|
|
Post by longjohn on Nov 12, 2014 19:39:29 GMT
Completed it. Q11 - Is there anything else that Funding Circle could do to improve your investment experience? Now that one really got me going - provide a properly working platform, up to date financials, better correlation between risk band and finances (or explain why something that looks like a C is given an A and vice versa) and as for the Q&A's not being answered, Well! John
|
|
|
|
Post by davee39 on Nov 12, 2014 20:15:07 GMT
More interesting than the pointless 'frustration vent' on the last question - yes I told them a working platform might be a way to improve the user experience - was the glimpse of the future they offered
- Large secure loans
- Invoice Factoring
- Removing the Q & A / Financials
- Fixed rate loans
Clearly they have noted the current model does not lend itself to scaling. I suspect we will be seeing some biggish, non property, fixed rates along soon.
|
|
adrianc
Member of DD Central
Posts: 10,015 
Likes: 5,144
|
Post by adrianc on Nov 12, 2014 21:10:31 GMT
In my simple understanding they just need to allow only one logged in account at any time from one IP address. No doubt it is more complicated than that
|
|
|
|
Post by bracknellboy on Nov 12, 2014 22:39:32 GMT
Completed it. Q11 - Is there anything else that Funding Circle could do to improve your investment experience? Now that one really got me going - provide a properly working platform, up to date financials, better correlation between risk band and finances (or explain why something that looks like a C is given an A and vice versa) and as for the Q&A's not being answered, Well! John I'm asked to make a judgement on different types of potential product: "Loans to social enterprises, if guaranteed against loss": What does 'guaranteed' mean ? By FC ? By the Govt ? By some currently undisclosed industry body ? How guaranteed is that guarantee? Why do I feel that an answer to that question is meaningless. "Mini-bonds": What are they then ? 001s instead of 007s ? Driving MG Midgets rather than DB5s ? "Funding Circle has a market-leading credit assessment process to determine the risk band for each loan, based on expected annual loss rate." Does it ? Please substantiate this claim, or ask me to comment on it, not give me a pick list of answers to a question which is explicitely predicated on it being a fact. The Q10 strongly hints at a direction of travel towards a Wellsley model: give us your money, we'll invest it. Don't ask any questions. (no judgement on Wellsley, just a different model from that which I'm principally interested in).
|
|
|
|
Post by GSV3MIaC on Nov 13, 2014 10:21:24 GMT
If you hadn't noticed yet, the survey seems to be keyed to 'device' you respond from rather than account numbers or IP addresses or whatever .. I had two accounts and when I tried second one I got 'thanks for completing already' on the same PC .. however move to a tablet and you can fill it in again. Laptop .. again .. smartphone .. again, again. 8>. Even with just one account. Ho hum .. democracy at its best. However since they'll ignore it anyway ..
I suspect the comments about dumbing down to the ZOPA model are probably correct, FC apparently can't make a bid model work (due to technical incompetence? The model seems to work elsewhere .. ebay for one), and would rather follow ZOPA and turn into Santander Lite (with no protection). If they do, I'm off .. no fun (or profit) getting handed fixed rate loans in otherwise unfundable building ventures. 8<.
|
|
|
|
Post by bracknellboy on Nov 13, 2014 11:43:23 GMT
... Ho hum .. democracy at its best. In the best traditions of "Vote early, vote often...."
|
|
|
|
Post by GSV3MIaC on Nov 13, 2014 12:48:43 GMT
Yep .. excuse me a minute, I think I have some more PCs around here someplace which haven't voted yet. 8>. .. then there's the library .. hmm I wonder if there's a botnet for voting, some place?! Then again, if they are using a hardware fingerprint of some kind, I bet that can be changed too .. But then if you didn't tick the box for 'I have over a million quid invested' they're probably not that excited.
|
|
|
|
Post by davee39 on Nov 13, 2014 12:52:45 GMT
Could mini bonds be aimed at an an investment in FC itself? Wellesley issued a 5yr bond paying 7% to raise funds for further co-investment.
Now none of us would be here if we thought there was even a slight chance of FC going under, so the only question would be the rate on offer.
I can also see the point regarding a fixed rate for large loans (Say £200k+). These have higher rates under the Auction system, which would deter potential borrowers, and the volumes of last minute bidding test the servers beyond the limit. I imagine there would be a cashback sweetener.
A potential downside is that the Autobid gobbler may be more reluctant to take up dumped secondary market loans.
|
|
adrianc
Member of DD Central
Posts: 10,015
Likes: 5,144
|
Post by adrianc on Nov 13, 2014 13:23:50 GMT
If you hadn't noticed yet, the survey seems to be keyed to 'device' you respond from rather than account numbers or IP addresses or whatever .. I had two accounts and when I tried second one I got 'thanks for completing already' on the same PC .. however move to a tablet and you can fill it in again. Laptop .. again .. smartphone .. again, again. 8>. Even with just one account. Ho hum .. democracy at its best. Just remove any polldaddy.com cookies, and fill it in again...
|
|
spyrogyra
Member of DD Central
Posts: 386
Likes: 148
|
Post by spyrogyra on Nov 13, 2014 13:45:19 GMT
If FC choose a road to mini bonds, fixed rates, they'll turn boring. And one of the many other financial gurus promising you best returns. Are they sure they would manage to attract great number of investors who would have enough trust in their judgements (and actions!). I'll be out asap.
|
|
|
|
Post by GSV3MIaC on Nov 13, 2014 14:01:32 GMT
If FC =OFFER= mini-bonds (and assuming we are correctly guessing what those are - really sweet of them to offer them with no definition!?) I have no problem. If they ONLY offer mini bonds, and variable rate / auctions vanish, I'm out of here (with many others). My idea of a mini-bond, for the lazy investor, would be summat that pays out average rate across some set of auctions (like the government BBB gets), limited to 20% or whatever of any auction .. an upmarket version of autobid (which almost always buys below average rate, and buys heavily into unpopular auctions, which manual bidders avoided).
I like the opportunity to do well / make a profit / whatever, but I dislike the current autobid system which is designed to sc^w the uninitiated aunties and grannies out there, even compared to the governments 10%.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Nov 13, 2014 14:30:36 GMT
... I like the opportunity to do well / make a profit / whatever, but I dislike the current autobid system which is designed to sc^w the uninitiated aunties and grannies out there, even compared to the governments 10%. Autobiddies perhaps? Note to self: must refrain from sexist language.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Nov 13, 2014 14:34:00 GMT
"Autobiddies perhaps?"
Oh, dear!!! 
..... quite clever, though! 
|
|
|
|
Post by davee39 on Nov 13, 2014 14:52:58 GMT
If FC =OFFER= mini-bonds (and assuming we are correctly guessing what those are - really sweet of them to offer them with no definition!?) I have no problem. If they ONLY offer mini bonds, and variable rate / auctions vanish, I'm out of here (with many others). My idea of a mini-bond, for the lazy investor, would be summat that pays out average rate across some set of auctions (like the government BBB gets), limited to 20% or whatever of any auction .. an upmarket version of autobid (which almost always buys below average rate, and buys heavily into unpopular auctions, which manual bidders avoided). I like the opportunity to do well / make a profit / whatever, but I dislike the current autobid system which is designed to sc^w the uninitiated aunties and grannies out there, even compared to the governments 10%. What if the bond, while paying a lower rate, added a protection fund? Feasible with a fixed rate product.
|
|
|
|
Post by goldservice on Nov 13, 2014 18:15:42 GMT
When I saw the mention of mini bonds I did wonder if this had arisen from FC pondering how to introduce ISAs. if their ISAs were restricted to mini bonds, then there might be a lot less development work. For example, there would be no need to manage transfers in of existing loan parts. Just a thought.
|
|
