justme
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38482
Jun 16, 2017 7:59:31 GMT
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Post by justme on Jun 16, 2017 7:59:31 GMT
The loan description page says part of it will be used for paying off their overdraft while on financial summary no debt/overdraft mentioned. How could it be ?
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r00lish67
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Post by r00lish67 on Jun 16, 2017 8:14:00 GMT
The loan description page says part of it will be used for paying off their overdraft while on financial summary no debt/overdraft mentioned. How could it be ? FC will only show details of other debts when the debit is held with FC, on the financial summary tab. Larger concerns for me include: 1) This loan is unsecured, as with the vast majority on FC 2) Their credit score has recently risen to a giddy high of 30/100 following being at 10 for the last year. 3) A large bank has recently taken a fixed and floating charge against all property associated with their business, suggesting they have borrowed money elsewhere too. 4) Their last published accounts are from nearly a year ago. For all of this, they offer an interest rate of 8% after FC fees, which is a reward that I personally think doesn't reflect the risk on offer.
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kt
Posts: 105
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38482
Jun 16, 2017 10:05:40 GMT
Post by kt on Jun 16, 2017 10:05:40 GMT
Perhaps FC are scrapping the bottom of the barrel. They need to constantly lend in order to use the money deposited on their platform.
I am sure that FC are aware of the precarious nature of their lending, but what are they to do? They are a lending platform and will introduce A to B. If B is so eager to have a return on his investment that he ignores any due diligence then so be it. I fear you would have a hard time proving negligence on the part of FC. They most find a home for deposits and you can bet that new loans will become shakier and shakier.
KT
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justme
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38482
Jun 16, 2017 10:53:56 GMT
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Post by justme on Jun 16, 2017 10:53:56 GMT
The loan description page says part of it will be used for paying off their overdraft while on financial summary no debt/overdraft mentioned. How could it be ? FC will only show details of other debts when the debit is held with FC, on the financial summary tab. . But I have seen many times overdraft being listed and other debt not with FC listed as well on other loans. Thank you for the detailed analysis though , I am not knowledgeable enough and too lazy to do look up charges against company's properties. Do you look it up at companies' house website or where if not so? I was not tempted by this loan - too low interest for unsecured lending as you rightly say and too wooly corporate talk in loan description. I asked just for education purposes and out of curiosity. I started using FC 5 months ago and for now my stance is not to go for anything less than 12% (apart from what autobid filled me with at the beginning which I left for comparison)
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r00lish67
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Post by r00lish67 on Jun 16, 2017 12:37:13 GMT
FC will only show details of other debts when the debit is held with FC, on the financial summary tab. . But I have seen many times overdraft being listed and other debt not with FC listed as well on other loans. Thank you for the detailed analysis though , I am not knowledgeable enough and too lazy to do look up charges against company's properties. Do you look it up at companies' house website or where if not so? I was not tempted by this loan - too low interest for unsecured lending as you rightly say and too wooly corporate talk in loan description. I asked just for education purposes and out of curiosity. I started using FC 5 months ago and for now my stance is not to go for anything less than 12% (apart from what autobid filled me with at the beginning which I left for comparison) Hi justme , no problem, you can find details of charges on companies house as you say. Just use this link beta.companieshouse.gov.uk and search for your company and there should be a 'charges' tab. Re: other loans, perhaps you're right, I don't too often look at FC SME loans these days - apart from for a laugh - The P2P version of looking up cat videos on youtube
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mikeb
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38482
Jun 19, 2017 16:29:06 GMT
kt likes this
Post by mikeb on Jun 19, 2017 16:29:06 GMT
Perhaps FC are scrapping the bottom of the barrel. Well, they were previously scraping it, so I'm not surprised it's so worn through, and they've done as you indicate
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blender
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Post by blender on Jun 19, 2017 17:13:40 GMT
I could recommend a good Welsh scrape merchant. Should be out soon.
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