pikestaff
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Post by pikestaff on Feb 16, 2023 13:42:20 GMT
I know Loanpad withdrawal requests go in a queue. I've never made a withdrawal, but will be needing the money in my Premier account to fund something else. Does anyone have recent experience of how long withdrawals take, after the 60 days notice expires?
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Post by Badly Drawn Stickman on Feb 16, 2023 13:48:08 GMT
I know Loanpad withdrawal requests go in a queue. I've never made a withdrawal, but will be needing the money in my Premier account to fund something else. Does anyone have recent experience of how long withdrawals take, after the 60 days notice expires? The funds are in the cash area after the end of notice period. And can be transferred out same day, in the week. Weekends not so much.
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Post by df on Feb 16, 2023 13:49:12 GMT
I know Loanpad withdrawal requests go in a queue. I've never made a withdrawal, but will be needing the money in my Premier account to fund something else. Does anyone have recent experience of how long withdrawals take, after the 60 days notice expires? I withdraw in the morning and the money arrives to my bank account on the same day. I've never tried weekends, I assume the payments are processed on working days only.
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pikestaff
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Post by pikestaff on Feb 17, 2023 11:47:12 GMT
I know Loanpad withdrawal requests go in a queue. I've never made a withdrawal, but will be needing the money in my Premier account to fund something else. Does anyone have recent experience of how long withdrawals take, after the 60 days notice expires? The funds are in the cash area after the end of notice period. And can be transferred out same day, in the week. Weekends not so much. Thanks. So you've never had to queue then?
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Post by Badly Drawn Stickman on Feb 17, 2023 11:57:50 GMT
The funds are in the cash area after the end of notice period. And can be transferred out same day, in the week. Weekends not so much. Thanks. So you've never had to queue then? No. Once the 60 days has elapsed the money automatically goes to the cash pot and can be withdrawn (Obviously that may not always be guaranteed) I usually set withdrawals on a rolling basis, and cancel and reset if not wanted at that time..
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eeyore
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Post by eeyore on Feb 17, 2023 13:02:36 GMT
The funds are in the cash area after the end of notice period. And can be transferred out same day, in the week. Weekends not so much. Thanks. So you've never had to queue then?I don't know if there is any queue but, if there is one, in my experience it's always taken less than a day to get to the top of the queue! I've kept a record for the last six months of my withdrawals from my Loanpad cash account and the time when credited by the receiving bank: Manual requests:Submitted: Monday @ 08:06 Credited: Monday @ 17:54 Submitted: Monday @ 06:03 Credited: Monday @ 18:08 Automatic "Monthly" withdrawals:Debited: Thursday @ 01:21 Credited: Thursday @ <15:15 Debited: Saturday @ 01:00 Credited: Monday @ <13:20 Debited: Monday @ 09:55 Credited: Monday @ <16:30 The automatic withdrawal on a Saturday but not arriving until Monday seems to indicate that the Loanpad banking operation works only on weekdays. [The receiving bank was Santander, which usually credits instantaneously.]
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Post by barnsleybiker on Feb 17, 2023 13:23:59 GMT
never had a problem with LP's speed at processing a withdrawal, they do as they promise, but the money goes into my Halifax account.
Halifax don't "do" weekends, they must switch everything off Friday afternoon at 4pm until they can be bothered to do owt Monday mornings. its a 365/24 hour world where i can buy milk, beer or pizza around the clock, but ask the Halifax to knock-about and you'll get silence, pah! - rant over!
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pikestaff
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Post by pikestaff on Feb 17, 2023 13:56:25 GMT
Thanks all. For the avoidance of doubt, my question is not about how long they take to transfer cash, but how long the queue is for funds to be released from the investment account to cash. Badly Drawn Stickman - encouraging to know you've not had to queue. |
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firedog
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Post by firedog on Feb 17, 2023 14:38:16 GMT
Thanks all. For the avoidance of doubt, my question is not about how long they take to transfer cash, but how long the queue is for funds to be released from the investment account to cash. Badly Drawn Stickman - encouraging to know you've not had to queue. There is no queue.
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Post by df on Feb 17, 2023 14:44:23 GMT
Thanks all. For the avoidance of doubt, my question is not about how long they take to transfer cash, but how long the queue is for funds to be released from the investment account to cash. Badly Drawn Stickman - encouraging to know you've not had to queue. I've never experienced any queues on LP. The funds always arrive to cash account as scheduled (usually very early in the morning, my last transfer arrived to cash account at 00:22).
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Post by Ace on Feb 17, 2023 14:52:25 GMT
Thanks all. For the avoidance of doubt, my question is not about how long they take to transfer cash, but how long the queue is for funds to be released from the investment account to cash. Badly Drawn Stickman - encouraging to know you've not had to queue. I don't believe anyone has ever had to queue. I've made many withdrawals. I've never seen anything other than "< 1 day" in the "Estimated time to sell" field on the "Live Data Feed" page. Right now there appears to be over £2.4m available for withdrawal. So, as long as you (and others) don't want more than that today, you should be OK.
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Post by df on Feb 17, 2023 15:03:10 GMT
never had a problem with LP's speed, they do as they promise, but the money goes into my Halifax account. Halifax don't "do" weekends, they must switch everything off friday afternoon at 4pm until they can be bothered to do owt Monday mornings. its a 365/24 hour world where i can buy milk, beer or pizza around the clock, but ask the halifax to knock-about and you'll get silence, pah! - rant over! All major banks (including Halifax) process electronic payments 365/24 (with exception of direct debits and standing orders to other banks). The delays you're on about ought to be because LP doesn't process withdrawals outside working hours.
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eeyore
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Post by eeyore on Feb 17, 2023 17:22:00 GMT
For the avoidance of doubt, my question is not about how long they take to transfer cash, but how long the queue is for funds to be released from the investment account to cash. May I make a suggestion? If you're serious about keeping investment in Loanpad (or any P2P platform), you should do a couple of test withdrawals to gain familiarity with how it works - you can always put the money back having lost only a few days of interest on the test withdrawal. So then you'll have confidence when it becomes time to withdraw a substantial amount.
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