IFISAcava
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Post by IFISAcava on Jun 17, 2017 21:26:40 GMT
I'm left wondering whether the 6.5% was essentially a loss leader to get the business volume in to start with, and it will end up around the 5% mark. If everyone moves to priority rate, then the rate will go down continually, just like at RateSetter, which I'm already exiting as loans mature. But it's irrational to stay in a queue for 11+ days for a 30 day loan. So of course in those circumstances people will take the priority rate.
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mary
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Post by mary on Jun 19, 2017 9:40:35 GMT
If everyone moves to priority rate, then the rate will go down continually, just like at RateSetter, which I'm already exiting as loans mature. But it's irrational to stay in a queue for 11+ days for a 30 day loan. So of course in those circumstances people will take the priority rate. Agreed, hence no more money coming their way.
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IFISAcava
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Post by IFISAcava on Jun 19, 2017 12:41:58 GMT
But it's irrational to stay in a queue for 11+ days for a 30 day loan. So of course in those circumstances people will take the priority rate. Agreed, hence no more money coming their way.
Where are you planning to move to?
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mary
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Post by mary on Jun 19, 2017 15:00:23 GMT
Agreed, hence no more money coming their way.
Where are you planning to move to? Am seriously thinking about ArchOver again. I have used them, and now they have full FCA and an improved deal flow. The site is a bit primitively, but I really like their Secured and Insured offering, where they have security AND insurance to support the loan, so once invested you can forget it. Downside is minimum £1,000 investment per loan, and no re-investment of interest.
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IFISAcava
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Post by IFISAcava on Jun 19, 2017 16:37:07 GMT
good call. i like them too, have a few loans there, may expand (def will if ISA comes). only problem is money tied up long term - no secondary market.
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IFISAcava
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Post by IFISAcava on Jun 19, 2017 21:42:48 GMT
13 days now and still unmatched....
yep, moving some funds to Archover I think - headline 6.3% rate is very diluted by such long queues.
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metoo
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Post by metoo on Jun 19, 2017 23:22:34 GMT
They clearly need to boost borrower demand, without compromising quality. The right borrowers are probably harder to find - lenders are just quantity, not quality! The promo period must have brought in a lot of funds, now the system is unbalanced. If people go over to the priority queue, the wait will become just as long there, but cause the rate to slide down quickly. The only real solution is for GS to balance supply and demand. At least if people start taking excess funds off the table that will reduce the imbalance.
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Post by p2plender on Jun 20, 2017 1:10:09 GMT
Archover and bondmason as alternatives.
Growth st same old story, 'teaser rates' then slam dunk down n down.
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ding
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Post by ding on Jun 28, 2017 13:01:06 GMT
I've been matched last 3 months at the market rate - same day. Changed to the priority rate (this month): IM with GrowthStreet: ME> Hi, can you tell me how long you expect it to take to get invested in the 6.2 and 6.3% queue? Or how much is in each queue Hi there There's currently £142,488 at Priority Rate, and £1,516,260 at Market Rate A new Market Rate order could take some days to match. A new Priority Rate order should match within the next 24 hours ME> thanks. do you mind if i share this information on p2p forum ? Yes, you can. Please bear in mind that these figures change can dramatically from hour to hour. ME> understood, I was very surprised how big you guys are! Many thanks No problem. Let me know if you have any further questions Also, on this topic, it's worth noting that there is obviously an excess of liquidity on the market. We have taken measures to level out both sides of the marketplace in terms of lender supply and borrower demand, so hopefully over the coming weeks the average match times will be reduced. You can access the historic Time To Match statistics here: www.growthstreet.co.uk/lend-order-statistics. Please note that this data is entirely historic and cannot be used to accurately predict how long future matches will take. |
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savernake
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Post by savernake on Jun 28, 2017 13:49:31 GMT
Thanks for the update on the lender queues ding.
It would be useful if GS could display somewhere on their platform (possibly in the 'orders' page) the amount of cash waiting in each queue. I cant imagine this would require too much technical development. This would be a very handy addition and save lenders having to contact them to ask for extra information.
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beh
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Post by beh on Jun 28, 2017 15:43:25 GMT
A new Market Rate order could take some days to match. 14 days and still waiting. Previous 5 months waited no more than a couple days to match at the market rate.
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ding
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Post by ding on Jun 29, 2017 9:24:09 GMT
It would be useful if GS could display somewhere on their platform (possibly in the 'orders' page) the amount of cash waiting in each queue. I cant imagine this would require too much technical development. This would be a very handy addition and save lenders having to contact them to ask for extra information. Think it was said here they were planning on doing it. I got matched at the priority rate same day.
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beh
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Post by beh on Jun 29, 2017 17:07:08 GMT
14 days and still waiting. Previous 5 months waited no more than a couple days to match at the market rate. Now matched on that order.
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pom
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Post by pom on Jun 29, 2017 18:51:24 GMT
My 8th June finally went out on the 25th...not exactly inspired to add more right now
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Post by p2plender on Jun 30, 2017 6:40:31 GMT
Well I'm not sure things will get better unless they suddenly find new business in the form of borrowers..
Not handled this well haven't GS. Initially I liked this but foolishly I pumped a good chunk in only to see more and more of it sat idle. Also their website doesn't work correctly via mobile - can't cancel orders on my mobile for some reason! Given I'm travelling with only mobile access then not good!
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