mary
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Post by mary on Sept 2, 2017 18:27:26 GMT
Thanks. Will watch GS for signs of rates moving higher but as money returns it will be entering FC for now. GS sub 6% doesn't do it for me really. A little more liquidity seems to have returned to Lendy lately so double fig percent back available there though I'm wary of returning. Decisions, decisions.. I think the new FC model will give them a huge challenge, GS need to be able to create more of a uniqueness.
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metoo
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Post by metoo on Sept 2, 2017 19:32:40 GMT
Thanks. Will watch GS for signs of rates moving higher but as money returns it will be entering FC for now. GS sub 6% doesn't do it for me really. A little more liquidity seems to have returned to Lendy lately so double fig percent back available there though I'm wary of returning. Decisions, decisions.. I think the new FC model will give them a huge challenge, GS need to be able to create more of a uniqueness. Yes. The positives are: genuine 30-day lending, GS continually monitoring the borrower's finances, and a provision fund. These things may make GS lending safer in a downturn. However, re-lending needs to be fast to avoid cash drag - difficult with overdraft-on-demand lending. Rates need to be competitive whereas GS seem keen for rates to fall. And allowing money to get stuck for months in a queue where it may never earn interest will make people angry when they discover, and drive lenders away. Another trap is having to re-list 'priority' lending orders whenever the rate drops.
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greatmarko
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Post by greatmarko on Sept 6, 2017 7:41:54 GMT
Rates have just dropped again - now 5.8% market, 5.7% priority. Last drop in rates was just 13 days ago.
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Post by nesako on Sept 6, 2017 8:23:26 GMT
Rates have just dropped again - now 5.8% market, 5.7% priority. Last drop in rates was just 13 days ago. Noooooooooooooooooooooooooooooooooooooooooooooooooooooooo!!!
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Post by nesako on Sept 7, 2017 12:27:03 GMT
Using the star positioning system and quantum mechanical earth magnetism theory, on March 20, 2018 the rate will hit 4.2% making it lower than Assetz 30-DAA (4.25%)
This will be the day when the last of my money will sadly leave the platform...
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kaya
Member of DD Central
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Post by kaya on Sept 7, 2017 13:46:48 GMT
Nonsense. You have failed to take into account CERN and the Mandella Effect.
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Post by hartfordinvestor on Sept 19, 2017 13:21:31 GMT
With rates down and half my investement "stuck", waiting for borrowers I am growing frustrated with what is otherwise a good offer.
Still better than many for its short-term (compare with "new" Zopa and FC).
If lending accelerates will stay, but am not going to add any more.
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Post by hartfordinvestor on Sept 19, 2017 13:27:24 GMT
An addendum to my last post. My effective rate (rough and ready) FOR LAST MONTH IS 5.2%.
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savernake
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Post by savernake on Sept 27, 2017 7:04:31 GMT
Rates have dropped again this morning. Better cancel your orders or you'll be left stranded.
New rates:
Market = 5.7%
Priority = 5.6%
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IFISAcava
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Post by IFISAcava on Sept 27, 2017 7:48:41 GMT
Rates have dropped again this morning. Better cancel your orders or you'll be left stranded. New rates: Market = 5.7% Priority = 5.6% Three things of note. 1) I had unmatched at priority for 7 days 2) 60% of my funds are unmatched Putting 1) & 2) together means bad cash drag 3) most importantly, I had left £20 at old market rate (5.8%) to see how long it took to match. Today it has automatically been reduced to new market rate (5.7%). If they can automatically reduce orders on market rate, why can't they do that for orders on priority instead of leaving then languishing unmatched at the old priority rate?
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Post by p2plender on Sept 28, 2017 4:56:29 GMT
Another big chunk removed from this joke of a platform. Disgraceful how they've 'attracted' funds.
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greatmarko
Member of DD Central
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Post by greatmarko on Sept 28, 2017 15:55:37 GMT
Rates have dropped again this morning. Better cancel your orders or you'll be left stranded. New rates: Market = 5.7% Priority = 5.6% So rates have now been routinely dropping by 0.1% every two weeks for quite some time now At this pace, by Christmas, the Priority rate will be 5.0%, by Easter it will be just 4.2%... (there's no point in even quoting the Market rate figures anymore, as these have been totally unobtainable now since July!) GS really need to get a better grip on the situation!! My advice to them.. again (as I know they read these forums, even if they make excuses why they can't respond) would be: 1) Prevent new lender registrations (don't just say you're not actively marketing the platform - actually PREVENT new lender registrations) 2) Put a cap on the total amount that each lender can invest in the platform/restrict new deposits 3) Do away with two separate rates for lenders (especially as the Market rate is totally unobtainable)
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sandbrain
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Post by sandbrain on Sept 28, 2017 16:50:33 GMT
Three things of note. 1) I had unmatched at priority for 7 days 2) 60% of my funds are unmatched Putting 1) & 2) together means bad cash drag 3) most importantly, I had left £20 at old market rate (5.8%) to see how long it took to match. Today it has automatically been reduced to new market rate (5.7%). If they can automatically reduce orders on market rate, why can't they do that for orders on priority instead of leaving then languishing unmatched at the old priority rate? I have just been having an on-line chat with "Freddie" regarding some of the challenges on the platform and he was very open and responsive. On point 3, something to note is that if priority rates automatically tracked down, then the decline in rates would accelerate. However rates will only stablise once they get down to a level where supply and demand are balanced... At this point the platform may bring in an option for lenders to offer a rate higher than Market Rate.
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mary
Member of DD Central
Posts: 698
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Post by mary on Sept 28, 2017 17:08:29 GMT
Three things of note. 1) I had unmatched at priority for 7 days 2) 60% of my funds are unmatched Putting 1) & 2) together means bad cash drag 3) most importantly, I had left £20 at old market rate (5.8%) to see how long it took to match. Today it has automatically been reduced to new market rate (5.7%). If they can automatically reduce orders on market rate, why can't they do that for orders on priority instead of leaving then languishing unmatched at the old priority rate? I have just been having an on-line chat with "Freddie" regarding some of the challenges on the platform and he was very open and responsive. On point 3, something to note is that if priority rates automatically tracked down, then the decline in rates would accelerate. However rates will only stablise once they get down to a level where supply and demand are balanced... At this point the platform may bring in an option for lenders to offer a rate higher than Market Rate. Just letting rates decline with no action is helping no one. The lower rates to lenders should allow GS to offer more attractive rates to borrowers, hence increasing their business and increasing demand for lenders. However, it seems this is not the case as demand has not increased (that I can see) and therefore I assume GS are using the lower rates to lenders to increase their profit, which is very short sighted if lenders leave, never to return!
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Post by beeje13 on Sept 28, 2017 18:26:34 GMT
I cannot see lender rates being anywhere near 6% again on GS.
Competition in 30 day lending have rates around 4.25% (AC, RS), so GS will tend towards this level long term imo.
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