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Post by Ace on Aug 18, 2021 20:11:56 GMT
Halifax /Lloyd, copy / past new reference. bingo. For site functionality my favourite model is Lloyds/Halifax/BoS. Nationwide is the worst. For p2p deposits I use FD, good model, but I wish they abandon their secure key, both physical and app. I like Santander, the only awkward thing is payee list that doesn't tell you the reference - only the name, last paid and last amount - it was awkward when I was using Santander as a hub, most of my payees were my other bank accounts  I just checked the santander app on my phone. It does show the reference in the payee list when selecting a payee to pay.
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Post by df on Aug 18, 2021 20:27:26 GMT
For site functionality my favourite model is Lloyds/Halifax/BoS. Nationwide is the worst. For p2p deposits I use FD, good model, but I wish they abandon their secure key, both physical and app. I like Santander, the only awkward thing is payee list that doesn't tell you the reference - only the name, last paid and last amount - it was awkward when I was using Santander as a hub, most of my payees were my other bank accounts I just checked the santander app on my phone. It does show the reference in the payee list when selecting a payee to pay. Yes, it does when you select it. At some point I had about 30 of df's and had to keep selecting until I find the one I want to transfer to.
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Post by Ace on Aug 18, 2021 20:29:47 GMT
I just checked the santander app on my phone. It does show the reference in the payee list when selecting a payee to pay. Yes, it does when you select it. At some point I had about 30 of df's and had to keep selecting until I find the one I want to transfer to. The reference is shown in the list of payees before selecting one for me.
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Post by df on Aug 18, 2021 21:16:29 GMT
Yes, it does when you select it. At some point I had about 30 of df's and had to keep selecting until I find the one I want to transfer to. The reference is shown in the list of payees before selecting one for me. Had a look on my app and it indeed shows the details. I'm gradually getting converted to mobile banking "religion"... First Al Rayan made mobile app as the only banking option, later RBS&Natwest introduced a reward for using their apps and I'm finding it more convenient tool for basic routine banking tasks than using websites.
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Post by Ace on Aug 25, 2021 13:06:17 GMT
The QFirst bonus has been allocated to this loan for me now.
I really think that Qardus are missing a trick by not advertising the true XIRRs for their loans. I did message them about it, but got no reply. 7ish% is too low to attract lenders to unsecured business loans, at least it is for me, but the true rates of 14ish% would likely attract interest. I think it's unlikely that many lenders will bother to study the actual repayment structure to calculate the real returns, so they're relying on their advertised figures.
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Post by overthehill on Aug 25, 2021 18:57:38 GMT
The QFirst bonus has been allocated to this loan for me now. I really think that Qardus are missing a trick by not advertising the true XIRRs for their loans. I did message them about it, but got no reply. 7ish% is too low to attract lenders to unsecured business loans, at least it is for me, but the true rates of 14ish% would likely attract interest. I think it's unlikely that many lenders will bother to study the actual repayment structure to calculate the real returns, so they're relying on their advertised figures. This is getting stranger by the minute. The boat is definitely leaning to the side where all the investors are sitting, I'm not boarding until we get some clarification.
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Post by Ace on Aug 25, 2021 19:29:20 GMT
The QFirst bonus has been allocated to this loan for me now. I really think that Qardus are missing a trick by not advertising the true XIRRs for their loans. I did message them about it, but got no reply. 7ish% is too low to attract lenders to unsecured business loans, at least it is for me, but the true rates of 14ish% would likely attract interest. I think it's unlikely that many lenders will bother to study the actual repayment structure to calculate the real returns, so they're relying on their advertised figures. This is getting stranger by the minute. The boat is definitely leaning to the side where all the investors are sitting, I'm not boarding until we get some clarification.
I'm not sure what clarification you need. The required loan repayments are clearly stated in the Information Memorandum under the heading Repayment Schedule. The stated repayments have been strictly adhered to in the other 4 loans I'm in. Q's stated interest rates are correct for the way that they use them, it's just that they're not very informative for amortising loans. I always convert the rates quoted by platforms to XIRRs so that they can be directly compared with each other as this better reflects the true rates if one goes to the trouble of redeploying interest and capital repayments as they come in, which I personally strive to do. The problem for Q, as I see it, is that their stated rates make the loans look less attractive than they actuality are.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Aug 25, 2021 19:50:37 GMT
Ace is correct on returns. Im in all offerings, not 1 late payment, and all performing as ace suggests. It is unsecured like he says. Do your on DD !
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Post by overthehill on Aug 25, 2021 20:12:22 GMT
This is getting stranger by the minute. The boat is definitely leaning to the side where all the investors are sitting, I'm not boarding until we get some clarification.
I'm not sure what clarification you need. The required loan repayments are clearly stated in the Information Memorandum under the heading Repayment Schedule. The stated repayments have been strictly adhered to in the other 4 loans I'm in. Q's stated interest rates are correct for the way that they use them, it's just that they're not very informative for amortising loans. I always convert the rates quoted by platforms to XIRRs so that they can be directly compared with each other as this better reflects the true rates if one goes to the trouble of redeploying interest and capital repayments as they come in, which I personally strive to do. The problem for Q, as I see it, is that their stated rates make the loans look less attractive than they actuality are.
I understand but there is still an unexplained disconnect between the advertised rates and the actual rates which seems odd. Initially I thought why would any borrower agree to those terms at the effective XIRR rates but maybe they are not much higher than some of ablrate's rates. Archover rates start around 9%.
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Post by Ace on Aug 25, 2021 20:17:13 GMT
I'm not sure what clarification you need. The required loan repayments are clearly stated in the Information Memorandum under the heading Repayment Schedule. The stated repayments have been strictly adhered to in the other 4 loans I'm in. Q's stated interest rates are correct for the way that they use them, it's just that they're not very informative for amortising loans. I always convert the rates quoted by platforms to XIRRs so that they can be directly compared with each other as this better reflects the true rates if one goes to the trouble of redeploying interest and capital repayments as they come in, which I personally strive to do. The problem for Q, as I see it, is that their stated rates make the loans look less attractive than they actuality are.
I understand but there is still an unexplained disconnect between the advertised rates and the actual rates which seems odd. Initially I thought why would any borrower agree to those terms at the effective XIRR rates but maybe they are not much higher than some of ablrate's rates. Archover rates start around 9%.
This one's actually a lower rate to the borrower than most loans on ABLrate once the platform fees are taken into account.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Aug 25, 2021 20:21:15 GMT
I believe being sharia compliant may have something to do with the way its set up. A Quick Google search seems to suggest this.
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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 Aug 25, 2021 20:22:00 GMT
This is getting stranger by the minute. The boat is definitely leaning to the side where all the investors are sitting, I'm not boarding until we get some clarification.
I'm not sure what clarification you need. The required loan repayments are clearly stated in the Information Memorandum under the heading Repayment Schedule. The stated repayments have been strictly adhered to in the other 4 loans I'm in. Q's stated interest rates are correct for the way that they use them, it's just that they're not very informative for amortising loans. I always convert the rates quoted by platforms to XIRRs so that they can be directly compared with each other as this better reflects the true rates if one goes to the trouble of redeploying interest and capital repayments as they come in, which I personally strive to do. The problem for Q, as I see it, is that their stated rates make the loans look less attractive than they actuality are. Speculating. I would assume that there is some requirement for returns to be stated this way to comply with the nature of the product ie not paying interest, and financial promotions rules so they have to indicate probable return rather than possible return. edit crossed with d4
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Post by Ace on Aug 25, 2021 20:43:49 GMT
I believe being sharia compliant may have something to do with the way its set up. A Quick Google search seems to suggest this. Yes I did postulate above that this might be the reason. You're better at googling than me. I couldn't find anything that obviously ruled out being able to quote the equivalent XIRR (which stands for eXtended Internal Rate of Return). They state their figures as "percentage gross returns" and "percentage net returns", so I'm not sure why XIRR would not be allowed, but I can't say that I fully understood the rules. If they are not allowed to use the XIRRs then they could have just said so, but they chose to ignore the question.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Aug 25, 2021 20:56:13 GMT
I remember googling sharia compliant before i invested, loads of rules ect to do with profit/ reward/ and good honest business. Kinda liked it. well worth a couple of hours investigating. Still have no answer to the exact reason for return rate ect. The ££ returns are an added bonus.
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Post by Ace on Aug 28, 2021 23:11:42 GMT
Minimum target now surpassed.
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