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Post by Ace on Jul 5, 2020 22:07:05 GMT
I noticed today for the first time that Loanpad are now allowing instant access to funds in their Premium Account for a 0.5% fee.
At 4.5% interest (base interest for the Premium Account before any Loanpad+ bonus) that's equivalent to 41 days interest.
I know that this is a feature that Loanpad have been planning on offering for quite a while now, but it's the first time I've seen it available.
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Post by Badly Drawn Stickman on Jul 6, 2020 7:44:02 GMT
I noticed today for the first time that Loanpad are now allowing instant access to funds in their Premium Account for a 0.5% fee. At 4.5% interest (base interest for the Premium Account before any Loanpad+ bonus) that's equivalent to 41 days interest. I know that this is a feature that Loanpad have been planning on offering for quite a while now, but it's the first time I've seen it available. Its been there since at least Friday, I didn't work out the various scenarios but it seemed reasonable if anybody found the need. Quite hard to miss really as it now creates a need to choose an option were before there was no real choice. Maybe shows an increasing confidence in supply of funds.
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Post by David B on Jul 6, 2020 7:56:19 GMT
Does anyone's actually work? Mine has a "NO" when trying. Can't even give 60 days notice on my premium account to cash, that has a "NO" too. Only thing I can do is give 60 days notice from premium to classic.
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Post by Ace on Jul 6, 2020 8:01:37 GMT
Does anyone's actually work? Mine has a "NO" when trying. Can't even give 60 days notice on my premium account to cash, that has a "NO" too. Only thing I can do is give 60 days notice from premium to classic. Yes, it worked for me yesterday to give 60 days notice from premium to cash. Just had to click one of the NO buttons to toggle it to a YES.
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Post by Badly Drawn Stickman on Jul 6, 2020 8:02:40 GMT
Does anyone's actually work? Mine has a "NO" when trying. Can't even give 60 days notice on my premium account to cash, that has a "NO" too. Only thing I can do is give 60 days notice from premium to classic. No idea about the instant option, but selecting the 'no' on 60 days notice turns it to a yes from memory. After that it was business as usual for me.
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Post by Ace on Jul 6, 2020 8:16:53 GMT
I just tested the instant withdrawal of £10 from Premium to Cash and it let me get as far as asking for my password for confirmation. I didn't bother continuing, but looks like it would work.
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Post by skidrow on Jul 6, 2020 8:31:08 GMT
While I'm pleased that Loanpad have the confidence to introduce this change, it nevertheless makes me extremely nervous.
Lack of liquidity is a major challenge to a platform like this and once lost, as we have seen, is extremely difficult to regain. The 60 days notice was a safety valve of sorts which has now been removed. Although Loadpad has been resilient during the current crisis and they are clearly confident that their resilience will continue, I do wonder about the wisdom of this change at this time.
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Post by David B on Jul 6, 2020 8:42:40 GMT
Yes it does work for me now the other day it wouldn't change when i pressed the no button.
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Post by Ace on Jul 6, 2020 8:58:25 GMT
While I'm pleased that Loanpad have the confidence to introduce this change, it nevertheless makes me extremely nervous. Lack of liquidity is a major challenge to a platform like this and once lost, as we have seen, is extremely difficult to regain. The 60 days notice was a safety valve of sorts which has now been removed. Although Loadpad has been resilient during the current crisis and they are clearly confident that their resilience will continue, I do wonder about the wisdom of this change at this time. Their Ts&Cs do allow them to switch this facility on and off as liquidity allows. Though you may be more concerned that switching if off once it's been enabled may cause a panic. Ultimately it's probably best to assume that you're tired in for the length of the underlying loans, as can be the case with all P2P, and accept any earlier access as a bonus. I confess that I do tend to use Loanpad in a similar way to a savings account, but only do so with the safety and knowledge that I have alternative funds available should liquidity dry up. So far their liquidity has held up exceptionally well during the whole covid crisis.
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firedog
Member of DD Central
Posts: 367
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Post by firedog on Jul 6, 2020 11:19:01 GMT
Does anyone's actually work? Mine has a "NO" when trying. Can't even give 60 days notice on my premium account to cash, that has a "NO" too. Only thing I can do is give 60 days notice from premium to classic. Yes, it worked for me yesterday to give 60 days notice from premium to cash. Just had to click one of the NO buttons to toggle it to a YES. Premium to Cash works for early access. But if you try to move from Premium to Classic you can't get early access. I get the following message: Early Access from your Premium Account is not currently available via the platform. At Loanpad’s absolute discretion, it may be possible to transfer funds out of your Premium account in less than sixty days in extenuating circumstances. There will be a fee of up to 0.5%. In such circumstances, please contact support@loanpad.com with full details of your request.
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Post by David B on Jul 6, 2020 11:32:05 GMT
In that case why not just go from Premium to cash then reinvest in classic. I managed to withdraw £1000 from premium to cash today no problem, at midday it had been transferred.
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