jimc99
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Post by jimc99 on Dec 3, 2015 2:15:32 GMT
Could FS please consider creating a prefunding facility for its loans? It's a real pain having to be online at the set time to bid on the new loans, particularly the small ones...
Thanks.
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hazellend
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Post by hazellend on Dec 3, 2015 20:20:16 GMT
Agreed, very annoying not being able to bid in time.
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Post by mitosan on Dec 3, 2015 20:22:36 GMT
It is annoying but how do you imagine it would work? Surely the prefunding stage would fill up just as fast? Or would you have it so that people commit funds and then the platform may or may not actually take them later?
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mikes1531
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Post by mikes1531 on Dec 3, 2015 20:29:48 GMT
It is annoying but how do you imagine it would work? Surely the prefunding stage would fill up just as fast? Or would you have it so that people commit funds and then the platform may or may not actually take them later? I should be easy enough to distribute the available loan parts among all those who prefunded -- either in equal shares (as at AC) or proportional shares (as at SS). Most people probably wouldn't get all they asked for, but at least it would stop the need to be poised on the website when the loan is released and play the 'fastest finger' game.
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Post by mitosan on Dec 3, 2015 20:42:14 GMT
I see what you mean but I can imagine it being very easy to game by bidding more than I really want. Would be good if they came up with something fair though. Of course it would be fixed by a larger flow...
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mikes1531
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Post by mikes1531 on Dec 3, 2015 21:05:00 GMT
I see what you mean but I can imagine it being very easy to game by bidding more than I really want. Would be good if they came up with something fair though. Of course it would be fixed by a larger flow... Gaming as described by mitosan definitely is an issue at SS, but the AC system can't really be gamed. There, everyone gets what they asked for up to the amount that funds the whole loan. So if £100/person is enough to fund the whole loan, then those who asked for £100 or less get what they asked for, and those who asked for more than £100 get £100. There is no advantage in asking for £10k instead of £1k in that system. If FS stick with their £25 loan part increments, then some adjustments would need to be made. If a loan is so small that there isn't enough to give everyone at least £25, then I suppose they'd have to work on a queuing basis or by drawing lots. And if the loan size divided by the number of applicants were to be £37, for instance, then some people who asked for at least £50 would get £25 and some would get £50. Having said that, though, FS used to allow loan parts of any size, and they probably could go back to that if it helped with the allocations.
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jonno
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Post by jonno on Dec 4, 2015 11:12:15 GMT
I wasn't convinced about this until earlier when three loans were launched simultaneously at 11a.m. I only managed to get on one loan i.e. the property one. fundingsecure, are you planning to do this on a regular basis? If so pre-funding will need to be considered. |
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Post by Deleted on Dec 4, 2015 11:20:02 GMT
just a note on the 11 am bids, two of them were tiny even for £25 ones so not really a good example of multiple loans live at the same time. Mrs Bobo picked up all 3 and I managed both I wanted. What would be good is if FS actually started the bids on time, that extra minute in bid is required  |
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Post by mrclondon on Dec 4, 2015 11:35:46 GMT
fundingsecure I have failed to get bids on 4 of the last 5 loans including any of today's. Your website becomes sluggish at the times the loans go live and with > 30 sec page refresh times it is inevitable many of your lenders miss out. I would suggest this situation is an inevitable consequence of the way you have structured your secondary market. By allowing premiums you create a situation where traders (flippers in p2p parlance) who have no interest in holding the loan buy specifically to sell to those lenders who missed out at the primary listing whilst taking a cut for themselves. Coupled with the fact the SM profits are (you claim) tax free the attraction of the FS platform for traders becomes all too obvious. Since the launch of the SM I have stopped recommending Funding Secure to new potential lenders as you are now targetting traders not investors.
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oldgrumpy
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Post by oldgrumpy on Dec 4, 2015 11:43:03 GMT
I managed one, just. I forgot about the third one for thirty seconds, and by the time my screen refreshed it had gone (but I was only putting a small bit in!).
I sent a mail to FC last year about the stupidity of launching multiple loans at the exact same time. I thought FS would have known better.
Please, FS, if you've got three + loans to launch like that, make them at five/ten minute intervals! (Not hourly intervals; having to keep coming back hourly to make £25 bids is also a pain).
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Post by xyon100 on Dec 4, 2015 11:49:24 GMT
fundingsecure I have failed to get bids on 4 of the last 5 loans including any of today's. Your website becomes sluggish at the times the loans go live and with > 30 sec page refresh times it is inevitable many of your lenders miss out. I would suggest this situation is an inevitable consequence of the way you have structured your secondary market. By allowing premiums you create a situation where traders (flippers in p2p parlance) who have no interest in holding the loan buy specifically to sell to those lenders who missed out at the primary listing whilst taking a cut for themselves. Coupled with the fact the SM profits are (you claim) tax free the attraction of the FS platform for traders becomes all too obvious. Since the launch of the SM I have stopped recommending Funding Secure to new potential lenders as you are now targetting traders not investors. I have to agree, the ones with the fast fingers then list at a premium to others who missed out. Personally I think there has to be a better way than this game of who can be fastest. If nothing else, when I have a free day, I can't really leave the house or the office without carting my laptop around and looking for a WIFI connection. It ends up seriously disrupting my day and quite frankly, sends me to SS and their prefunding model.
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mikes1531
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Post by mikes1531 on Dec 4, 2015 11:53:06 GMT
fundingsecure I have failed to get bids on 4 of the last 5 loans including any of today's. Your website becomes sluggish at the times the loans go live and with > 30 sec page refresh times it is inevitable many of your lenders miss out. I would suggest this situation is an inevitable consequence of the way you have structured your secondary market. By allowing premiums you create a situation where traders (flippers in p2p parlance) who have no interest in holding the loan buy specifically to sell to those lenders who missed out at the primary listing whilst taking a cut for themselves. Coupled with the fact the SM profits are (you claim) tax free the attraction of the FS platform for traders becomes all too obvious. Since the launch of the SM I have stopped recommending Funding Secure to new potential lenders as you are now targetting traders not investors. I have to agree, the ones with the fast fingers then list at a premium to others who missed out. Personally I think there has to be a better way than this game of who can be fastest. If nothing else, when I have a free day, I can't really leave the house or the office without carting my laptop around and looking for a WIFI connection. It ends up seriously disrupting my day and quite frankly, sends me to SS and their prefunding model. Would anyone care to predict how soon after today's loans are activated that parts in those loans start appearing on the SM? I suspect it will be within minutes of the time the 'your loan has been activated' email goes out.
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Post by acacia on Dec 4, 2015 12:21:18 GMT
Isn't this problem just the same as buying limited numbers of concert/sports tickets? Those that are in it to make a quick buck will just tout them after buying. We haven't solved that problem yet so I doubt there will be a fair way of solving this on FS. Unfortunately, for such small loans it inevitably comes down to those with a better internet connection as the lending format becomes more popular. I don't see how prefunding would help as there would be the same amount of interest at prefunding as traditional funding time.
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jonah
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Post by jonah on Dec 4, 2015 13:20:05 GMT
I wasn't convinced about this until earlier when three loans were launched simultaneously at 11a.m. I only managed to get on one loan i.e. the property one. fundingsecure , are you planning to do this on a regular basis? If so pre-funding will need to be considered. I signed up on FS quite a while back, but after failing on a few loans put it into the 'lesson learned' pile and moved on. After the launch of the SM I figured that I would give it a go and see how that has changed things. For those who have more experience than I do (practically anyone!) on FS... is today's pace normal? I saw 1x loan fill to 100% in 30 seconds and the other 2 were only seconds longer. Is this the standard experience? I know that Abl is currently going through a tweak to it's approach for small loans and agree with the comments about SS / AC providing a more equitable position. If the answer to my question is 'yes' then I guess I can go back to ignoring this platform until it does something similar. Which would be a shame as it does appear to offer a slightly different view on what to invest in.
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ablender
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Post by ablender on Dec 4, 2015 13:20:48 GMT
I've been away from the bottle for sometime - so I am seeing relatively straight.  I managed to put £25 on two of the loans. I do agree with you that they go away quite fast. |
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I managed to put £25 on two of the loans. I do agree with you that they go away quite fast.