pom
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Post by pom on Jul 9, 2015 11:52:58 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. Bit of a shame aboout the stealth improvements, specially as it was only after I'd done a bank transfer to see the queue info that I spotted you now take debit cards !! Well all good progress anyway
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pom
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Post by pom on Jul 9, 2015 21:17:50 GMT
Blimey - well now I understand the weird behaviour with my earlier lending offers, as I now see how volatile the queue is. Since my transfer cleared this morning the queue time has gone from 4days - to 5, to 4, to 3 and is now up to 6 days (fair enough funds for reinvestment get priority, but that leads me to interesting thoughts about the relative volumes of repayments, new money and loans). Still with the way things are at RS at the moment I expect these funds will still get matched before my funds there.
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jonah
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Post by jonah on Jul 9, 2015 21:20:52 GMT
Blimey - well now I understand the weird behaviour with my earlier lending offers, as I now see how volatile the queue is. Since my transfer cleared this morning the queue time has gone from 4days - to 5, to 4, to 3 and is now up to 6 days (fair enough funds for reinvestment get priority, but that leads me to interesting thoughts about the relative volumes of repayments, new money and loans). Still with the way things are at RS at the moment I expect these funds will still get matched before my funds there. For my understanding, are you saying that relayed capital/ interest gets priority if reinvested ? Isn't that similar to Z?
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pom
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Post by pom on Jul 9, 2015 21:39:57 GMT
Similar, but without the processing pot, so no mixing, just a straight queue. And the volumes are significantly smaller, so queue position is a lot more volatile. In fairness at Z you effectively drop down the queue each time more repayments come in, but they way they present it it doesn't look like it, just that you slow. At least now I understand why I had a 2 week gap in previous money getting matched - some (big) repayments must have come in when I was right at the front of the queue. Meanwhile at other times I've been matched same day
Well will wait and see what happens but I have to say that being able to see the queue isn't going to be a reliable predictor! Much better to be able to see what's going on tho.
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pom
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Post by pom on Jul 10, 2015 13:34:22 GMT
So my offer started today 4days down the queue...and the last couple of times I've checked it's been at 3 days... yet somewhere along the line some of it has been allocated !!
EDIT: No I take that back, according to the lending summary page it appears the allocated money is from repayments on existing loans (someone must have paid back early as it's more than was due this month), so there must be a problem with lending summary page as that shows less than 70% of it is still in the queue (and the "missing" 30% is much more than's currently matched).... so I think the queuing info needs a bit more work....
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Post by Matthew on Jul 10, 2015 17:50:39 GMT
Hi pomThanks for noting these few queries. Regarding the "missing" queued offers - this will likely be due to the caching of the browser if loans have literally just been allocated/paid out. If you refresh the page you'll probably find this has corrected itself. Sometimes part of your offer might be allocated when there are still funds ahead of you in the queue. This can be due to the maximum portion of one lender's portfolio being allocated to one loan, so the algorithm will look for the next lender or lenders to complete the chunks on that loan. Nothing unusual going on there! The number of days shown is of course an estimate as it's based on a number of assumptions, including: 1) the loan volume over the last 30 days which doesn't necessarily equate to the loan volume for the following day(s), 2) queued funds ahead of you, noting that there could be Auto Lend funds from normal payments (1st, 10th and 20th) or overpayments/settlements which would be prioritised and which can't be reliably forecast and 3) factors like those described above where some of your funds may get matched sooner. We'll certainly work to improve the accuracy of the estimated time to match but we felt this was still valuable information, albeit it is still indicative rather than a guarantee. Hope this helps. |
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pom
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Post by pom on Jul 10, 2015 22:35:20 GMT
Well I was refreshing all afternoon with no change!
But it has finally caught up and the "missing" money is now loaned out but still a big chunk stuck behind other funds. It does seem a little weird that I keep getting some of my new money matched the same time as "old" and yet then have the rest of my new stuck in a queue (not even at the front) for longer. But maybe better I guess than potentially someone's re-investments getting stuck with an "I'll started so I'll finish" megabucks investment.
And the rest is now saying next working day (very helpful on a Fri night!!) so we'll see if it goes out on Mon.
Are you saying the 1st, 10th & 20th are the only "standard" days for payment? Interesting if so given the queue was far less volatile today than yesterday...
I think a lot of the volatility is down to the volumes being loaned, it doesn't take much to make an impact. Not necessarily a bad thing, and any extra visibility is good, but I'd be nervous of loaning any more especially when the queue data is suggesting I've inadvertantly already contributed more than a days worth !!!! (although that isn't what the monthly lending figures as listed in the general forum suggest)
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Post by Matthew on Jul 11, 2015 18:25:09 GMT
That's right - there are currently three direct debit processing days - on the 1st, 10th and 20th of each month with a fairly even spread of repayments between them. You should expect a slight delay when these repayments come in as they will be matched first. This delay of course is only for any new funds invested - once your funds are 'active' your repayments will also take priority over new funds. There are sometimes large loan settlements which can cause some unusual volatility, but the likelihood is that this volatility will gradually reduce as the platform volumes increase - we're expecting a threefold increase in lending volumes by December 2015. It's good to receive the feedback though pom - all comments and suggestions are taken on board and we'll look to improve user experience wherever possible. |
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pom
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Post by pom on Jul 12, 2015 8:15:04 GMT
When I saw "next working day" I assumed that meant money was only being lent M-F, yet since Fri night money has appeared in the queue ahead of me (roughly doubling the queue)....and disappeared again... implying that "stuff" does happen over the weekend ?
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Post by Matthew on Jul 12, 2015 14:20:15 GMT
Generally "stuff" doesn't happen over the weekend, however what likely happened in this case is that loan offers expired, which puts the lender offers back in the queue. Typically borrowers accept loan offers within a day or so, but sometimes they decide to go elsewhere or their circumstances change after the funds have been 'allocated'. It's only fair that those allocated lenders keep their place in the queue hence funds can jump in ahead.
Hope that makes sense. Sounds like you'll be fully matched Monday or Tuesday at the latest anyway.
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Post by Matthew on Jul 12, 2015 14:21:55 GMT
The fact that funds disappeared again is likely due to lenders cancelling offers and withdrawing or re-offering (thus joining the back of the queue again).
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pom
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Post by pom on Jul 13, 2015 13:47:14 GMT
I guess it's matched, but the offers and summary page are def a bit out of sync - disappears from the offers page before the summary page changes.
Edit: Spoke too soon it's reappeared back in the queue again....along with some reinvestments
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Steerpike
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Post by Steerpike on Jul 13, 2015 15:06:39 GMT
It seems that withdrawal involves a period of up to 28 days dead money.
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Post by Matthew on Jul 13, 2015 18:33:37 GMT
pom, we're looking into that caching issue as there should be no lag between the two pages. We'll get it sorted out in any case.
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Post by Matthew on Jul 13, 2015 18:53:56 GMT
Steerpike, if you use Auto Income payments do get transferred on the 28th which are an aggregation of payments received during that month. What we were aiming for was an annuity-style product which is nice and simple. We toyed with the idea of transferring all payments as soon as they come in, but this would likely lead to 10 or more payments out each month, some of which may be negligible, which is neither economical for us nor necessary for most lenders. There is no benefit to LW for holding funds as any interest earned on deposits (which as you can imagine is a rounding difference...) is paid to the Shield reserve fund. We're collating all feedback on Auto Settings and will make some updates, likely including switches for both Auto Lend and Auto Income so those that wish to regularly log in and offer/transfer money manually can do so while those that don't can avoid the hassle. Any other feedback is certainly welcome!
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