benaj
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Post by benaj on Oct 16, 2023 15:09:32 GMT
Thanks guys. Let's hope my investment with Elf won't jinx this platform and other lenders.
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Post by Ace on Oct 20, 2023 7:59:10 GMT
My loan order seems to have changed for the worse. They are now ordered with newest loan at the top, rather than earliest maturity at the top!
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Greenwood2
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Post by Greenwood2 on Oct 20, 2023 8:36:22 GMT
My loan order seems to have changed for the worse. They are now ordered with newest loan at the top, rather than earliest maturity at the top! Mine's like that now but a definite improvement for me, I used to have all the expired at the top followed by sold and eventually live loans. Earliest maturity would put sold (not expired) loans at the top for me, so that wouldn't be ideal either. Expired and sold (£0 value) should really be separate with a simple toggle for order of the live loans.
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benaj
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Post by benaj on Oct 20, 2023 9:06:49 GMT
My loan order seems to have changed for the worse. They are now ordered with newest loan at the top, rather than earliest maturity at the top! Mine's like that now but a definite improvement for me, I used to have all the expired at the top followed by sold and eventually live loans. Earliest maturity would put sold (not expired) loans at the top for me, so that wouldn't be ideal either. Expired and sold (£0 value) should really be separate with a simple toggle for order of the live loans. SOLD!? Is there a SM for lenders to unload the loans? Or is it sold to another lender as "new investment" without knowing?
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Post by birdie on Oct 20, 2023 9:13:46 GMT
Mine's like that now but a definite improvement for me, I used to have all the expired at the top followed by sold and eventually live loans. Earliest maturity would put sold (not expired) loans at the top for me, so that wouldn't be ideal either. Expired and sold (£0 value) should really be separate with a simple toggle for order of the live loans. SOLD!? Is there a SM for lenders to unload the loans? Or is it sold to another lender as "new investment" without knowing? Don't know if this is of any help. Can I exit my investment early? Yes! We know sometimes plan changes, and you may need your money earlier than expected. That's why we allow early withdrawals. But this is conditional on us finding other lenders to take over your loans, which may take some time. To this day all early withdrawals on the Elfin platform have been near instantaneous, but there's no guarantee this will always be the case. Last but not least, unlike most other peer-to-peer lending platforms, we don't charge any fee for early withdrawals.
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benaj
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Post by benaj on Oct 20, 2023 9:31:11 GMT
SOLD!? Is there a SM for lenders to unload the loans? Or is it sold to another lender as "new investment" without knowing? Don't know if this is of any help. Can I exit my investment early? Yes! We know sometimes plan changes, and you may need your money earlier than expected. That's why we allow early withdrawals. But this is conditional on us finding other lenders to take over your loans, which may take some time. To this day all early withdrawals on the Elfin platform have been near instantaneous, but there's no guarantee this will always be the case. Last but not least, unlike most other peer-to-peer lending platforms, we don't charge any fee for early withdrawals. That's great! Has anyone exited early on Elfin Market? I see no button for exiting early. Is it like a request via email?
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Post by Ace on Oct 20, 2023 9:55:45 GMT
Don't know if this is of any help. Can I exit my investment early? Yes! We know sometimes plan changes, and you may need your money earlier than expected. That's why we allow early withdrawals. But this is conditional on us finding other lenders to take over your loans, which may take some time. To this day all early withdrawals on the Elfin platform have been near instantaneous, but there's no guarantee this will always be the case. Last but not least, unlike most other peer-to-peer lending platforms, we don't charge any fee for early withdrawals. That's great! Has anyone exited early on Elfin Market? I see no button for exiting early. Is it like a request via email? It's done via the Withdrawal button. You can't select which investments to sell, you just specify how much to withdraw.
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Greenwood2
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Post by Greenwood2 on Oct 20, 2023 10:29:22 GMT
That's great! Has anyone exited early on Elfin Market? I see no button for exiting early. Is it like a request via email? It's done via the Withdrawal button. You can't select which investments to sell, you just specify how much to withdraw. Also note the best time to withdraw is immediately after payment, you don't get any credit for interest potentially earned between the last pay day and when you withdraw! Cash first (ie, any investment money too close to term to be re-invested) then oldest investments first. Edit: Not guaranteed but never been a problem yet and pretty instantaneously so far.
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chris88
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Post by chris88 on Oct 20, 2023 11:41:08 GMT
PRO RATA DAILY INTEREST PRE WITHDRAWAL - GOOD NEWS:
1. Re the comment by Greenwood2 just now, I emailed Elfin Market on 6th Oct as follows:
"Your site says:
- my last interest payment was on 15th Sept - my next interest payment is due on 16th Oct =10 days time. My question is:
Regarding any money I withdraw, do I get pro rata interest on it credited to me for the part of the month from the date of the last interest payment (15th September in this case) up until the day I withdraw it? (in this example it would be around 2/3rds of a month's interest - ie up until today =6th Oct).
With your P2P competitor called 'Loanpad', for example, they make it clear that interest is paid daily. So, one can withdraw money from them on any day without any loss of interest."
ELFIN'S REPLY: Their Alison replied as follows:
"You are right, you still earn interest on your money until the day you withdraw it."
So, assuming Alison understood my question correctly and gave correct information, we lenders do get daily interest up until the day we make a withdrawal - phew (just the same as with Loanpad). However, this interest isn't credited until your usual monthly date.
2. Also, I emailed "easyMoney" with the same query. They replied:
"Your interest is calculated daily and paid monthly on the 15th, so you would get the pro rata interest paid if you sold some investments before then."
I feel it would help if Elfin and easyMoney explained all this on their websites - eg in the FAQs? - so we all know what's going on (as per the FCA's rules on "Treating customers fairly" and the new "Consumer duty").
By contrast, with Loanpad's website you can see clearly that you get interest daily (up until the day you withdraw) - and what the amount is.
3. PHONING ELFIN: By the way (although I like Elfin) I'm disappointed that they don't allow you to phone them - tut, tut. I'm signed up with over 30 other P2P sites - and all of them provide a phone number.
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Greenwood2
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Post by Greenwood2 on Oct 20, 2023 12:05:18 GMT
PRO RATA DAILY INTEREST PRE WITHDRAWAL - GOOD NEWS:1. Re the comment by Greenwood2 just now, I emailed Elfin Market on 6th Oct as follows: "Your site says: - my last interest payment was on 15th Sept - my next interest payment is due on 16th Oct =10 days time. My question is: Regarding any money I withdraw, do I get pro rata interest on it credited to me for the part of the month from the date of the last interest payment (15th September in this case) up until the day I withdraw it? (in this example it would be around 2/3rds of a month's interest - ie up until today =6th Oct). With your P2P competitor called 'Loanpad', for example, they make it clear that interest is paid daily. So, one can withdraw money from them on any day without any loss of interest. "ELFIN'S REPLY: Their Alison replied as follows: "You are right, you still earn interest on your money until the day you withdraw it."So, assuming Alison understood my question correctly and gave correct information, we lenders do get daily interest up until the day we make a withdrawal - phew (just the same as with Loanpad). However, this interest isn't credited until your usual monthly date. 2. Also, I emailed " easyMoney" with the same query. They replied: "Your interest is calculated daily and paid monthly on the 15th, so you would get the pro rata interest paid if you sold some investments before then."I feel it would help if Elfin and easyMoney explained all this on their websites - eg in the FAQs? - so we all know what's going on (as per the FCA's rules on "Treating customers fairly" and the new "Consumer duty"). By contrast, with Loanpad's website you can see clearly that you get interest daily (up until the day you withdraw) - and what the amount is. 3. PHONING ELFIN: By the way (although I like Elfin) I'm disappointed that they don't allow you to phone them - tut, tut. I'm signed up with over 30 other P2P sites - and all of them provide a phone number. They might have changed it, a while ago someone was complaining bitterly that they didn't get accrued interest when they withdrew funds. I've only ever withdrawn on pay day. Actually it might have been that the person in question closed their account and didn't get accrued interest so then there would not have been a next payday. One volounteer to try it?
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Post by overthehill on Oct 20, 2023 12:51:39 GMT
PRO RATA DAILY INTEREST PRE WITHDRAWAL - GOOD NEWS:1. Re the comment by Greenwood2 just now, I emailed Elfin Market on 6th Oct as follows: "Your site says: - my last interest payment was on 15th Sept - my next interest payment is due on 16th Oct =10 days time. My question is: Regarding any money I withdraw, do I get pro rata interest on it credited to me for the part of the month from the date of the last interest payment (15th September in this case) up until the day I withdraw it? (in this example it would be around 2/3rds of a month's interest - ie up until today =6th Oct). With your P2P competitor called 'Loanpad', for example, they make it clear that interest is paid daily. So, one can withdraw money from them on any day without any loss of interest. "ELFIN'S REPLY: Their Alison replied as follows: "You are right, you still earn interest on your money until the day you withdraw it."So, assuming Alison understood my question correctly and gave correct information, we lenders do get daily interest up until the day we make a withdrawal - phew (just the same as with Loanpad). However, this interest isn't credited until your usual monthly date. 2. Also, I emailed " easyMoney" with the same query. They replied: "Your interest is calculated daily and paid monthly on the 15th, so you would get the pro rata interest paid if you sold some investments before then."I feel it would help if Elfin and easyMoney explained all this on their websites - eg in the FAQs? - so we all know what's going on (as per the FCA's rules on "Treating customers fairly" and the new "Consumer duty"). By contrast, with Loanpad's website you can see clearly that you get interest daily (up until the day you withdraw) - and what the amount is. 3. PHONING ELFIN: By the way (although I like Elfin) I'm disappointed that they don't allow you to phone them - tut, tut. I'm signed up with over 30 other P2P sites - and all of them provide a phone number. They might have changed it, a while ago someone was complaining bitterly that they didn't get accrued interest when they withdrew funds. I've only ever withdrawn on pay day. Actually it might have been that the person in question closed their account and didn't get accrued interest so then there would not have been a next payday. One volounteer to try it?
That might have been me. Either Elfin-Alison doesn't understand the question or the reply is incorrect or they have quietly changed that odious policy. I lost a whole month's interest and my account is still open... but empty !!!
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benaj
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Post by benaj on Oct 20, 2023 13:44:40 GMT
There are always many things not covered by faqs.
Without naming the platform, here’s one of my experience. The money has been deposited with not credited same day. Reason being is AML exercise despite I have been a lender for years.
The short story, they emailed requesting documentation from a email address not recognised, money stuck for weeks as I thought it wasn’t a genuine email and didn’t earn interest.
I only realised the issue after login weeks later as I assumed the money has already deployed.
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benaj
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Post by benaj on Nov 16, 2023 10:48:36 GMT
Ace , do get you the same rates in your investment like Elfin advertised as target returns? My initial investment only realised 3.91% return after 37 days. Have I messed up my settings or something? It's nowhere near 8%.
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Greenwood2
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Post by Greenwood2 on Nov 16, 2023 10:58:30 GMT
Ace , do get you the same rates in your investment like Elfin advertised as target returns? My initial investment only realised 3.91% return after 37 days. Have I messed up my settings or something? It's nowhere near 8%. It takes a few months for the returns to wind up, payments are made by borrowers on the 15th? and the 30th? (if I remember correctly, something like that any way, on discrete dates, they get to chose which they want), so in the first month it really depends when your loans started, how many of your borrowers have actually paid at the point the interest is paid to you. My current average rate, as of payday, according to Elf, is 8.95% on mainly 3 year loans.
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Post by Ace on Nov 16, 2023 11:03:48 GMT
Ace , do get you the same rates in your investment like Elfin advertised as target returns? My initial investment only realised 3.91% return after 37 days. Have I messed up my settings or something? It's nowhere near 8%. Hi benaj , You are bound to have suffered a degree of cash drag at the start of your investment. All of my investments have started with a low return before rapidly rising over the following months. I am now exclusively in the higher paying 3 year investments, though I did try some shorter ones when I began. I currently have 20 active investments. My XIRR, as measured by me, is currently 9.03%. As it's the day after an interest payment was received this is exactly the same as my portfolio AER as reported on the platform. This gives me comfort that both the platform and I are calculating it correctly. In short, you're unlikely to be doing anything wrong, you just need to give it a little time for the return to climb to the expected value. Edit: Crossed with Greenwood2.
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