|
|
Post by overthehill on Oct 19, 2021 11:27:45 GMT
Yes, every platform that uses ShareIn for payment handling. So: AxiaFunder, Qardus, and Shojin to name a few. Blend uses MangoPay. Its a feature of e-money providers that they utilise individual payment references. Possibly something to do with e-money rules. I assume people are aware that money held by e-money providers isnt covered by FSCS but by safeguarding. Sharein isnt an e-money provider AIUI so presumably a different reason there
ShareIn is marked as regulated so presumably offers more protection than MangoPay. I say presumably as the financial services register for any firm is somewhere between incomprehensible and unassuring, high word counts of verbs such as 'may' and 'should'. It does say e-money institutions will take longer to refund than banks.
|
|
|
|
Post by overthehill on Oct 19, 2021 15:10:28 GMT
I had some spare cash available when yesterday's new loan notification arrived, so I decided to deposit some cash to give their autolend another try. I took their comment: "The good news is that if you have turned your AutoLend ON prior to this loan being listed you should automatically be able to lend on this loan" to indicate that there might be some scope for extra lenders. The good news is that my deposit arrived on the platform in roughly half an hour. So I immediately activated my autolend at 16:30 yesterday. The bad news is that I didn't get an allocation, or any info as to how close I was to getting one. It looks like they may have fixed the 24 hours plus transfer time. The only reason I transferred money in was to test this as previously it took longer than the loan lead time, guaranteeing operational futility. I wasn't expecting to get the money invested but there was 12k available, if I hadn't screwed up the reference number.
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 931
Likes: 527
|
Post by dave4 on Nov 1, 2021 18:45:23 GMT
Kidsgrove - Loan 2 launching 2/11/2021
Simply click on the link below to access the full information today.
We also want to increase the number of investors who are able to participate in our loans. So, for this loan, we have added a £5,000 limit on AutoLend. This means that the maximum amount any investor will be able to lend on this loan, through AutoLend, is £5,000.
We have recently introduced this cap to allow more lenders to participate in each loan. At the moment we are testing a 1% cap on the loan amount for autolenders with a minimum cap at £5,000.
If you have turned your AutoLend ON prior to15th October 2021 you should automatically be able to lend on this loan.
We have currently 12 new projects under Due Diligence with some bigger projects.
|
|
|
|
Post by overthehill on Nov 2, 2021 19:36:36 GMT
I'm at a crossroads with Blend , I don't know if can be arsed with this autolend or the platform. Another autolend and another big fat zero.
I've got an angel on one shoulder and a devil on the other telling me different things. Two things are bothering me 1) they are quite happy to let investors have 5k in a loan and other investors 0k. Is 4k:1k or 3k:2k not fairer ? and 2) Why are they extracting as much as they can from deep pocket investors to the detriment of scalable growth ? I'm uneasy but others may see this as quite normal.
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 931
Likes: 527
|
Post by dave4 on Nov 2, 2021 21:55:21 GMT
They keep mentioning bigger ££ loans soon, which may shorten the que / cash drag.
But with the interest drop coupled with the current cash drag kinda detracts appeal somewhat.
|
|
Ace
Member of DD Central
Posts: 4,543
Likes: 5,029
|
Post by Ace on Dec 14, 2021 9:13:03 GMT
Still no improvement to Blend's autolend.
A new loan is on the platform now, but only those who have had their funds idle on the platform for at least 2 months will get an allocation. It's an 8% loan for 21 months, so the maximum effective rate is under 7.3% after allowing for the minimum cash drag.
They say that the 3rd tranche of a previous loan is also expected this week (which has a rate of 9.5% in previous tranches), but it's probably too late to get an allocation if you haven't already got idle funds on the platform.
|
|
|
|
Post by overthehill on Dec 14, 2021 9:23:58 GMT
Still no improvement to Blend's autolend. A new loan is on the platform now, but only those who have had their funds idle on the platform for at least 2 months will get an allocation. It's an 8% loan for 21 months, so the maximum effective rate is under 7.3% after allowing for the minimum cash drag. They say that the 3rd tranche of a previous loan is also expected this week (which has a rate of 9.5% in previous tranches), but it's probably too late to get an allocation if you haven't already got idle funds on the platform.
I'm already out. Check back in a year to see how the business plan, awards cabinet and exclusivity is doing compared to CP, KUF, CR.
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 931
Likes: 527
|
Post by dave4 on Dec 14, 2021 12:46:44 GMT
Still no improvement to Blend's autolend. A new loan is on the platform now, but only those who have had their funds idle on the platform for at least 2 months will get an allocation. It's an 8% loan for 21 months, so the maximum effective rate is under 7.3% after allowing for the minimum cash drag. They say that the 3rd tranche of a previous loan is also expected this week (which has a rate of 9.5% in previous tranches), but it's probably too late to get an allocation if you haven't already got idle funds on the platform. 7.3% is not really competitive for the loan. So no thanks, and i suspect im already in the next at Tranche 1, so no thanks. Blend its a shame and i know your trying.....
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 931
Likes: 527
|
Post by dave4 on Jan 20, 2022 14:47:40 GMT
New loan on blend
#Gloucester - Loan 4
Rate : 9.50% p.a. Term : 12 months
We also want to increase the number of investors who are able to participate in our loans. So, for this loan, we have added a £5,000 limit on AutoLend. This means that the maximum amount any investor will be able to lend on this loan, through AutoLend, is £5,000.
We have recently introduced this cap to allow more lenders to participate in each loan. At the moment we are testing a 1% cap on the loan amount for autolenders with a minimum cap at £5,000.
If you have turned your AutoLend ON prior to 17th October 2021 you should automatically be able to lend on this loan.
12 months @9.5% + 4 months @0% hmm
|
|
Ace
Member of DD Central
Posts: 4,543
Likes: 5,029
|
Post by Ace on Jan 20, 2022 15:00:50 GMT
New loan on blend #Gloucester - Loan 4 Rate : 9.50% p.a. Term : 12 months We also want to increase the number of investors who are able to participate in our loans. So, for this loan, we have added a £5,000 limit on AutoLend. This means that the maximum amount any investor will be able to lend on this loan, through AutoLend, is £5,000. We have recently introduced this cap to allow more lenders to participate in each loan. At the moment we are testing a 1% cap on the loan amount for autolenders with a minimum cap at £5,000. If you have turned your AutoLend ON prior to 17th October 2021 you should automatically be able to lend on this loan. 12 months @9.5% + 4 months @0% hmm
So, if your crystal ball was working perfectly and you deposited your funds on 16th October, your cash would have been idle for just over 3 months. Effectively reducing your return from the advertised 9.5% to a little under 7.6%. Even less if your crystal ball is dodgy and the funds were in there longer.
|
|
tallsuk
Member of DD Central
Posts: 141
Likes: 125
|
Post by tallsuk on Jan 21, 2022 9:45:41 GMT
This thread is the reason I am not investing there and I will not until something is done about it.
|
|
tony9239
Member of DD Central
Posts: 96
Likes: 198
|
Post by tony9239 on Jan 21, 2022 16:39:29 GMT
This thread is the reason I am not investing there and I will not until something is done about it. Wish I'd read this thread before trying to get into today's loan (Gloucester 4). Complete waste of time sending cash for autolend only to ask for it back 24 hours later. Still, at least they send it back the same day, unlike PL where you ask for it back on a Thursday and it doesn't appear until Monday.
|
|
|
|
Post by overthehill on Jan 21, 2022 18:00:59 GMT
This thread is the reason I am not investing there and I will not until something is done about it. Wish I'd read this thread before trying to get into today's loan (Gloucester 4). Complete waste of time sending cash for autolend only to ask for it back 24 hours later. Still, at least they send it back the same day, unlike PL where you ask for it back on a Thursday and it doesn't appear until Monday. I was wondering why I haven't seen a loan for ages, must have turned off all notifications ! I'm exiting.
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 931
Likes: 527
|
Post by dave4 on Jan 25, 2022 14:12:00 GMT
#sund£r£ nd launch today. 9% x 17m . Bla bla bla ect. If you have turned your AutoLend ON prior to 3rd November 2021 you should automatically be able to lend on this loan. |
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 931
Likes: 527
|
Post by dave4 on Feb 9, 2022 15:00:57 GMT
New loan
# East Sussex
Rate : 8.50% p.a. Term : 14 months
Cash awaiting from 27th October 2021 you should automatically be able to lend £5,000 on this loan.
|
|
