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Post by baronhardup on Mar 10, 2016 7:52:53 GMT
I like to read the Q&A's on a loan before investing in it - I figure there are guys on the site who know a lot more than I do. On checking recently listed loan 21091 I found no Questions. As this is a second tranche I clicked onto the first tranche loan (21007) to read the Q&A there. MOST OF THEM HAD BEEN REMOVED and replaced with "FC Comment: This post has been removed as it does not ask a question of the borrower regarding the business. Thanks, FC"
I had looked at them at the time. If memory serves, I do not recall any of them being inappropriate. Rather, they were attempting to get make FC up their game with regards to more clarity and accuracy in the Investor Report.
So is the new FC moderation policy one of 'remove any comments that are critical of us'?
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fasty
Member of DD Central
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Post by fasty on Mar 10, 2016 9:44:36 GMT
I don't think that's a new policy  |
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happy
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Post by happy on Mar 10, 2016 12:06:54 GMT
Removed questions, ignored questions, loans not linked to other loans from same borrower, financials more often than not 12 months or more out of date even on supposed A+ grade loans, new loans issued to existing borrowers without consulting or even informing holders of existing loan parts, no consultation on action taken over late loans/defaults, no obvious evidence of any loan monitoring for SME loans, most loans A+ or A since fixed rates.................
Basically when most of your retail money comes from autobid lenders who don't/can't ask questions or read financials then why bother with anything.
What bothers me the most is that 10% of SME loans is apparently our Governments money, wonder if HM Govt. realises they 10% funded a loan for some company to buy their own yacht last year or for another to pay their tax bill!
There is nothing wrong with unsecured SME lending but I am convinced that most FC lenders do not truely understand the risks they are taking in lending unsecured to SMEs at these rates with no DD. God help them when the economy slumps again.
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Post by nightmare on Mar 10, 2016 14:28:18 GMT
I like to read the Q&A's on a loan before investing in it - I figure there are guys on the site who know a lot more than I do. On checking recently listed loan 21091 I found no Questions. As this is a second tranche I clicked onto the first tranche loan (21007) to read the Q&A there. MOST OF THEM HAD BEEN REMOVED and replaced with "FC Comment: This post has been removed as it does not ask a question of the borrower regarding the business. Thanks, FC" I had looked at them at the time. If memory serves, I do not recall any of them being inappropriate. Rather, they were attempting to get make FC up their game with regards to more clarity and accuracy in the Investor Report. So is the new FC moderation policy one of 'remove any comments that are critical of us'? Playing devils advocate here but it clearly states in bold that Please note this forum is not actively monitored and Funding Circle does not control the content. It should should not be used to communicate with Funding Circle. So if the questions were as you say "attempting to get make FC up their game with regards to more clarity and accuracy in the Investor Report. " then they were asking questions of FC not of the borrower. That said there is a strong case (IMHO) for added functionality that allows prospective lenders to ask questions of FC regarding a specific loan without having to email them via the 'contact us' page.
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ablender
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Post by ablender on Mar 14, 2016 6:34:04 GMT
I like to read the Q&A's on a loan before investing in it - I figure there are guys on the site who know a lot more than I do. On checking recently listed loan 21091 I found no Questions. As this is a second tranche I clicked onto the first tranche loan (21007) to read the Q&A there. MOST OF THEM HAD BEEN REMOVED and replaced with "FC Comment: This post has been removed as it does not ask a question of the borrower regarding the business. Thanks, FC" I had looked at them at the time. If memory serves, I do not recall any of them being inappropriate. Rather, they were attempting to get make FC up their game with regards to more clarity and accuracy in the Investor Report. So is the new FC moderation policy one of 'remove any comments that are critical of us'? Playing devils advocate here but it clearly states in bold that Please note this forum is not actively monitored and Funding Circle does not control the content. It should should not be used to communicate with Funding Circle. So if the questions were as you say "attempting to get make FC up their game with regards to more clarity and accuracy in the Investor Report. " then they were asking questions of FC not of the borrower. That said there is a strong case (IMHO) for added functionality that allows prospective lenders to ask questions of FC regarding a specific loan without having to email them via the 'contact us' page. I understand that this thread relates to the Q&A on FC loans, not this forum. Even if FC does not "actively monitor those Q&A", something that I dispute because they use it to communicate with the lenders, the fact that they choose to remove a question rather than answering it shows the kind of respect that they have to the lenders (to say the least).
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blender
Member of DD Central
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Post by blender on Mar 14, 2016 10:29:19 GMT
On property loans FC answer the questions and the borrower does not (directly). So you have to use it to communicate with FC. Inconsistent, contradictory. They reap what they sow.
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