webwiz
Posts: 1,133
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Post by webwiz on Jan 18, 2015 15:31:06 GMT
However, as someone once said, one suspects that this discussion is academic. If Wellesley go out of business and/or the provision fund is depleted, lenders may lose money, otherwise lenders should get their returns regardless of the performance of individual loans. Whatever the notional lender borrower matching algorithm does is probably irrelevant. That's not my opinion. If there are a few defaults and the provision fund is insufficient then since the matching algorithm was introduced all lenders will share a relatively little pain. Previously only the lenders of the defaulting loans would have lost. Matching has massively increased risk diversity and made W a much more attractive platform IMHO.
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Post by batchoy on Mar 2, 2015 11:55:46 GMT
Just had an email to say 30 day access rates are up to 3.6% and 3.66%
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justsaying
Member of DD Central
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Post by justsaying on Mar 2, 2015 11:59:29 GMT
Whoop whoop! And there was me withdrawing to get better easy access monthly rates on RS and Landbay. Lets hope it starts a rate war!!  |
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bugs4me
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Post by bugs4me on Mar 2, 2015 18:57:23 GMT
Just had an email to say 30 day access rates are up to 3.6% and 3.66% I haven't really looked at W recently even though I have funds with them. Unfortunately their rates are no longer as highly competitive as they once were although little doubt their TV advertising campaign has been positive. What I find weird or is it me - the 30 day on maturity rate is 3.66% whereas their 12 month on maturity rate is 3.00%. Am I missing the obvious here?
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Post by batchoy on Mar 2, 2015 19:19:24 GMT
Just had an email to say 30 day access rates are up to 3.6% and 3.66% I haven't really looked at W recently even though I have funds with them. Unfortunately their rates are no longer as highly competitive as they once were although little doubt their TV advertising campaign has been positive. What I find weird or is it me - the 30 day on maturity rate is 3.66% whereas their 12 month on maturity rate is 3.00%. Am I missing the obvious here? The 30 day rate is variable whereas the 12 month is fixed
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Mar 2, 2015 22:19:57 GMT
They can get a few million quid in in the next week or so then quietly drop the rate down again, then you have to wait 30 days (at the lower rate) to get your cash out from the day you notice and request it from them.
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bugs4me
Member of DD Central
Posts: 1,841
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Post by bugs4me on Mar 2, 2015 22:38:00 GMT
I haven't really looked at W recently even though I have funds with them. Unfortunately their rates are no longer as highly competitive as they once were although little doubt their TV advertising campaign has been positive. What I find weird or is it me - the 30 day on maturity rate is 3.66% whereas their 12 month on maturity rate is 3.00%. Am I missing the obvious here? The 30 day rate is variable whereas the 12 month is fixed Thanks batchoy - understood
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bugs4me
Member of DD Central
Posts: 1,841
Likes: 1,466
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Post by bugs4me on Mar 2, 2015 22:40:19 GMT
They can get a few million quid in in the next week or so then quietly drop the rate down again, then you have to wait 30 days (at the lower rate) to get your cash out from the day you notice and request it from them. That certainly stretches the definition of 'fairness' in my book. Thanks for the warning - not that I've got a few million quid sitting around. I'll have a look down the back of the sofa!! 
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Post by jackpease on Mar 6, 2015 6:47:48 GMT
If one is maxed out in the monthly markets of Wellesley and Ratesetter, am I right in thinking that that is all there is in terms of monthly P2P mainstream lenders (if i need to keep my money on a one month leash)?
Jack P
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justsaying
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Post by justsaying on Mar 6, 2015 7:12:55 GMT
Depends what you define as mainstream! But yes you are probably right. I also use the Landbay tracker rate product where access has been within a couple of days so far (3.5%) and Saving Stream (if you can manage to get hold of any loans) just because of liquidity of secondary market.
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Post by jackpease on Mar 6, 2015 7:54:41 GMT
Hmmm thanks Justsaying, good tip, i've now dipped a toe in - remarkably easy - i don't think they can have done credit checks on me before they took my money but hey ho, I know I'm a good chap!
Jack P
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