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Post by indexfund on Apr 6, 2021 20:51:32 GMT
P2P veteran but can I figure out how LoanPad works? .. No I can't. So... I have a trial sum sitting in 'cash', and I have set in preferences auto lend to 'on' and 'I want to automatically lend the interest I earn and transfer my cash balance into my' [in my case] classic account. Is that all that I have to do?
Believe it or not, there is no advice about this, no tutorials etc. Maybe I'm missing something very obvious. Anyway, assuming I do have this set up correctly, how long can we expect to wait for something to happen? I am guessing that if set up correctly the cash moves to the bottom row on the loan book, titled 'Cash awaiting investment'. Thanks.
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Post by Ace on Apr 6, 2021 20:59:35 GMT
With those settings your cash will be invested in your classic account when the daily cash distribution algorithm runs from 12:00 to 12:25 tomorrow.
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Post by Ace on Apr 6, 2021 21:01:33 GMT
BTW, cash is invested in £10 chunks, so if your trial amount is less than that it won't be invested.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Apr 6, 2021 21:09:57 GMT
Ace will explain all im sure. But whilst im here....... transfer cast to desired account, set auto reinvest as required, wait!Pl run transactions at a set time (s?) every day ( noon ish?). It is explained somewhere on platform. Rolling withdraws can be set from 60 day and canceled as required account to effectively make it a 1 month withdraw.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 6, 2021 21:15:35 GMT
P2P veteran but can I figure out how LoanPad works? .. No I can't. So... I have a trial sum sitting in 'cash', and I have set in preferences auto lend to 'on' and 'I want to automatically lend the interest I earn and transfer my cash balance into my' [in my case] classic account. Is that all that I have to do? Believe it or not, there is no advice about this, no tutorials etc. Maybe I'm missing something very obvious. Anyway, assuming I do have this set up correctly, how long can we expect to wait for something to happen? I am guessing that if set up correctly the cash moves to the bottom row on the loan book, titled 'Cash awaiting investment'.Thanks. No, the cash will be diversified across the entire loanbook. It works much the same way as the AC QAA with some investment held as cash but the full invested sum receiving interest. The normal way of moving money is via the transfer tab ... either from cash to an investment account, or vice versa (subject to notice requirements) or between investment accounts. I think most of it is covered in the FAQ but perhaps it isnt entirely clear as the transfer tab isnt referenced.
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Post by indexfund on Apr 6, 2021 21:50:51 GMT
Thanks everyone. Yes it's the transfer tab's [pull down] contents that eluded me.
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pikestaff
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Post by pikestaff on Apr 28, 2022 17:09:34 GMT
I just signed up today, put in £20k, and asked for it to be transferred to Premium.
When it didn't happen straight away I wondered when it would be processed. I found this thread, then had another look at the transfer tab.
Grey text (easily missed) below the big warning about capital being at risk says:
"Transfers may require the sale and/or purchase of loan parts between you and other investors on our platform. Our systems process all transfers at approximately midnight each and every day. [my emphasis] If you have any queries, please let us know."
I will be interested to see how much of it is deployed overnight.
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Post by Badly Drawn Stickman on Apr 28, 2022 17:15:50 GMT
I just signed up today, put in £20k, and asked for it to be transferred to Premium. When it didn't happen straight away I wondered when it would be processed. I found this thread, then had another look at the transfer tab. Grey text (easily missed) below the big warning about capital being at risk says: "Transfers may require the sale and/or purchase of loan parts between you and other investors on our platform. Our systems process all transfers at approximately midnight each and every day. [my emphasis] If you have any queries, please let us know." I will be interested to see how much of it is deployed overnight. I would assume all. Any excess is held as cash reserves in the pool. A sort of Borg collective thing
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 28, 2022 18:32:59 GMT
I just signed up today, put in £20k, and asked for it to be transferred to Premium. When it didn't happen straight away I wondered when it would be processed. I found this thread, then had another look at the transfer tab. Grey text (easily missed) below the big warning about capital being at risk says: "Transfers may require the sale and/or purchase of loan parts between you and other investors on our platform. Our systems process all transfers at approximately midnight each and every day. [my emphasis] If you have any queries, please let us know." I will be interested to see how much of it is deployed overnight. Works the same as AC access accounts.
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Post by Ace on Apr 28, 2022 18:51:04 GMT
I just signed up today, put in £20k, and asked for it to be transferred to Premium. When it didn't happen straight away I wondered when it would be processed. I found this thread, then had another look at the transfer tab. Grey text (easily missed) below the big warning about capital being at risk says: "Transfers may require the sale and/or purchase of loan parts between you and other investors on our platform. Our systems process all transfers at approximately midnight each and every day. [my emphasis] If you have any queries, please let us know." I will be interested to see how much of it is deployed overnight. Your £20k will be auto deployed over all 146 loans tonight. Everyone gets the same percentage in each loan according to the percentage that the loan represents of all funds on the platform. There will be a small amount unlent (2.9% of funds last night), but you will still earn interest on it. This is the float that can be used to pay withdrawals from. All funds are redistributed over all loans each night. The only exception would be if a loan became Default Suspended, in which case you would be stuck with your portion of that loan until the issue was resolved. No loan has ever entered the Default Suspended state in the life of the platform so far.
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agent69
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Post by agent69 on Apr 28, 2022 20:16:43 GMT
Never considered LP before, so thought I'd have a look around. Clasic account / daily access / 3% or Premium account / 60 day access / 4%. Couple of questions:
- Is it just the choice of 2 accounts?
- Which account has inflation busting interest paid daily (as stated on the home page)?
- If the sticky brown stuff hits the fan could this end up like AC's access accounts, where the instant access people got stuck in the same queue as the 90 day notice people?
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Post by Ace on Apr 28, 2022 20:22:08 GMT
Never considered LP before, so thought I'd have a look around. Clasic account / daily access / 3% or Premium account / 60 day access / 4%. Couple of questions:
- Is it just the choice of 2 accounts?
- Which account has inflation busting interest paid daily (as stated on the home page)?
- If the sticky brown stuff hits the fan could this end up like AC's access accounts, where the instant access people got stuck in the same queue as the 90 day notice people?
- Yes
- Err.... that may be a little out of date.
- Probably not, but depends how sticky. The stickiness of covid didn't delay any withdrawals, but who knows what would happen if something even stickler hit? There are extra liquidity providers that can be called on if needed.
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firedog
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Post by firedog on Apr 28, 2022 20:22:52 GMT
Never considered LP before, so thought I'd have a look around. Clasic account / daily access / 3% or Premium account / 60 day access / 4%. Couple of questions:
- Is it just the choice of 2 accounts?
- Which account has inflation busting interest paid daily (as stated on the home page)?
- If the sticky brown stuff hits the fan could this end up like AC's access accounts, where the instant access people got stuck in the same queue as the 90 day notice people?
Is it just the choice of 2 accounts?
Yes – in both standard and ISA versions Which account has inflation busting interest paid daily (as stated on the home page)?
It's all relative as they say. If the sticky brown stuff hits the fan could this end up like AC's access accounts, where the instant access people got stuck in the same queue as the 90 day notice people?
Don't know. But when things were pretty tight in March 2020 and everyone else was shutting their lending doors and imposing restrictions, Loanpad just carried on, like George Bailey. I think they've earned a lot of credit from that.
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Post by nooneere on Apr 28, 2022 22:03:11 GMT
Couple of questions: - If the sticky brown stuff hits the fan could this end up like AC's access accounts, where the instant access people got stuck in the same queue as the 90 day notice people?
- Probably not, but depends how sticky. The stickiness of covid didn't delay any withdrawals, but who knows what would happen if something even stickler hit? There are extra liquidity providers that can be called on if needed.
For more insight on this, it would be worth watching from 18:10 min the Louis Schwartz lifestream www.youtube.com/watch?v=MWspJb66WaA LP have a (so-far unused) contract option to sell the current loans to their lending partners. So LP could rapidly generate liquidity in a way that AC could not. Think about the extra protection this would provide in the event of a 'run on the bank'.
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agent69
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Post by agent69 on May 4, 2022 16:06:40 GMT
Put £1000 in to the classic account as a bit of a tester.
Most invested on the first night, apart from £31 still held in cash (apparently within the clasic account). I thought £10 was the minimum investment block, so why do I have £31 in cash?
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