Greenwood2
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Post by Greenwood2 on Jan 26, 2015 13:19:15 GMT
To qualify for the cashback offer do the funds have to be lent by the deadline, or just be on offer? I don't think I can get enough on the platform and lent in time. But may just get it into an offer at the last minute.
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oldgrumpy
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Post by oldgrumpy on Jan 26, 2015 13:40:11 GMT
Basically (as predicted on the other thread) the large influx of money, which continues, has already caused rates to drop by between 3 and 5 points, thus meaning any cashback received for investing now will be more than lost due to lower rates. This kind of "offer" is a total publicity nonsense which is great for RS but usually does not benefit the lender.
Every order has to be completed by 18:00 on 31 January, so I would suggest it has to be lent out by that time.
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Greenwood2
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Post by Greenwood2 on Jan 26, 2015 13:56:29 GMT
It seems a very short time frame, to round up the funds, get it onto the platform and lend all of it out! And as you say rates are dropping so probably not worth the hassle.
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Post by p2plender on Jan 26, 2015 14:09:39 GMT
Total farce this by Ratesetter.
Rates have plummeted so my 10k now will be returned to where it came from and won't be going anywhere near RS.
RS more than looking after its borrowers with this gimmick.
Boooooo.
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bigfoot12
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Post by bigfoot12 on Jan 26, 2015 14:11:05 GMT
I agree that it doesn't look like it's worth it as of today. I transferred some money to take advantage of the offer, but rates are now much lower than I would need. I expect that in a few days I will be transferring the money out again. It will have cost me 8 or 9 days interest at 0.75% so not the end of the world.
Edit: Crossed with above post.
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Post by p2plender on Jan 26, 2015 14:18:31 GMT
They obviously didn't have the business to match what was coming in especially if you look at the low number of matches this last four/five days.
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Post by duncandive on Jan 26, 2015 14:26:45 GMT
I must be one of the lucky first few to get my funds in right at the start. So I'm happy with the rate I managed to get. HOWEVER I do now think (after seeing what has happened to the rates) that RS really should have put a much longer time frame on the matching of funds into loans. OK by all means limit the actual deposit period as they did, but once the funds are in why not just hold back the 1% for an individual until all those funds have been taken up. I am rather new to this, so maybe I have too much of a simplistic view. Therefore I am more than happy to be put right on anything I may have said. I just think that keeping things fair can only help to maintain a happy investor population.
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oldgrumpy
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Post by oldgrumpy on Jan 26, 2015 14:47:36 GMT
Total farce this by Ratesetter. Rates have plummeted so my 10k now will be returned to where it came from and won't be going anywhere near RS. RS more than looking after its borrowers with this gimmick. Boooooo. I had thought of moving £10K before 31 January, but was wary of the prophesied rate drop - which has come to pass. I have changed my mind - and the tranche I had already placed in RS will now be put in one month, because it would not surprise me to find the rates back up again by mid-late February. (I only lost a few days interest at 1%).
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spiral
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Post by spiral on Jan 26, 2015 18:19:00 GMT
OK by all means limit the actual deposit period as they did, but once the funds are in why not just hold back the 1% for an individual until all those funds have been taken up. I am rather new to this, so maybe I have too much of a simplistic view. Therefore I am more than happy to be put right on anything I may have said. I just think that keeping things fair can only help to maintain a happy investor population. I must admit, this is one thing that Zopa do better than RS. They generally give you a week to 10 days to make the deposit, then you usually have about a month to lend it.
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Post by westonkevRS on Jan 26, 2015 18:42:20 GMT
Maybe I'm missing something and I'm certainly not one to back Marketing just for the sake of it....
However the 5-year market is 5.9% with nibbles at 6.0%. So with the cashback that's 7.0% year 1. Even if you have you only get the 1% an initial one-off, split over the average 3 years that your money is out gives over 6.3%. Seems a good and fair deal to me, you guys can be hard to please!
Kevin
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spiral
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Post by spiral on Jan 26, 2015 18:57:41 GMT
you guys can be hard to please! According to er indoors, there's no pleasing me
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c88dnf
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Post by c88dnf on Jan 26, 2015 19:51:24 GMT
I must admit, this is one thing that Zopa do better than RS. They generally give you a week to 10 days to make the deposit, then you usually have about a month to lend it. One reason Zopa have to adopt that course is that you have no control over when and at what rate your money will be lent out. At present on their own figures, for 5 year money it'll take 13-14 business days (i.e. 2.5-3 weeks) to lend it.
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Post by ranjeb on Jan 26, 2015 22:45:33 GMT
I would have liked a cashback offer that smaller lenders could have benefitted from
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oldgrumpy
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Post by oldgrumpy on Jan 26, 2015 23:00:21 GMT
...split over the average 3 years that your money is out gives over 6.3%. Seems a good and fair deal to me, you guys can be hard to please!
Ah yes ... I had overlooked that the average time the money is actually out is a long way under 5 years...
Is the average time a 3 year loan out around 28 months?
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Post by bobthebuilder on Jan 27, 2015 1:23:38 GMT
...split over the average 3 years that your money is out gives over 6.3%. Seems a good and fair deal to me, you guys can be hard to please! Ah yes ... I had overlooked that the average time the money is actually out is a long way under 5 years... Is the average time a 3 year loan out around 28 months? Just checked a loan I have in the three year market, and the repayment schedule shows me getting back half my capital in around 19 months.
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