Neil_P2PBlog
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Post by Neil_P2PBlog on Aug 6, 2016 15:17:30 GMT
My experience on lending out on the 3 year market:
Lending out £1000: already waited 19 days and still '8 days to match'. Has been at 8 days for over a week, went up to 10 after start of month, down to 7, then up to 8 days again. Between my check yesterday and today, they have only shifted £50 at the front of the queue. Still around £75,000 to clear.
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n
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Post by n on Aug 6, 2016 16:37:38 GMT
I put a lump in to 5 years 23 days ago and it was going to take 20 days. There are now only 8 days to go!
Last time I was depositing regularly was around last November and at that time it was taking about 1 week IIRC.
I read somewhere that the 'days to go' is automatically worked out on the fly based on borrowings on a day to day basis. It always goes up a bit over the weekend, and then down again as deals are done. Automatic re-investment, if you choose that option, goes into a higher priority queue and is usually placed within a couple of days.
It doesn't worry me (much) as this is a place I put funds to leave alone for a few years so the effect of the dead time is minimal.
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pom
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Post by pom on Aug 7, 2016 9:27:27 GMT
Supply clearly not matching demand right now (and hence the rates not so great as previously) - not entirely surprising, everything's slowing down for the summer. Position in the queue will vary quite a lot - repayments used to be on only the 1st,10th or 20th of the month, looking at my account they seem to have changed that, but they are still the days of most repayments, and reinvested repayments can shove new money down the queue by quite a bit. Money that was allocated to loans that end up not completing also pushes new money back when it rejoins the queue. So there's probably a lot more shifted ahead of you than you realise.
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ben
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Post by ben on Aug 7, 2016 12:26:22 GMT
Have been withdrawing from LW takes to long to match money and the rates have been dropping lately and can see them dropping even more soon.
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n
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Post by n on Aug 7, 2016 16:04:21 GMT
I agree with your sentiment ben - I just can't bring myself to lose the platform diversity. |
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ben
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Post by ben on Aug 7, 2016 16:13:29 GMT
true there is that but the real rate especially on the 3 year market with a month univested will be quite a bit lower then the advertised rate plus when you take into account each month reinvestment.
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n
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Post by n on Aug 7, 2016 16:53:10 GMT
Yes. The 3 year market probably works out about the same as Zopa Classic (which I am running down). The 5 year I think slightly better than AC's 30 day account. Although if anyone has worked it out accurately I stand to be corrected.
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Neil_P2PBlog
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Post by Neil_P2PBlog on Aug 15, 2016 22:24:57 GMT
Checked a few days ago and had gone down to 5 days left.. checked tonight and was up to 7 days remaining again! Incredibly slow!
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n
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Post by n on Aug 16, 2016 11:02:52 GMT
Mine has now reached 'next working day' after 32 days (5 year market). If I ever want to put any more here I will certainly test the backlog with a nominal amount first.
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elliotn
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Post by elliotn on Aug 18, 2016 10:26:33 GMT
Registered today and put in a nominal amount and quoted nearly a month to match. I've read on here the minimal impact of losing a month over a multi-year loan but can I really put in, say, five figure funds already earning elsewhere? I don't think so.  |
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Neil_P2PBlog
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Post by Neil_P2PBlog on Aug 18, 2016 13:42:17 GMT
Registered today and put in a nominal amount and quoted nearly a month to match. I've read on here the minimal impact of losing a month over a multi-year loan but can I really put in, say, five figure funds already earning elsewhere? I don't think so. The estimate is comical, they add all the reinvestments to the front of the queue and seem to have additional reinvestment funds all the time (not just on the 10th, 20th and 30th of the month as I'd read somewhere). Even in times when I don't see reinvestments added the average is far away from my simple average calculated from the rate of investment over the last few days and the amount in front of me in the queue. For me it's taken a month to go a couple of days in the queue (today I'm still at 6 days). The only reason I'm keeping my money in now is that at £50 the cashback on my £1k makes up for it and that I've already lost a month.
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elliotn
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Post by elliotn on Aug 20, 2016 10:38:54 GMT
Having promotions that back up lenders' fund for c1 month without the commensurate borrowing demand is a mismatch bordering on lender mistreatment. Not for me.
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ribs
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Post by ribs on Aug 23, 2016 12:38:42 GMT
Matthew is being unusually quiet here... He's usually on the ball with responding to posts. I'm feeling confident these posts are being read. If anything, that's more of a concern than the longer wait times for me. I appreciate maybe there is nothing that can be done right now, but some reassurance or maybe information on plans for the future wouldn't go amiss.
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Post by Matthew on Aug 23, 2016 13:13:17 GMT
Hi ribsI do indeed keep an eye on the forum - I'm not particularly active simply because of time constraints! I contribute here mainly because I enjoy speaking with lenders and because I love P2P lending rather than as a representative of LW (although noting I can't avoid being that). Regarding recent matching times increasing - for sure this is very, very important for us and is one of our highest priorities currently as a business. Rates generally across the sector have dropped recently - you will probably be aware of this already. If you assume 30 days waiting to match equates to roughly 0.1% lost interest over 5 year loans, you can compare like for like against our peers and choose where to invest your free cash. Our rates, even accounting for a 0.1% haircut, are still competitive across the prime unsecured consumer space, so should be considered with that in mind. Savers and investors across multiple asset classes have been hit recently, and P2P generally has held up pretty well. That said, we're not happy with current matching times, more from a user journey than anything else. Our reinvestment matching times are still very good (typically one business day). We are working on ways to ensure lenders are matched way more quickly, however right now we're seeing the impact of a large number of investors looking for a decent yield due to recent macro events. |
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Neil_P2PBlog
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Post by Neil_P2PBlog on Aug 23, 2016 13:39:40 GMT
Hi ribs I do indeed keep an eye on the forum - I'm not particularly active simply because of time constraints! I contribute here mainly because I enjoy speaking with lenders and because I love P2P lending rather than as a representative of LW (although noting I can't avoid being that). Regarding recent matching times increasing - for sure this is very, very important for us and is one of our highest priorities currently as a business. Rates generally across the sector have dropped recently - you will probably be aware of this already. If you assume 30 days waiting to match equates to roughly 0.1% lost interest over 5 year loans, you can compare like for like against our peers and choose where to invest your free cash. Our rates, even accounting for a 0.1% haircut, are still competitive across the prime unsecured consumer space, so should be considered with that in mind. Savers and investors across multiple asset classes have been hit recently, and P2P generally has held up pretty well. That said, we're not happy with current matching times, more from a user journey than anything else. Our reinvestment matching times are still very good (typically one business day). We are working on ways to ensure lenders are matched way more quickly, however right now we're seeing the impact of a large number of investors looking for a decent yield due to recent macro events. It is not even 'just' 30 days waiting time. I started this post in frustration of waiting times on 6th August with '8 days to match' left. I just checked again now and that same money is back up to '8 days to match'!
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