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Post by jonboy73 on Nov 14, 2016 9:53:02 GMT
I have made the intial investment, placed an offer, and requested more info from MP as to some of their procedures. Will let you know. Summary so far. Registration was easy. Verification happened with no problems. Deposit was easy via debit card (can't speak for bank transfers) Placing a loan offer was easy, but in all honesty the UI for doing this could do with a little tweaking, and improvement. I asked a few questions of MP when the offer was placed and received a quick and relevant response. This included a question as to when my money was likely to be lent out. 9am this morning my first loan was made. So far "it does what it says on the tin" could you explain on the loan matching process, is it simply to the lowest bid?
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david42
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Post by david42 on Nov 14, 2016 10:18:32 GMT
I registered yesterday to try this out. Questions for The Money Platform. I need this information to assess whether my expected return after defaults is higher by lending at higher or lower rates: 1. How is the borrower rate decided? Is it based on borrower credit rating alone, or is there an element of competitive bidding depending on what lenders want to offer? 2 What are the default statistics to date, against borrower interest rate and loan term? 3 What default rates does your credit model expect, against borrower interest rate and loan term? 4 The offers list has two columns headed "Loans in the Market" and "Offers in the Market". Which column is listing the lender offers and which column is the borrower requests? 5 Why I can see both a borrower request and a lender offer available at the same time for the same amount, rate, and term? Surely these should have been matched? Enhancement Request Currently to find the best borrower requests I need to open 20 separate screens to look behind each of the green crosses. Please rewrite this screen to list all borrower requests, with options to sort and / or filter by interest rate, loan length, and loan amount.
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hendragon
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Post by hendragon on Nov 14, 2016 10:25:39 GMT
my understanding is that offers to lend within a particular interest rate are dealt with on a first come first served basis. The UI breaks down into loan lengths of 3,4 6,8 and 12 weeks. Contained within each of these are interest rates varying from .3% to .7% daily. I have pasted the relevant passage from MP FAQS below. To my mind this could do with a degree of expansion and clarification. I would also say that given my intial experience with MP I have a feeling that their platform will evolve and improve, and any further explanation needs to come from MP.
" Which loan should I offer on and what interest rate should I select?
This is entirely your decision and depends on how long you would like to lend for and how much you would like to lend. Consider what return you would be satisfied for the nature of the loan you are making. However, it is worth noting that your desired interest rate needs to match with a borrower – if others are lending at a cheaper rate you might not be able to lend out your money. "
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adrianc
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Post by adrianc on Nov 14, 2016 10:32:13 GMT
hendragonWhat can you see about the borrower? Can you even match a particular borrower, or is it just RS-style "some money needed at this rate"? I'm wondering if there's any way to say "Well, yes, I think this one's a good risk at 0.5%, but I'm not going near them at 0.3%."
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Post by jonboy73 on Nov 14, 2016 10:35:17 GMT
my understanding is that offers to lend within a particular interest rate are dealt with on a first come first served basis. The UI breaks down into loan lengths of 3,4 6,8 and 12 weeks. Contained within each of these are interest rates varying from .3% to .7% daily. I have pasted the relevant passage from MP FAQS below. To my mind this could do with a degree of expansion and clarification. I would also say that given my intial experience with MP I have a feeling that their platform will evolve and improve, and any further explanation needs to come from MP. " Which loan should I offer on and what interest rate should I select? This is entirely your decision and depends on how long you would like to lend for and how much you would like to lend. Consider what return you would be satisfied for the nature of the loan you are making. However, it is worth noting that your desired interest rate needs to match with a borrower – if others are lending at a cheaper rate you might not be able to lend out your money. " ah ok, thanks for that. I have registered and looked at the lending screen of doom. I hadn't seen the faq you posted.
So it appears that it is essentially a race to the bottom on rates with the cheapest money going first. not for me I think as this always ends up with, imho, the dumbest money getting lent at rates that don't really represent the risk being taken. I recall early zopa days when the rates were quite good compared to now.
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hendragon
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Post by hendragon on Nov 14, 2016 10:38:58 GMT
Jon I rather think that MP is a little more sophisticated that you are suggesting. My own approach is going to be to see how MP engage, explain and perforn before forming my own view.
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hendragon
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Post by hendragon on Nov 14, 2016 10:40:35 GMT
hendragon What can you see about the borrower? Can you even match a particular borrower, or is it just RS-style "some money needed at this rate"? I'm wondering if there's any way to say "Well, yes, I think this one's a good risk at 0.5%, but I'm not going near them at 0.3%." I rather think that is one of the things MP needs to clarify........we could ask them.
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Post by jonboy73 on Nov 14, 2016 10:47:16 GMT
Jon I rather think that MP is a little more sophisticated that you are suggesting. My own approach is going to be to see how MP engage, explain and perforn before forming my own view. well I was rather hoping that but then you posted this from the faq: "if others are lending at a cheaper rate you might not be able to lend out your money."
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Post by The Money Platform on Nov 14, 2016 10:52:50 GMT
I have made the intial investment, placed an offer, and requested more info from MP as to some of their procedures. Will let you know. Summary so far. Registration was easy. Verification happened with no problems. Deposit was easy via debit card (can't speak for bank transfers) Placing a loan offer was easy, but in all honesty the UI for doing this could do with a little tweaking, and improvement. I asked a few questions of MP when the offer was placed and received a quick and relevant response. This included a question as to when my money was likely to be lent out. 9am this morning my first loan was made. So far "it does what it says on the tin" hendragon
Thank you for your feedback, excellent to hear from an experienced P2P lender and good to hear your experience has been positive so far.
I notice that you mentioned that some areas could do with some tweaking and improvement - it would be really helpful to hear some specifics on this so we can look at implementing them. Feel free to message me on here if that works best.
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Post by Deleted on Nov 14, 2016 10:53:25 GMT
Do you get any data on the borrower like their Experian/credit rating?
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hendragon
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Post by hendragon on Nov 14, 2016 11:47:07 GMT
Summary so far. Registration was easy. Verification happened with no problems. Deposit was easy via debit card (can't speak for bank transfers) Placing a loan offer was easy, but in all honesty the UI for doing this could do with a little tweaking, and improvement. I asked a few questions of MP when the offer was placed and received a quick and relevant response. This included a question as to when my money was likely to be lent out. 9am this morning my first loan was made. So far "it does what it says on the tin" hendragon
Thank you for your feedback, excellent to hear from an experienced P2P lender and good to hear your experience has been positive so far.
I notice that you mentioned that some areas could do with some tweaking and improvement - it would be really helpful to hear some specifics on this so we can look at implementing them. Feel free to message me on here if that works best. I have e-mailed a few questions into MP. If they feel they able to do so it would be good if they could also porst their replies here
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Post by The Money Platform on Nov 14, 2016 11:47:36 GMT
Do you get any data on the borrower like their Experian/credit rating? @bobo Thanks for your question. We conduct extensive credit checks on borrowers before giving them access to our platform. In undertaking our checks and tests we use Equifax and Call Credit data as well as various internal proprietary checks. At present we decline many more borrower applications than we accept.
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fp
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Post by fp on Nov 14, 2016 12:00:08 GMT
Do you get any data on the borrower like their Experian/credit rating? @bobo Thanks for your question. We conduct extensive credit checks on borrowers before giving them access to our platform. In undertaking our checks and tests we use Equifax and Call Credit data as well as various internal proprietary checks. At present we decline many more borrower applications than we accept. Do we as the lender get access to any of this is what I believe @bobo was implying?
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Post by The Money Platform on Nov 14, 2016 12:18:31 GMT
@bobo Thanks for your question. We conduct extensive credit checks on borrowers before giving them access to our platform. In undertaking our checks and tests we use Equifax and Call Credit data as well as various internal proprietary checks. At present we decline many more borrower applications than we accept. Do we as the lender get access to any of this is what I believe @bobo was implying? fpDue to the sensitivity of the information submitted to us from borrowers and the credit bureaus this information cannot be passed on or shared - borrower and lender privacy and data security is very important to us. The Money Platform will only lend investors money to borrowers who have passed our internal and external checks.
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hendragon
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Post by hendragon on Nov 14, 2016 12:30:57 GMT
I have had a response from TMP. I rather think they need some time to think through some of the questions posed by this forum. IMHO hasty replies would be a mistake. The purpose of all of this is help MTP to suceed and make me (sorry us ) a good return on capital. Some platforms are not high-engagement platforms. I invest i e-money union. Hands off, but it works and sits quietly in my portfolio with little done on my part. On the other hand MT does engage a lot with lenders. Time will tell which path TMP will follow. So far, to my mind, they have made a good start and we do need to remember this is a very new platform. Whatever way they choose to go the bottom line is pay me on time and don't lose my money......only time will tell.
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