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Post by beegee on Aug 25, 2015 18:21:42 GMT
When you want to invest any 'new or YR' money now the display guides you to offer the highest borrower request, saying 'the rate to lend right now is: xx%'. This does not show the market queue, and even says you should be a Ratesetter expert if you choose to move away from the offered rate.
I believe this is a very underhand approach.
Also I see no notice of this new display. I thought we were moving towards transparency?
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jonah
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Post by jonah on Aug 25, 2015 18:49:13 GMT
I must admit I was puzzled by this myself, not sure if it was a new screen or just my fault for pressing the wrong option.
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c88dnf
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Post by c88dnf on Aug 25, 2015 21:36:46 GMT
When you want to invest any 'new or YR' money now the display guides you to offer the highest borrower request, saying 'the rate to lend right now is: xx%'. This does not show the market queue, and even says you should be a Ratesetter expert if you choose to move away from the offered rate. I believe this is a very underhand approach. Also I see no notice of this new display. I thought we were moving towards transparency? I agree entirely. As I write, you could indeed lend at 6.2% (in 5 year), but the lowest offer is 6.5%. There is £303.5k awaiting matches. Were all that to be matched without more funds arriving, the rate could go as high as 6.9%. Some might see the "rate to lend right now" tag as an attempt to artificially depress lending rates: I couldn't possibly comment.
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star dust
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Post by star dust on Aug 25, 2015 21:37:59 GMT
I think this is pretty dire. I don't think RS should be encouraging lenders to set/drop their offers to suit borrowers by putting obstructions in their way and trying to intimidate them. I'm sure it's unlikely to effect the behaviour of many around here, and is just an irritant requiring an extra click each time you even want to view the market. I seem to recollect they tried to do something similar once by pre-filling the box you have to enter the rate into, so forcing investors to have to amend it if they didn't fancy the current lowest possible rate. That went by the wayside, I hope this does too, and isn't the start of a slippery slope. We wouldn't want to have to rename Rate Setter now would we?
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Post by mrclondon on Aug 25, 2015 22:31:29 GMT
So the ratesetter market grid has been dumbed down, to the point where to the casual viewer there is no market.
There is a very good chance this could have the opposite effect to that intended, and may be short lived as a consequence. I wonder how many will have a quick glance at the markets, decide the single rate being offered is uncompetitive, and rather than drill down to set a more acceptable rate simply go elsewhere leading to a shortage of funds being offered and higher rates for borrowers (and savy lenders).
EDIT: At least for now if you click the approriate row in the 'Last Matched Rates' table you jump straight into the traditional market rate grid, where as the links under 'Lend Money' jump to the new underhand rip off single rate.
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Post by p2plender on Aug 25, 2015 22:46:25 GMT
So it says "The rate to lend right now is:"
Well they're not lying are they?? If you want to lend right now then you can at what it says. Can't see a problem to be honest.
I've never seen the site from the borrower's perspective but perhaps it says "The rate to borrow right now is:".
It's up to the borrower/lender to decide what rates they desire.
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c88dnf
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Post by c88dnf on Aug 25, 2015 23:52:03 GMT
So it says " The rate to lend right now is:" Well they're not lying are they?? If you want to lend right now then you can at what it says. Can't see a problem to be honest. (snip) It's up to the borrower/lender to decide what rates they desire .Sure. They're not lying. And SCS will be having a very special summer sale on sofas this weekend. FACT - the person who followed the "invest at 6.2%" guidance early on Tuesday night missed out on getting a rate of 6.6% later in the evening. Now watch what happens when the MR algorithm kicks in tomorrow morning. Will punters' money go in at the real rate (as at 00.45 Weds) of 6.6%, or rather lower? And will the "you can lend at" statement reflect MR or the artificial 6.2% rate?
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gnasher
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Post by gnasher on Aug 26, 2015 6:36:50 GMT
So the ratesetter market grid has been dumbed down, to the point where to the casual viewer there is no market. I agree, I think this is just dumbing down, rather than anything manipulative or sinister on behalf of RS. They are aiming at expansion and the mass market of "unsophisticted" lenders who see just one rate at a Building Society, so they want to give them just one, higher, rate here on RS. Application of the KISS principle. I imagine that they have recieved a lot of calls from new confused lenders saying "I do not know what rate to set". Will it have any overall long term effect on the market? Who knows. If this always joins you at the end of the queue at the lowest rate currently matching, perhaps it may stop people feeling the need to undercut to get to the front of the queue, so may stabilise the rate a bit, even stop it dropping?
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pom
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Post by pom on Aug 26, 2015 7:02:50 GMT
So it says " The rate to lend right now is:" Well they're not lying are they?? If you want to lend right now then you can at what it says. Can't see a problem to be honest. I've never seen the site from the borrower's perspective but perhaps it says " The rate to borrow right now is:".It's up to the borrower/lender to decide what rates they desire .Except that right now there are no borrower offers listed so it's saying the rate to lend right now is 6.4 (=lowest lender offer). Which is even worse in my book
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bigfoot12
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Post by bigfoot12 on Aug 26, 2015 7:37:38 GMT
So the ratesetter market grid has been dumbed down, to the point where to the casual viewer there is no market. I agree, I think this is just dumbing down, rather than anything manipulative or sinister on behalf of RS. I agree. I think that it is probably dumbing down too. Strangely it is less than a month since I had an email from RS referring to us as RaterSetters. Will they continue to do so when most customers aren't actually setting rates? I don't like it, but thank you to mrclondon for pointing out the shortcut straight to the rate setting page.
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Post by Deleted on Aug 26, 2015 7:39:10 GMT
Wow, what a change, I always found RS's layout a bit confusing, now it just seems to provide an odd answer. No, I'm going to come down on the "not acceptable side". Now, where do I find out where my pending loan is? The old click through button has gone. Kev, give me a clue where do I find out where my pending loan is? I don't want to cancel it or change it, I just want to see where it is in the queue. Found it, you have to claim to be an expert and then you find the old screen. Bah, humbug, moan, budger!
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pom
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Post by pom on Aug 26, 2015 7:44:49 GMT
Wow, what a change, I always found RS's layout a bit confusing, now it just seems to provide an odd answer. No, I'm going to come down on the "not acceptable side". Now, where do I find out where my pending loan is? The old click through button has gone. Kev, give me a clue where do I find out where my pending loan is? I don't want to cancel it or change it, I just want to see where it is in the queue. Found it, you have to claim to be an expert and then you find the old screen. Bah, humbug, moan, budger! Bobo if you click on the expert link it takes you back to what you usually see.
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adrianc
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Post by adrianc on Aug 26, 2015 8:25:51 GMT
Except that right now there are no borrower offers listed so it's saying the rate to lend right now is 6.4 (=lowest lender offer). Which is even worse in my book It tried to push me to 6.3% earlier, whilst simultaneously showing the last match as 6.7%.
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spiral
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Post by spiral on Aug 26, 2015 9:30:48 GMT
Now something we would all find usefull would be if they took a range of rates and said something like:
In the last x days those that offered at 6.2% matched on average within 1 day 6.3% matched on average within 1 day 6.4% matched on average within 2 days 6.5% matched on average within 3 days 6.6% matched on average within 7 days etc.
You could then make a much more informed decision about the rate to offer at even if you hadn't looked in months. Of course it would have to have the usual disclaimer about past performance not being a guarantee of future performance etc.
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Post by p2plender on Aug 26, 2015 9:50:18 GMT
What about doing a bit of homework??
It's a lending platform not a high street savings account.
Compare it buying some shares. You wouldn't just necessarily buy at the same price as the last punter did.
Take a bit of responsibility.
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