 GMT
Added £2k5 Monday evening to 3 year market, all allocated today, hope they complete tomorrow. Note that they did 6 loans on Monday. Pity there is no queue length stats available at lease there is some movement. Earlier in the year I found there were daily bites on 3 year and weekly bites on 5 year. Hope it grows as planned and they become braver with the information they publish.
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Post by Matthew on Jan 31, 2015 0:14:23 GMT
I created modest loan offers in both markets on 26th January. After 4 days there were no takers and as there is no queue information on the site, I thought that I would cancel my loan offers as no one seemed interested and I was then confronted with a charge of .3%. This seems to be equivalent to an annual rate of 27% for looking after my money. I'll leave it for another day or so and if the loan offers are still not matched I will withdraw my money take the .3% hit and invest elsewhere in future. Hi SteerpikeWe're just working through the lending queue at the moment so apologies for any delay in matching your funds. The Rate Lock promotion has been successful so we've had to match more funds than usual. We're also working on some lender centre updates which will make it easier to determine how long your funds will take to match, so keep an eye out. Regarding your offers, you should not be charged a fee for cancelling these unless they've already been Allocated (pending acceptance by borrowers) or Lent. If you send me a DM or email our customer service team I'll look into this for you. Thanks
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Steerpike
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Post by Steerpike on Jan 31, 2015 13:12:19 GMT
After 5 days, the 3 year money has now matched but there is still no movement on the 5 year money.
Previously an attempt to withdraw unallocated money attracted a fee as for matched, now if I attempt to withdraw unmatched money no fee is levied, this is an improvement.
Slow speed of loan matching and general lack of information is not an encouragement to add more funds.
Finally, after a week, I gave up on the 5 year market and withdrew the funds.
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Post by buggerthebanks on Feb 9, 2015 23:04:52 GMT
So, just to re-cap my own experience:-
Money sat on the 5-year market for 2 weeks with no takers & (as others have pointed out) no means of telling where you are in the queue.
Money was then transferred to the 3-year market where, after 2 weeks 90% of it has been lent with the remainder pending. I'll need to see some improvements before committing further funds but let's hope LW can push through their improvement programme & ramp the volumes in the process.
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baz657
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Post by baz657 on Mar 20, 2015 21:59:39 GMT
A small sum repaid on the 10th is still showing as allocated and their Auto Lend seems to have stopped working for me. Hopefully the repayments from the 20th will get re-lent out far quicker.
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baz657
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Post by baz657 on Mar 21, 2015 10:14:08 GMT
Very odd behaviour. Everything re-lent that paid back on the 20th yet £7.00 from the 10th is still in limbo and "allocated loan capital". I'll send them an email and see if they can kick the machine.
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Post by konstantinovs on May 19, 2015 16:52:59 GMT
Just thought I'd throw my experience in. Stuck £2500 in there two weeks ago and put it in the queue for 3 year lending. As of yesterday just over 2k was matched, still got 450 in the queue. Quicker matching than Zopa that's for sure. Customer service have been prompt in their replies to my questions and they credited my account with the referral bonus with no hassle.
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pom
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Post by pom on Jun 12, 2015 14:17:29 GMT
I really want to like this platform - in theory it should be a nice balance of low effort, lower risk and rates. But the lack of transparency as to how the lending queue works is starting to worry/annoy me - either loans are being processed in large irregular batches with some quite significant time gaps in between or they appear to have a very weird idea of what a queue is, as the money I paid in does not appear to be being matched sequentially. Having paid in money in 3 separate chunks over the last month, the big pauses in loan matches/creations have been within chunks rather than between them - ie the second part of a chunk eventually gets matched in the same loan as the first part of the next chunk up to a couple of weeks later.
Repayments have come in so that's good, but not feeling hugely inspired to put much more in when it's so difficult to predict how long it'll take money to invest
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Post by Matthew on Jun 13, 2015 16:54:48 GMT
Thanks pomVery timely feedback indeed as this is something we've been working hard on behind the scenes for the last month or so. I'm sorry to hear of your frustrations - this is certainly not the experience we expect for our lenders. We believe that transparency is fundamental in order to set our industry apart and we are very aware of the need to provide much more information to our lenders. By the end of this week we will be releasing a significantly improved loan matching algorithm in addition to offer-specific lending queue information. You'll be able to see the exact value of funds ahead of you in the queue for each individual offer, updated in real time, and an estimated time to match based on rolling 30-day loan activity. Hopefully you will appreciate this significant update going forward. I'll be sure to post on this forum to let you know when it's live and would appreciate all feedback on this and anything else. Regarding the specific offers you mentioned - if you could contact our customer services team we can certainly look into that for you and sort something out. Hope this helps. |
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pom
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Post by pom on Jun 13, 2015 19:55:38 GMT
Look forward to the changes...and thanks for the emails  |
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jimc99
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Post by jimc99 on Jul 7, 2015 0:17:17 GMT
Just put a small amount into LW to see how things work.....not too impressed.
No information on historical lending rates.
Nothing on borrower demand or amount of lending offers.
No sign of the promised improvements such as the lending queue information, etc, promised 3 weeks ago.
Will wait a couple of weeks and if nothing changes withdraw my funds.
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Post by Matthew on Jul 7, 2015 21:24:20 GMT
Just put a small amount into LW to see how things work.....not too impressed. No information on historical lending rates. Nothing on borrower demand or amount of lending offers. No sign of the promised improvements such as the lending queue information, etc, promised 3 weeks ago. Will wait a couple of weeks and if nothing changes withdraw my funds. Hi jimc99You should find the queue information under the new 'My Lending Offers' tab. This shows your individual lending offers, queued funds ahead of you and estimated time to match. Regarding historical rates information, this is something we will add to the website but since our rates fluctuate fairly infrequently we considered it a lower priority. If you DM me I can send you this information in the meantime. Hope this helps and thanks for the feedback.
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Post by jumpingjackflash on Jul 8, 2015 19:19:56 GMT
They mentioned transparency - do they publish loanbook with rates that they are lending out at?
Keen to understand the credit quality
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Post by Matthew on Jul 8, 2015 20:36:04 GMT
Coming soon jumpingjackflash... All P2PFA member platforms will soon be publishing their full loan books for their members (i.e. those that don't already). We're more than happy to release this data as it's important you're able to fully understand each platform's risk appetite and the quality and composition of their loan portfolios. That said, lenders should be wary of making assumptions on credit quality based solely on using loan rates as a proxy for risk. There are a heap of other factors which contribute to the overall quality of a portfolio. Thanks, |
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