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Post by beckmatt on Jan 20, 2016 10:52:46 GMT
Hi
Bit of a newbie in saving stream, but I'd heard some good things, and it seems to be fairly active on this forum, so thought I would give it a go.
Fairly well invested in TC, FC, and smaller in RS, AC.
So I signed up a week ago, and am I right in thinking there are no loans available? So I upped the pipeline thing to 6000, expecting to get in some loans, but haven't had any confirmation, and haven't been asked for any funds?
Basically, have their not been any new loans? or have I just missed them? Or am I doing something wrong?
The most active forum on this board and no loans, doesn't make sense to me!
I realise there is a secondary market, but I like to learn a bit by being invested on each platform, before going into the SM
Any help gratefully received!
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ben
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Post by ben on Jan 20, 2016 11:00:46 GMT
At the moment there is no new loans, only up the pipeline to if you want that amount of loan otherwise you might end up with a lot more of the loan then you want. If you read a few other posts on here SS are hoping to have a few up in the next few weeks
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adrianc
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Post by adrianc on Jan 20, 2016 11:02:22 GMT
No, there's been no new loans in the last week.
The last one was a tiddler, PBL74, on 4th Jan.
Have a read of some of the threads around pre-funding - upping your prefund limit won't necessarily get you any more of a loan, unless it's a whopper.
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ablender
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Post by ablender on Jan 20, 2016 11:04:54 GMT
Hi beckmatt. SS works a bit different from other platforms. Starting with SM, there are loans available from time to time but their availability is extremely volatile. They only exist for a few seconds. (And thinking about it, scientists are spending millions if nor billions of money in studying the elusive black matter and sub atomic particles that exist only for short durations of time. They might learn something or two if they start investing in SS.) Anyway.... Re Pipeline, place an amount that you choose for any of the listed loans. They will take sometime to become live. Do no worry about transferring money. Once a loan goes live and you are allocated a part, you will be asked to transfer the money. You will have up to 48hrs to balance your account. Please do not be alarmed that during this time your account shows a negative balance and that you receive an email asking you to make the bank transfer. It is how the system works. Since you are invested in AC you might want to keep your money in AC in the meantime earning at least 3.75% (please check how long it takes for AC to send money to your bank account - have not tried this myself). Alternatively there are people who are using some bank accounts with some better than average interest rate. Cheers. |
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Post by beckmatt on Jan 20, 2016 18:54:40 GMT
OK thanks a lot. Looks like I am doing it roughly right, I look forward to the first loan!!
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ben
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Post by ben on Jan 20, 2016 21:16:52 GMT
Also if you set the pipeline to 6000 as default setting it will think you want that for every loan, so if they end up drawing a few close together you might end up with more than you want
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cooling_dude
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Post by cooling_dude on Jan 20, 2016 21:26:56 GMT
Also if you set the pipeline to 6000 as default setting it will think you want that for every loan, so if they end up drawing a few close together you might end up with more than you want This a good point.... I will add however that if you do get more than you require, don't panic as you can easily sell anything that you don't want on the SM.
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adrianc
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Post by adrianc on Jan 21, 2016 8:57:47 GMT
Also if you set the pipeline to 6000 as default setting it will think you want that for every loan, so if they end up drawing a few close together you might end up with more than you want This a good point.... I will add however that if you do get more than you require, don't panic as you can easily sell anything that you don't want on the SM. If there's been a recent raft of launches of loans so large that £6k pre-funders have received 100%, then the SM will not be anywhere NEAR as liquid as it is currently. Even the flabbiest, most arthritic of fingers will be like Usain Bolt on a Berocca overdose.
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Post by GSV3MIaC on Jan 21, 2016 9:16:45 GMT
Even pbl73 had a big chunk sloshing around for several days iirc .. And that with active bots. Overbidding is now rather risky IMO.
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nush
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Post by nush on Jan 21, 2016 9:27:44 GMT
the new system makes over bidding a waste of time. you might as well ask for the amount you want and no more.
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SteveT
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Post by SteveT on Jan 21, 2016 9:31:47 GMT
the new system makes over bidding a waste of time. you might as well ask for the amount you want and no more. Not if the loan is for between, say, £1m and £2m. You're unlikely to get more than 1/3rd of what you ask for if a loan is just above the £1m threshold.
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webwiz
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Post by webwiz on Jan 21, 2016 9:48:59 GMT
At the moment I judge the optimum prefund strategy to be as follows but as other lenders adjust their strategy it will need revision
If you want £x;
up to £1m bid for £x you won't get it but there is no value in bidding more
£1m-£2m bid 3x
£2m-£3m bid 2x
>£3m bid x
Use at your own risk.
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adrianc
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Post by adrianc on Jan 21, 2016 9:52:56 GMT
the new system makes over bidding a waste of time. you might as well ask for the amount you want and no more. Not if the loan is for between, say, £1m and £2m. You're unlikely to get more than 1/3rd of what you ask for if a loan is just above the £1m threshold. If the loan is oversubscribed, below your actual pre-fund amount, you'll get exactly the same if you pre-fund what you want or over-pre-fund. If the loan is oversubscribed, above your actual pre-fund amount, you'll get more than you want at the expense of others who genuinely wanted more than you and now have to go to the SM. If the loan isn't oversubscribed at all, you will get more than you actually want. So what's the benefit...?
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adrianc
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Post by adrianc on Jan 21, 2016 9:54:03 GMT
At the moment I judge the optimum prefund strategy to be as follows but as other lenders adjust their strategy it will need revision If you want £x; ... £1m-£2m bid 3x £2m-£3m bid 2x ... Why? If you want £1,000, and the pre-fund allocation is £500, you'll get £500 whether you bid for £1,000 or £100,000.
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SteveT
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Post by SteveT on Jan 21, 2016 10:08:52 GMT
At the moment I judge the optimum prefund strategy to be as follows but as other lenders adjust their strategy it will need revision If you want £x; ... £1m-£2m bid 3x £2m-£3m bid 2x ... Why? If you want £1,000, and the pre-fund allocation is £500, you'll get £500 whether you bid for £1,000 or £100,000. No, you won't. The original pre-funding allocation process still applies on loans over £1m (unless SS decide to change their process again) so everyone receives the same % of their requested pre-funding amount.
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