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Post by drphil on Apr 1, 2022 10:44:20 GMT
This link p2pmarketdata.com/blog/lendwise-review/ is quite informative though doesn't provide much in the way of critique but answers your question that you can filter on the basis of grace period.I have emailed the platform for further information on this The plot thickens. I received this response to my question:
"We do not currently have this functionality, however it is something I have fed back to the Senior Management team and they will be discussing the benefits of adding such a function."
So I replied, pointing out that the screenshot in the p2pmarketdata review, shows grace period is one of the available filters and I got this response:
"..we do wnat to highlight that the screenshot you have provided to us from p2pmarketdata (https://p2pmarketdata.com/blog/lendwise-review/) is outdated as we no longer have grace period in the AutoLend filter criteria."
So they did have it but have removed it. Presumably for the very reason that Greenwood2 alluded to i.e all the paying loans were being snapped up, leaving loans in grace not being funded.
On the separate issue of high default rate in 2019, I got this response:
"In regards to defaults, we have a strict policy of marking loans in arrears for more than 90 days as defaulted. It is often the case that defaulted loans are still repaying (and even back "on track") but behind on the agreed repayment schedule and this can be seen in the "Recovery rate". A borrower could therefore be still paying even if they have defaulted previously as we take our duty of collection owed to our investors very seriously."
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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 1, 2022 11:20:54 GMT
This link p2pmarketdata.com/blog/lendwise-review/ is quite informative though doesn't provide much in the way of critique but answers your question that you can filter on the basis of grace period.I have emailed the platform for further information on this The plot thickens. I received this response to my question:
"We do not currently have this functionality, however it is something I have fed back to the Senior Management team and they will be discussing the benefits of adding such a function."
So I replied, pointing out that the screenshot in the p2pmarketdata review, shows grace period is one of the available filters and I got this response:
"..we do wnat to highlight that the screenshot you have provided to us from p2pmarketdata (https://p2pmarketdata.com/blog/lendwise-review/) is outdated as we no longer have grace period in the AutoLend filter criteria."
So they did have it but have removed it. Presumably for the very reason that Greenwood2 alluded to i.e all the paying loans were being snapped up, leaving loans in grace not being funded.
On the separate issue of high default rate in 2019, I got this response:
"In regards to defaults, we have a strict policy of marking loans in arrears for more than 90 days as defaulted. It is often the case that defaulted loans are still repaying (and even back "on track") but behind on the agreed repayment schedule and this can be seen in the "Recovery rate". A borrower could therefore be still paying even if they have defaulted previously as we take our duty of collection owed to our investors very seriously."
Im not entirely sure what the question is but there is a 'grace' filter. Doesnt seem relevant for the PM at the moment as loans are listed one at a time currently so there is nothing to filter. On the SM it seems to do something Ive just no idea what. It certainly filters and brings up loans that havent started paying yet but plenty that have. So far Ive got round it by setting it for loans with shorter terms, up to 31m which appear to have all started making payments. All they really need is a tick box to include loans that have made payments or not Edit. The difference between p2pmarketdata images and the current set up is that there is no longer the option to use filter as autolend portfolio so the filters merely filter the loans visible on the markets. The autolend portfolio set up does not include an option to restrict just to loan beyond their grace period.
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benaj
Member of DD Central
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Post by benaj on Oct 5, 2023 16:25:39 GMT
Are Educational PM loans seasonal on LW like student and graduate bank accounts?
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Post by redpete on Oct 17, 2023 22:29:38 GMT
Are Educational PM loans seasonal on LW like student and graduate bank accounts? For new loans they might be, but there are plenty of loans to pick up at any time from the secondary market (which possibly suggests that it isn't that easy to get out quickly by selling on the secondary market).
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benaj
Member of DD Central
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Lendwise
Oct 17, 2023 22:40:22 GMT
via mobile
Post by benaj on Oct 17, 2023 22:40:22 GMT
Are Educational PM loans seasonal on LW like student and graduate bank accounts? For new loans they might be, but there are plenty of loans to pick up at any time from the secondary market (which possibly suggests that it isn't that easy to get out quickly by selling on the secondary market). Does the filter really work? Why it keeps saying some filters have been applied? Not really a fan lending money like the size of an expensive car without any security nor guarantors? It’s insane.
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benaj
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Post by benaj on Oct 25, 2023 9:55:57 GMT
Another newbie question:
How often does loan get cancelled?
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Post by redpete on Nov 6, 2023 19:02:18 GMT
Another newbie question: How often does loan get cancelled? Not sure what you mean by loans getting cancelled. Out of the 200+ loans in which I have money one is >30 days late in it's expected payment.
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Post by redpete on Nov 6, 2023 19:31:59 GMT
In common with other P2Ps that I've got experience of, Lendwise doesn't support transfer of a standard account into an ISA. When I called Lendwise to see if it was possible, they suggested selling loans from the standard account and buying them into the ISA.
One issue with that is that there is a 1% fee on selling loans, but it is still worth it if you are over the tax-free threshold for savings interest.
Another problem is making sure that you buy your loan rather than another with the same ID on the market place which could potentially leave yours left without a buyer. The only way I see to avoid this is to only sell when there is not a loan on the marketplace with the same ID and the same number of loan parts that you are selling.
The process I use is to put a loan for sale from the browser window for the standard account, switch to the buying window on the ISA account, refresh to see 'my' loan and press the 'buy' button. It's a long-winded process but I see it as a challenge, and as I'm semi-retired I treat it as spending time on a hobby. In most cases this works but in a significant proportion one or more of the loan parts have already been picked up in the few seconds that I take to refresh and hit 'buy'. Makes me think that someone has a bot running to pick up loans from the secondary market.
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benaj
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Post by benaj on Nov 9, 2023 10:41:19 GMT
Another newbie question: How often does loan get cancelled? Not sure what you mean by loans getting cancelled. Out of the 200+ loans in which I have money one is >30 days late in it's expected payment. Good for you. I don't have any > 30 days late loans yet. Perhaps I am the unlucky lender picking one <30 days late PM loans out of 27 PM and SM loans. Do lenders get a cut from the 2% default charge interest from 4 days overdue?
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