SteveT
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Post by SteveT on Mar 29, 2016 6:50:53 GMT
I haven't invested anything in Moneything yet as I couldn't see any reason to take my money out of SS. The 1% cashback would certainly entice me to invest in the Moneything loan. If I make a bank transfer this morning would it show in the Moneything account this morning to be able to invest and is there a maximum investment amount to qualify for cashback? It will usually appear in your account in a matter of minutes. MT is famously speedy with deposits and withdrawals. No limit mentioned for the cashback and I doubt one will be applied.
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spiral
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Post by spiral on Mar 29, 2016 7:17:11 GMT
I believe part of the issue is the rule that prevents SM sales until sales on the PM is complete. Earlier this year, one of the Broadoak loans I think, didn't complete until they committed to buying back any unsold parts after 28 days or so thus creatinig a known liquidity point. The 24 hour investment limit works very well at ensuring the loan is available for that length of time, but it also makes it quite easy to ascertain in a leisurely timeframe whether the loan is likely to fill. If its not, there is little point in investing at that point as your investment is not liquid in comparison to the other investments available and once it has filled, there will be availability on the SM. I appreciate that MoneyThing don't want their investment tied up and that is the reason for wanting to sell down their holdings before allowing trading but I think I would address the bigger issue by offering a premium rate for the period that a loan is not liquid. In most instances this would only be payable for a day or 2 because once the loan had filled and was tradable, it would revert back to the normal rate. Having said all that, CB would tempt me but only because I am yet to invest for the reasons laid out above.
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ben
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Post by ben on Mar 29, 2016 8:34:10 GMT
I believe part of the issue is the rule that prevents SM sales until sales on the PM is complete. Earlier this year, one of the Broadoak loans I think, didn't complete until they committed to buying back any unsold parts after 28 days or so thus creatinig a known liquidity point. The 24 hour investment limit works very well at ensuring the loan is available for that length of time, but it also makes it quite easy to ascertain in a leisurely timeframe whether the loan is likely to fill. If its not, there is little point in investing at that point as your investment is not liquid in comparison to the other investments available and once it has filled, there will be availability on the SM. I appreciate that MoneyThing don't want their investment tied up and that is the reason for wanting to sell down their holdings before allowing trading but I think I would address the bigger issue by offering a premium rate for the period that a loan is not liquid. In most instances this would only be payable for a day or 2 because once the loan had filled and was tradable, it would revert back to the normal rate. Having said all that, CB would tempt me but only because I am yet to invest for the reasons laid out above. Interest was still paid from when you invested it only made any difference on that loan to people that were intending on buying more then they wanted and use the secondary market at a later date.
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spiral
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Post by spiral on Mar 29, 2016 8:54:33 GMT
it only made any difference on that loan to people that were intending on buying more then they wanted and use the secondary market at a later date.
That's my point, why invest in something illiquid for 12% when you can have something that's liquid at the same rate.
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ben
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Post by ben on Mar 29, 2016 9:12:43 GMT
the new ss bigger loans are same for first few weeks usually they take a bit of time to fill up
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Post by MoneyThing on Mar 29, 2016 10:55:26 GMT
Morning,
An email has just been sent out to notify lenders of the 1% Cash Back offer on the Bolton & AE loans.
Thank you again for all your comments.
Kind regards,
Ed
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registerme
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Post by registerme on Mar 29, 2016 10:56:26 GMT
Just read the email. Enjoyed its... subtlety .
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investibod
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Post by investibod on Mar 29, 2016 11:18:37 GMT
Just read the email. Enjoyed its... subtlety . Indeed. I enjoyed most what it did not say I have just transferred some funds to increase my modest holdings in these loans.
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treeman
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Post by treeman on Mar 29, 2016 11:29:30 GMT
Extra funds from me too - credited like lightning again ! Impressive MT !
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LittleBear
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Post by LittleBear on Mar 29, 2016 12:28:49 GMT
Yep, I've looked down the back of the sofa and in some trouser pockets and found a few more pennies to invest
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Post by wiseclerk on Mar 29, 2016 12:49:36 GMT
Just read the email. Enjoyed its... subtlety . Indeed. I enjoyed most what it did not say Enlighten me pls.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Mar 29, 2016 14:08:05 GMT
Indeed. I enjoyed most what it did not say Enlighten me pls. I think they are referring to the paragraph on the SM and the implied comparison with another platform
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am
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Post by am on Mar 29, 2016 15:18:47 GMT
I see that the short term effect is to increase (not decrease) the cash value of loans for sale. The amount outstanding on the cashback loans is reducing, but the amount available on other loans is increasing faster. I suspect people are trying to release money to put into the cashback loans.
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SteveT
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Post by SteveT on Mar 29, 2016 15:24:34 GMT
Not really. The total available was up around £450k this morning, pretty much all of it in the Bolton and AE loans. Those 3 are down to around £310k already (of the £380k current total)
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investibod
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Post by investibod on Mar 29, 2016 16:55:34 GMT
I think they are referring to the paragraph on the SM and the implied comparison with another platform Yes, that is exactly what I meant.
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