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Post by ashwinp on Mar 3, 2015 14:10:25 GMT
Dear Forum Members, My name is Ashwin Parameswaran and I am the co-founder of Unbolted, a new peer-to-peer lender that focuses on loans secured by personal assets. We launched a few months ago and have recently opened our platform up for registration to new lenders, which is why I wanted to introduce our platform to the members of this forum. A few features that set us apart from other peer-to-peer lenders are: 1. Our fees only start to accrue after the lender's principal is paid back in full. Therefore, we make no money on a given loan if the lenders don't make money. 2. All the loans available for investment on our platform have already been fulfilled by our bridge lenders. Therefore there is no time wasted due to bidding on loans that don't close. 3. Loans made against gold are protected by a Gold Trust within which we purchase protection against a fall in gold prices. At the present moment, we have around £7000 worth of loans for sale including around £6100 of a loan we disbursed a few days ago against a collection of six Victorian paintings and seven pieces of silverware. More details can be found on your dashboard and you can register here unbolted.com/uk/accounts/signup-lender/ - please let me know if you have any feedback or questions, on this forum or alternatively by email at ashwin@unbolted.com. Thanks Ashwin
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Post by batchoy on Mar 3, 2015 16:02:12 GMT
ashwinp I can't find any lender Ts&Cs, are these only available if and when lenders sign-up?
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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
Posts: 10,840
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Post by ilmoro on Mar 3, 2015 16:28:19 GMT
ashwinp I can't find any lender Ts&Cs, are these only available if an w lenders sign-up? They appear as part of the sign up process. The whole site seems to be geared heavily towards borrowers. I am struggling to find any clear info for lenders. Eg Questions tab offers 3 options all relating to borrowing including FAQ & the how to tab, which does deal with lending is limited. Havent found a restatement of T&Cs yet.
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Post by elljay on Mar 3, 2015 18:00:58 GMT
Hi all, have set up a new board for unbolted.com and moved this thread there.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Mar 3, 2015 19:07:08 GMT
My browser doesn't want to go to this site. I get this message:
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kermie
Member of DD Central
Posts: 689
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Post by kermie on Mar 3, 2015 21:49:25 GMT
I've checked on my Windows 8 trust store, and the certificate for the relevant CA, Comodo, is present, hence I have no issue with unbolted certificate when I go to their website.
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bugs4me
Member of DD Central
Posts: 1,841
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Post by bugs4me on Mar 3, 2015 22:28:23 GMT
My browser doesn't want to go to this site. I get this message: No problems using either Waterfox 64bit or Firefox 32bit.
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JamesFrance
Member of DD Central
Port Grimaud 1974
Posts: 1,317
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Post by JamesFrance on Mar 4, 2015 7:27:18 GMT
I've checked on my Windows 8 trust store, and the certificate for the relevant CA, Comodo, is present, hence I have no issue with unbolted certificate when I go to their website. That's odd because I am using a Comodo browser, no problem with the others.
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Post by ashwinp on Mar 4, 2015 11:20:15 GMT
batchoy - the lender terms and conditions are available as soon as you sign up. jamesfrance - our SSL certificate is issued by Comodo. I appreciate that our website is primarily geared towards borrowers. You can access the information geared towards lenders at unbolted.com/uk/how-lending-works. Do let me know if you have any other queries or issues with the website. Thanks Ashwin
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justsaying
Member of DD Central
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Post by justsaying on Mar 4, 2015 11:42:09 GMT
I've just registered and have been taken to the "complete profile" page where I am being asked to "Please fill UP your profie". I appreciate that I am being pedantic but incorrect language doesn't inspire much confidence............. I will, however, soldier on..........me, a martyr..............?!
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Post by ashwinp on Mar 4, 2015 15:20:27 GMT
justsaying - Thank you for bringing the language error to my notice. It has been corrected.
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Post by batchoy on Mar 4, 2015 18:01:32 GMT
batchoy - the lender terms and conditions are available as soon as you sign up. jamesfrance - our SSL certificate is issued by Comodo. I appreciate that our website is primarily geared towards borrowers. You can access the information geared towards lenders at unbolted.com/uk/how-lending-works. Do let me know if you have any other queries or issues with the website. Thanks Ashwin ashwinp I would actually like to see the lender Ts&Cs before I sign-up in order to judge whether I want to sign-up if signing up means that I am agreeing to the Ts&Cs which I might not agree with. One of the key things with start-up P2P platforms is their Ts&Cs as they give an indication as to the amount of legal advice that has been sort in setting up the platform. Too many have seen fit to rip-off other platforms' Ts&Cs rather than paying for proper legal advice in order to get their own set of Ts&Cs produced that are both legally compliant and match the way the platform operates.
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bugs4me
Member of DD Central
Posts: 1,841
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Post by bugs4me on Mar 5, 2015 10:46:12 GMT
batchoy - the lender terms and conditions are available as soon as you sign up. jamesfrance - our SSL certificate is issued by Comodo. I appreciate that our website is primarily geared towards borrowers. You can access the information geared towards lenders at unbolted.com/uk/how-lending-works. Do let me know if you have any other queries or issues with the website. Thanks Ashwin ashwinp I would actually like to see the lender Ts&Cs before I sign-up in order to judge whether I want to sign-up if signing up means that I am agreeing to the Ts&Cs which I might not agree with. One of the key things with start-up P2P platforms is their Ts&Cs as they give an indication as to the amount of legal advice that has been sort in setting up the platform. Too many have seen fit to rip-off other platforms' Ts&Cs rather than paying for proper legal advice in order to get their own set of Ts&Cs produced that are both legally compliant and match the way the platform operates. batchoy - I've signed up but no financial commitment made as not particularly content with the returns and LTV's. Back to subject - cannot see any lender T&C's on the site
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Post by batchoy on Mar 5, 2015 11:38:38 GMT
ashwinp I would actually like to see the lender Ts&Cs before I sign-up in order to judge whether I want to sign-up if signing up means that I am agreeing to the Ts&Cs which I might not agree with. One of the key things with start-up P2P platforms is their Ts&Cs as they give an indication as to the amount of legal advice that has been sort in setting up the platform. Too many have seen fit to rip-off other platforms' Ts&Cs rather than paying for proper legal advice in order to get their own set of Ts&Cs produced that are both legally compliant and match the way the platform operates. batchoy - I've signed up but no financial commitment made as not particularly content with the returns and LTV's. Back to subject - cannot see any lender T&C's on the site I have not signed up as yet and wont until I get sight of the Lender Ts&Cs so that I can see what the legal agreement is between me and Unbolted and how Unbolted intend to operate. From what I am reading here you only get sight of the Lender Ts&Cs during the sign up process, i.e. not before and not after which is not good if an issue ever arises.
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Post by ashwinp on Mar 5, 2015 13:59:20 GMT
batchoy - the lender terms and conditions are available as soon as you register. Merely signing up does not imply that you agree to the terms and conditions - you need to agree to them separately. I can assure you that our legal documents have been prepared with the assistance of one of the premier law firms in the country when it comes to the peer-to-peer lending sector.
bugs4me - Thanks for the feedback. You should be able to access the lender terms and conditions through a link on the bottom right-hand corner of your lender account page.
On the returns and LTV, there are a number of reasons why we think our loans offer better value than our competition. As already mentioned above, our fees only start to accrue after the lender's principal is paid back in full. Therefore, we make no money on a given loan if the lenders don't make money. Also, loans made against gold are protected by a Gold Trust within which we purchase protection against a fall in gold prices.
Further, we have just launched our Provision Trust into which 1% of the notional of each loan we make is paid in. This Trust is available to protect against principal losses on our non-Gold loans (Gold loans being hedged against both principal and interest loss via the Gold Trust). We encourage our lenders to maintain diversified portfolios but the Provision Trust helps protect even those lenders who may have more concentrated holdings.
When we take these protections into account, we feel that our LTV/price point offers value. We can increase the interest rate and reduce the protections but we feel that this is not prudent and penalises small lenders with undiversified portfolios.
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