registerme
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Post by registerme on Jun 11, 2015 18:16:27 GMT
Or it might soak up some of the ISA related wall of cash that wiseclark anticipates in this thread / opinion piece. |
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Steerpike
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Post by Steerpike on Jun 11, 2015 18:40:10 GMT
Loans at 18-20%? Ridiculous! Which self respecting platform would have loans so risky that they justify such rates? Oh, wait a minute. Putting the squeeze on ReBS? Yes, I was wondering about that. It will be interesting to see how ambitious FC will become, there is a lot of property going through now, where next? Wind turbines and solar panel projects?
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SteveT
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Post by SteveT on Jun 24, 2015 14:53:16 GMT
From this week's Faintly Comical email:
"How can you lend to these businesses?
You will see the first E loans listed on the marketplace over the next couple of weeks, and you can place your bids as you would normally. The highest gross interest rate you can bid at will be increased to 20%."
Presumably that means bids at rates as high as 20% will be possible across all of the 6 rate bands, not just on the new E rate loans. That could prove quite useful on some of the D rate (currently C-) loans.
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Post by GSV3MIaC on Jun 24, 2015 15:07:24 GMT
It'd be nice if they really meant that, but that's not how I read it (the system has the capability to have different upper/lower limits for each loan, never mind each risk band). Besides allowing 20% bids on an A+ is just plumb silly, and will cause mucho wheel spinning by bid-bots as they hasten it down to 9%, in 0.1% or 0.2% steps. I'd rather the mix/max rates were lock stepped somehow .. either max = min + x% (x=5?) or else max=min * c (c=1.5 perhaps?). This has, of course, been suggested and ignored already. 8>.
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wysiati
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Post by wysiati on Jun 24, 2015 15:11:13 GMT
E band only at 20%.
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SteveT
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Post by SteveT on Jun 24, 2015 15:13:55 GMT
It'd be nice if they really meant that, but that's not how I read it (the system has the capability to have different upper/lower limits for each loan, never mind each risk band). Besides allowing 20% bids on an A+ is just plumb silly, and will cause mucho wheel spinning by bid-bots as they hasten it down to 9%, in 0.1% or 0.2% steps. I'd rather the mix/max rates were lock stepped somehow .. either max = min + x% (x=5?) or else max=min * c (c=1.5 perhaps?). This has, of course, been suggested and ignored already. 8>. I don't disagree that 20% bids on an A+ is daft, although not dramatically dafter than permitting 15% bids on an A+ now. Currently the same maximum bid rate (15%) applies across all risk bands so I assumed they'd be more explicit if that was about to change, but I guess we'll find out soon enough.
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oldgrumpy
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Post by oldgrumpy on Jun 24, 2015 15:45:46 GMT
Didn't I read somewhere that the first company to ask for a loan on this risk level was e-b*nned *?   BEHAVE, OG!!* I've removed the actual url, in case clicking it might compromise someone ... the name is almost still there 
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coop
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Post by coop on Jun 24, 2015 15:54:43 GMT
filtered at work; if I get fired I'm coming for you!  |
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oldgrumpy
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Post by oldgrumpy on Jun 24, 2015 15:59:46 GMT
filtered at work; if I get fired I'm coming for you! I expect they'll even be able sell you something to help you do that, too!  OUCH!! elljay will have his whip out too .... something to do with Og banned - naming companies or something .... better shut up now.
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blender
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Post by blender on Jun 24, 2015 16:14:58 GMT
2000 posts and only banned once. Must be a record.
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Post by goldservice on Jun 24, 2015 16:48:25 GMT
I've already cleared my cache lest someone sees where I've been. Fundamentally Cheesy has been posting cold call letters to companies saying "You are pre-qualified for a business loan" and "finances could be available to you in as little as one week". It's just marketing and probably the source of many D and E loans, but it reminds me of the sleezy pre-approved credit card offers that banks send out all the time. Maybe FC will soon be offering to "consolidate your business debts into one low monthly payment" ... I wondered what Risk Band F would look like ...
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Post by longjohn on Jun 24, 2015 17:08:09 GMT
I've already cleared my cache lest someone sees where I've been. Fundamentally Cheesy has been posting cold call letters to companies saying "You are pre-qualified for a business loan" and "finances could be available to you in as little as one week". It's just marketing and probably the source of many D and E loans, but it reminds me of the sleezy pre-approved credit card offers that banks send out all the time. Maybe FC will soon be offering to "consolidate your business debts into one low monthly payment" ... I wondered what Risk Band F would look like ... It won't be anything like this -  John
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blender
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Post by blender on Jun 24, 2015 18:33:56 GMT
More like this, accompanied by the words 'very high risk'.  |
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jonah
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Post by jonah on Jun 24, 2015 19:11:39 GMT
Altfi has a page on this suggesting a 18.2 minimum. If that is correct and there is also a 20 max, there isn't a lot of room in that range.
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Post by GSV3MIaC on Jun 24, 2015 19:54:10 GMT
That's what FC says too, if you read the release. Not quite fixed rate, but rather too close.
Please your bets .. when will the first E rated loan hit the shelves? No prize, except the glory ...
For extra credit, when will the SM filter on the 'loan parts' (buying) page actually have a check box for 'e' (or even for 'd' instead of 'c-'). 8>.
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