borofan
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Post by borofan on Jan 17, 2017 14:11:42 GMT
By Email:
"Earn up to £150 by increasing your investment with us!
As one of our valued lenders, we wanted to let you know about a great opportunity to further grow your money with us.
Starting today, for each week in which you transfer in and lend £5,000 or more with us, we'll credit your account with a £50 bonus*. Given that the offer runs until Sunday 5 February 2017, that means you have three weeks in which to take advantage. So if you were to transfer in £5,000 or more for three consecutive weeks, you'll earn a total bonus of £150!"
Not sure if open to all or invite only.
Does that make the rates worth it compared to Zopa (I get 0.5% bonus) and RS?
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Post by carol167 on Jan 17, 2017 15:49:31 GMT
I have to admit it's tempting.
Makes it 5.7 instead of the current 4.7 rate.
Hmmm....
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pom
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Post by pom on Jan 17, 2017 15:59:00 GMT
Rather depends how long the queue is and if it's possible to actually lend within the timeframe.... I'd be amazed if anyone actually managed to collect it 3 weeks running tho, more likely to end up lending twice in one week and not at all the week before/next
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Neil_P2PBlog
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Post by Neil_P2PBlog on Jan 17, 2017 16:05:47 GMT
But the 1% over 5 years would make it more like 4.9%? Maybe a bit higher with some early repayments
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Post by carol167 on Jan 17, 2017 16:15:07 GMT
But the 1% over 5 years would make it more like 4.9%? Maybe a bit higher with some early repayments Yes, stupid me. You're right. Makes it not worth it then really. And anyway, I thought it was a supply and demand thing. Surely if they are in need of funds - the rate on offer should go up.
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Steerpike
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Post by Steerpike on Jan 17, 2017 16:17:19 GMT
Rather depends how long the queue is and if it's possible to actually lend within the timeframe.... I'd be amazed if anyone actually managed to collect it 3 weeks running tho, more likely to end up lending twice in one week and not at all the week before/next Offer terms: 2. Customer must make any lending offers before the Expiry Date. - so it doesn't have to be lent and earning interest
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Post by Matthew on Jan 17, 2017 16:57:09 GMT
Rather depends how long the queue is and if it's possible to actually lend within the timeframe.... I'd be amazed if anyone actually managed to collect it 3 weeks running tho, more likely to end up lending twice in one week and not at all the week before/next Should be fine as the queues are negligible right now - January has been a very busy month for loans so far...
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Post by Deleted on Jan 17, 2017 17:06:20 GMT
I was really hoping the IFISA would be along soon as it was promised in January. Wouldn't have expected a promotional lender drive just before it launched though as surely it will bring an influx of new lender money?
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Neil_P2PBlog
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Post by Neil_P2PBlog on Jan 17, 2017 17:09:30 GMT
Perhaps one additional advantage of offering a cashback offer rather than just upping the rate of return would be the investors would not pay tax on it? Those who have £5,000-£15,000 free to put in over the next 3 weeks are probably already hitting their tax free interest thresholds.
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morris
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Post by morris on Jan 17, 2017 17:37:00 GMT
This would suggest that they are not yet ready to introduce the IFISA despite having said it would go ahead in January.
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Post by Matthew on Jan 17, 2017 17:55:18 GMT
I was really hoping the IFISA would be along soon as it was promised in January. Wouldn't have expected a promotional lender drive just before it launched though as surely it will bring an influx of new lender money? The promotion is really just to plug the gap until the ISA launches - which should be in about 3 weeks. Will confirm official launch date asap.
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morris
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Post by morris on Jan 19, 2017 8:40:46 GMT
I decided to bite and invest £5k, not just because of the bonus, but because of confidence brought about by full FCA authorisation and a growing loan book.
However, Lending Works say that to mitigate risk money is lent to various borrowers in chunks. Except my £5k has gone into one loan chunk!! I am very unhappy about this.
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Post by Matthew on Jan 19, 2017 8:58:34 GMT
I decided to bite and invest £5k, not just because of the bonus, but because of confidence brought about by full FCA authorisation and a growing loan book. However, Lending Works say that to mitigate risk money is lent to various borrowers in chunks. Except my £5k has gone into one loan chunk!! I am very unhappy about this. Hi morris - the size of chunks assigned varies and depends in part upon your overall account value (I'm assuming you have a sizeable account size, correct me if I'm wrong). We do not break your investment into "micro" chunks, primarily because we offer diversification in three ways, as explained in the following piece on our website: www.lendingworks.co.uk/help-centre/managing-risk#section-4 (see Diversification section). Hope this helps, but if you're still not happy please let me or our customer service team know and we'll see what we can do. If you did decide to exit this loan chunk so you could drip feed funds back in separately, we could look at refunding any exit fees for you. However, bear in mind you have more diversification than simply the number of loan chunks held.
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pom
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Post by pom on Jan 20, 2017 11:43:23 GMT
I'm going to be mighty peeved if for some reason some of the loans taking my money end up not completing until next week (even tho they matched in plenty of time) and if I then lose the bonus... Transfer in and lend is a bit vague - I had forgotten how long it can take some loans to complete. And worse, at one point the email says in large letters "So if you were to transfer in £5,000 or more for three consecutive weeks, you'll earn a total bonus of £150!" yet the small print then says "Customer will receive £50 (“Bonus Incentive)” for each calendar week in which they lend £5,000 or more " which isn't the same thing/time at all. Can we have some clarification please Matthew before we roll into a new week? Edit - phew loans fully sorted now, would still like to know tho |
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Post by Matthew on Jan 20, 2017 16:28:41 GMT
I'm going to be mighty peeved if for some reason some of the loans taking my money end up not completing until next week (even tho they matched in plenty of time) and if I then lose the bonus... Transfer in and lend is a bit vague - I had forgotten how long it can take some loans to complete. And worse, at one point the email says in large letters "So if you were to transfer in £5,000 or more for three consecutive weeks, you'll earn a total bonus of £150!" yet the small print then says "Customer will receive £50 (“Bonus Incentive)” for each calendar week in which they lend £5,000 or more " which isn't the same thing/time at all. Can we have some clarification please Matthew before we roll into a new week? Edit - phew loans fully sorted now, would still like to know tho Hi pomI will personally ensure you receive the bonus if you've lent the money, even if the drawdown process takes you a few days over 
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