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Post by dan1 on Aug 9, 2017 11:11:43 GMT
Clearly GS rate will keep falling until it is on a par with likes of RS monthly. GS must be cleaning up given they were lending at 6.5% not 3 months ago or maybe the borrowers are getting the much better rate... Yeah right. Just another platform that starts well and grinds investors down until the next one arrives then rinse and repeat. RS was once paying 7%+ on 5yr and now look at it! LY was 12% and near instant access with a very liquid sm. Still it keeps me on my toes! What platform abbreviation is LY ? LY - Lendy
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carolus
Member of DD Central
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Post by carolus on Aug 9, 2017 16:00:59 GMT
... With GS I haven't had more than 2 days cash drag yet.... I currently have money that's been sat waiting 4 days (and counting) now to be invested at "Priority Rate"  Who knows what the queue length is like for market rate if "Priority" rate itself is over four days!! Having not checked GS for a few months (and foolishly having left it set to market rate reinvestement), I now have orders that have been waiting since June 22nd for reinvestment.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on Aug 9, 2017 17:09:41 GMT
I currently have money that's been sat waiting 4 days (and counting) now to be invested at "Priority Rate" Who knows what the queue length is like for market rate if "Priority" rate itself is over four days!! Having not checked GS for a few months (and foolishly having left it set to market rate reinvestement), I now have orders that have been waiting since June 22nd for reinvestment. Ouch. Reminds me of when I ran a Santander 123 account (in the 3% days) for a year before I noticed that I was not getting any interest on my £20k because of a snafu with the monthly deposit. £600 down the drain.
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ben
Posts: 2,020 
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Post by ben on Aug 9, 2017 17:40:04 GMT
Clearly GS rate will keep falling until it is on a par with likes of RS monthly. GS must be cleaning up given they were lending at 6.5% not 3 months ago or maybe the borrowers are getting the much better rate... Yeah right. Just another platform that starts well and grinds investors down until the next one arrives then rinse and repeat. RS was once paying 7%+ on 5yr and now look at it! LY was 12% and near instant access with a very liquid sm. Still it keeps me on my toes! What platform abbreviation is LY ? Lendy
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rgog
Member of DD Central
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Post by rgog on Aug 13, 2017 11:23:00 GMT
Like others here I am disappointed with the way GS have handled this, agree that they should take the responsible course like Zopa and halt new money inflow until they can balance lenders and borrowers.
Also like others I started with a great deal of liking and hope for the site but feel they have treated the lenders very shabbily, the risk/reward profile is no longer in their favour so will wait for the bonus and see if they have their s**t together (as our colonial cousins say). My regular saving in to the site will now go where the risk/reward is more balanced.
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Post by j2o on Aug 14, 2017 5:28:11 GMT
I now have orders that have been waiting since June 22nd for reinvestment. It is worth checking the outstanding orders tab regularly, even if you have the priority rate set for reinvestment. It looks like if you have orders waiting (e.g. they were placed at 6.1% priority rate on day 1) and the priority rate moves before they are filled (e.g. on day 2 the priority rate becomes 6.0%), they get left high and dry, while others being placed at the newer, lower rate get filled first instead. This means even more cash drag if you are unfortunate to enter the queue just before the rate drops again, and don't stay on top of it, by manually reviewing, manually cancelling orders that are out of the money and replacing them at the new lower priority rate. Not exactly fire and forget!
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carolus
Member of DD Central
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Post by carolus on Aug 14, 2017 17:35:00 GMT
I now have orders that have been waiting since June 22nd for reinvestment. It is worth checking the outstanding orders tab regularly, even if you have the priority rate set for reinvestment. It looks like if you have orders waiting (e.g. they were placed at 6.1% priority rate on day 1) and the priority rate moves before they are filled (e.g. on day 2 the priority rate becomes 6.0%), they get left high and dry, while others being placed at the newer, lower rate get filled first instead. This means even more cash drag if you are unfortunate to enter the queue just before the rate drops again, and don't stay on top of it, by manually reviewing, manually cancelling orders that are out of the money and replacing them at the new lower priority rate. Not exactly fire and forget! Quite! Those ones were at the market rate, I've since cancelled and redone them at the priority rate and they seem to have shifted today (after only 5 days!).
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ding
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Post by ding on Aug 22, 2017 9:23:46 GMT
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Post by nesako on Aug 22, 2017 9:46:57 GMT
Try creating a new Lend order...
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ding
Member of DD Central
Posts: 238
Likes: 132
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Post by ding on Aug 22, 2017 17:08:41 GMT
Try creating a new Lend order... I did. Maybe as I don't have spare cash (will in a day or so) it's missing. Though I can enter an amount Below it says "The Market Rate is the volume-weighted average rate of the loans matched in the prior 30 days. The Priority Rate is 0.1% below that, and will increase your prospects of being matched with a loan sooner. A Market Rate order will move each day with the Market Rate, while a Priority Rate order will be fixed at that rate once placed."
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Post by nesako on Aug 22, 2017 18:14:44 GMT
Try creating a new Lend order... I did. Maybe as I don't have spare cash (will in a day or so) it's missing. Though I can enter an amount Below it says "The Market Rate is the volume-weighted average rate of the loans matched in the prior 30 days. The Priority Rate is 0.1% below that, and will increase your prospects of being matched with a loan sooner. A Market Rate order will move each day with the Market Rate, while a Priority Rate order will be fixed at that rate once placed." Yeah, could be to do with lack of money. Last time I did a lend order for an early repayment, I got a message "Are you sure you want to lend your money? Check stats here..."
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Post by khampson on Aug 23, 2017 1:14:19 GMT
Great timing, with the new announcement from funding circle I am now withdrawing my remaining investment and taking it over to FC, no manual bidding and fully auto bid targeting 7.5% after fees, also scrapping premiums on the secondary market, making bots redundant with instant sell out with no fees, Thanks GS but I have found a new love.
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savernake
Member of DD Central
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Post by savernake on Aug 23, 2017 20:42:37 GMT
Great timing, with the new announcement from funding circle I am now withdrawing my remaining investment and taking it over to FC, no manual bidding and fully auto bid targeting 7.5% after fees, also scrapping premiums on the secondary market, making bots redundant with instant sell out with no fees, Thanks GS but I have found a new love. I was thinking along the same lines as you, will probably run down my GS investment and transfer a chunk over to FC. However, I'm still a bit wary of unsecured lending on FC with no PF. Also, I wonder how diversified you would really need to be to achieve the advertised 7.5% on FC? I suspect the majority of lenders will end up getting less than this. It would still beat the sub 6% on offer at GS though. GS still have a few issues to resolve, the big question (still unanswered) is how their rates will ever be able to go up again? No incentive to stay with them longer term if returns can only ever go down.
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Post by khampson on Aug 24, 2017 5:58:54 GMT
Great timing, with the new announcement from funding circle I am now withdrawing my remaining investment and taking it over to FC, no manual bidding and fully auto bid targeting 7.5% after fees, also scrapping premiums on the secondary market, making bots redundant with instant sell out with no fees, Thanks GS but I have found a new love. I was thinking along the same lines as you, will probably run down my GS investment and transfer a chunk over to FC. However, I'm still a bit wary of unsecured lending on FC with no PF. Also, I wonder how diversified you would really need to be to achieve the advertised 7.5% on FC? I suspect the majority of lenders will end up getting less than this. It would still beat the sub 6% on offer at GS though. GS still have a few issues to resolve, the big question (still unanswered) is how their rates will ever be able to go up again? No incentive to stay with them longer term if returns can only ever go down. It is unsecured loans but FC has been a consistent performer in this market, it has been really easy to get diversified due to the high volume of loans available so I have no issues lending at £20 (0.25 %) I expect the 7.5% will be achieved because of taking out manual bidding so people can not do DD to get the better loan and then selling the riskier loans that auto bid used to sweep up. I have asked GS for several months if they plan to put a system in place to push rates back up, answer in short was no, the only way for the rate to go is down. They have no loyalty to the lender as it's the borrower that pays the fees, more borrowers the more revenue created. Eventually I see GS as retesetter II, you can't get anywhere near the 5.9% rate as it takes up to 5 days to be matched even at priority rate. I wanted a fire and forget platform and thought GS was the answer until I was logging in everyday just to see if I had been matched. Early days were good, 6.5% matched usually the same day. If GS ever rethink I may consider returning, eventually it will as it will run out of lenders eventually, but at present the platform is not for me.
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Post by khampson on Aug 24, 2017 6:17:33 GMT
Another thing I found with GS was if I set a rate and was not matched before the monthly rate drop (either priority or market rate) it stayed at the old rate meaning I could be at least 0.2 from being matched, I found the was the same at reinvesting funds and the only way I could get around this was after a rate drop was cancel my existing orders and replace them meaning was at back of the queues again, when you look at the statistics page there are some loans that are 0.2% and 0.3% from being matched, these are the poor souls that have not logged into the fire and forget platform for at least a couple of months, there are probably some orders unmatched at 6.5%, I can't help but think that these people are going to be bitterly disappointed when the next log in
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