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Post by khampson on Dec 29, 2021 16:02:10 GMT
Hi all, I'm new to this company.
Can anyone tell me how many loans come to the market each week, also how many loans have been funded, and how long does it take for funds to be credited to your account, I see you get 24 hours notice of new loans, is this enough time to fund your account?
Thank you
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Post by mfaxford on Dec 29, 2021 16:08:16 GMT
New Loans are a bit as and when they happen, It's a new company and I'm happy with that. I'd much prefer somewhere that takes some care in doing their own due diligence than somewhere just trying to get as many loans out as possible.
Funding from a bank account has generally be reasonably quick. Generally I've been able to setup the transfer the night before a new loan launching and the funds have been ready in time for the go-live time.
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Post by khampson on Dec 29, 2021 16:16:00 GMT
Do you have an issues getting a slice of the loan? They seem quite small, I can only assume big lenders can swallow them up quickly.
I am certainly thinking about giving them a go
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Post by Ace on Dec 29, 2021 16:22:33 GMT
There have been 52 loans so far, so very roughly 1 per week.
The 1 day notice is sufficient time to get funds on the platform. However, sometimes loans go live immediately without warning. This is when a borrower needs the funds in a hurry, so it can pay to have a small amount waiting.
The loans usually have a maximum pledge for a couple of hours to give more people a chance of getting a slice. I usually manage to get some, but not always the thranche I wanted.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Dec 29, 2021 16:53:10 GMT
Just a quickie on funds, you DO have to notify funds transferring IN via the platform. (yes i have forgot, and yes it has been rectified, yes i felt silly, yes they were very helpfull via quick Phone call). I suspect its a manual system around 9/930 am with a coffee and a biscuit.
A quick read in this forum will answer most / all queries.
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withnell
Member of DD Central
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Post by withnell on Jan 6, 2022 8:39:06 GMT
Funding from a bank account has generally be reasonably quick. Generally I've been able to setup the transfer the night before a new loan launching and the funds have been ready in time for the go-live time. I've always done my transfers about 9ish and they're always in before 10am (which tends to be the go live time for a lot of loans)
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Post by Badly Drawn Stickman on Jan 6, 2022 9:22:55 GMT
Funding from a bank account has generally be reasonably quick. Generally I've been able to setup the transfer the night before a new loan launching and the funds have been ready in time for the go-live time. I've always done my transfers about 9ish and they're always in before 10am (which tends to be the go live time for a lot of loans) It seems reasonably obvious that the deposit system is not fully automatic and involves somebody allocating the funds. I suspect as long as you start about an hour before a loan is launched they will be registered comfortably. The system might be less efficient over time as/if the platform expands the number of loans and/or starts a secondary market, but I guess the time to worry about that is if/when it becomes an issue. To me the 'tricky' bit currently is remembering to register the deposit on the platform when you make it.
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Ukmikk
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Post by Ukmikk on Jan 8, 2022 14:52:03 GMT
Been watching this thread for a while and I'd quite like to get on-board with CL but it does look like a lot of faff and manual effort for very little gain at the moment. I'm really hoping they can increase the flow of loans, offer some sort of automated lending and some attractive incentives for new lenders. An ISA account would be the icing on the cake.
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Post by mfaxford on Jan 8, 2022 17:36:11 GMT
Been watching this thread for a while and I'd quite like to get on-board with CL but it does look like a lot of faff and manual effort for very little gain at the moment. I'm really hoping they can increase the flow of loans, offer some sort of automated lending and some attractive incentives for new lenders. An ISA account would be the icing on the cake. The amount of faff might depend on how much you're hoping to invest. I've not found it that difficult, As I'm slowly building up my portfolio on CL I'm happy to transfer in a few loans worth of funds at a time and leave it in the CL Holding account (There's little difference between getting 0% interest in the CL holding account and 0% interest in a current account). With the restrictions on the first couple of hours of a new loan it's usually possible to get something in at least one of the tranches. Personally I'm not sure about automated lending being a sensible option. Investors should know something about the risks involved and having to manually put funds into each loan (and enable loans for renewal if that happens) they hopefully have some idea about the risks involved (Borrower and Platform risks). I think at least one loan has already defaulted although I'm not sure if the item has yet been sold or how good the original valuation was (it's not a loan I was in).
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Post by df on Jan 8, 2022 19:06:21 GMT
Been watching this thread for a while and I'd quite like to get on-board with CL but it does look like a lot of faff and manual effort for very little gain at the moment. I'm really hoping they can increase the flow of loans, offer some sort of automated lending and some attractive incentives for new lenders. An ISA account would be the icing on the cake. The amount of faff might depend on how much you're hoping to invest. I've not found it that difficult, As I'm slowly building up my portfolio on CL I'm happy to transfer in a few loans worth of funds at a time and leave it in the CL Holding account (There's little difference between getting 0% interest in the CL holding account and 0% interest in a current account). With the restrictions on the first couple of hours of a new loan it's usually possible to get something in at least one of the tranches. Personally I'm not sure about automated lending being a sensible option. Investors should know something about the risks involved and having to manually put funds into each loan (and enable loans for renewal if that happens) they hopefully have some idea about the risks involved (Borrower and Platform risks). I think at least one loan has already defaulted although I'm not sure if the item has yet been sold or how good the original valuation was (it's not a loan I was in). You probably meant 149820690312 "a diamond ring" - this has been sold and repaid in October. In-house valuations have been good so far. 530085531428 "paintings" will be the next test if the borrower doesn't renew (I believe the paintings are valued by the auction who will be selling them) - this was due on 17th Dec. I'm in tranche A, so hopefully be OK.. I agree. I don't think auto-lending can be effective in current scenario.
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Ukmikk
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Post by Ukmikk on Jan 10, 2022 9:57:27 GMT
[/quote]I agree. I don't think auto-lending can be effective in current scenario.
[/quote]
UB seem to manage it. Same loan types.
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Post by df on Jan 10, 2022 17:56:30 GMT
Although the asset type is the same, UB's loan flow is significantly bigger than CL's and they have insitutional/business borrowers as well.
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Ukmikk
Member of DD Central
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Post by Ukmikk on Jan 10, 2022 18:27:38 GMT
Although the asset type is the same, UB's loan flow is significantly bigger than CL's and they have insitutional/business borrowers as well. Hence my wish for increased loan flow along with some degree of automation. Unless I'm misjudging this - How many loans are coming through currently each requiring funds transfer, login to bid? How much can you expect to invest each time?
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Post by df on Jan 10, 2022 20:19:42 GMT
Although the asset type is the same, UB's loan flow is significantly bigger than CL's and they have insitutional/business borrowers as well. Hence my wish for increased loan flow along with some degree of automation. Unless I'm misjudging this - How many loans are coming through currently each requiring funds transfer, login to bid? How much can you expect to invest each time? It would've been great, but I can't envisage any significant increase of pawn loans in near future.
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trium
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Post by trium on Jan 11, 2022 14:03:04 GMT
Although the asset type is the same, UB's loan flow is significantly bigger than CL's and they have insitutional/business borrowers as well. Sooner or later CL will need to address this. As the platform grows more lenders will be competing for available loans. Hopefully those loans will be more numerous but I see no reason to expect the size of an average loan to increase. As Ukmikk implies, the consequence is greater effort required to try and get a slice of each loan and greater frustration at being unsuccessful more often. DD cannot meaningfully be applied to pawn loans. Autolend seems a sensible way to go, though it would disadvantage those looking to invest larger sums.
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