Anyone else sighted this stubbon annoying Loan in Arrears that has not been made good now after 7 days???
Attachment 8217
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Anyone else sighted this stubbon annoying Loan in Arrears that has not been made good now after 7 days???
Attachment 8217
Ive got that one too, To be honest as 7 days on a secured loan Im not to worried - if something goes wrong or a payment fails to clear many people wont be able to fix until next payday - be it weekly, fortnightly or monthly. So still within a single pay period even for someone on weekly pays.
35 days+ is when you have a issue as It always covers a pay period and 2 payments due and allows for clearance times
I wish harmoney gave me an easy way to find all loans that are in arrears by 35 days or more (I only have 2 arrears on lending crowd so its easy to find on there)
My current arrears is 25% higher then EVER before on harmoney - so im expecting another big round of write off's before the 20th-21st
New loan up @ 7:38pm Friday....
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 16 hours A2 11.87% Personal 60 months $30,350.00 $
And yet another new loan @ 8:15pm
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 15 hours A2 10.96% Personal 36 months $8,250.00
So does this now mean that the Borrower has made a payment FRI night = Now gone back to Zero Days overdue... But $$ amount on the account stayed the same?
Attachment 8218
Another loan just listed ...
Damn I have run out of LC funds in my account. After a quiet start to week there seems to been a few good loans in the last couple of days
A shame they don't clear funds on Saturdays unlike Squirrel and Harmoney
Yep... Here are the details:
Funded Time remaining Grade Rate* Type Term Amount My investment 71% 5 days and 14 hours A2 11.87% Personal 60 months $30,350.00 View Buy 8 days and 14 hours B2 19.75% Business 60 months $10,250.00
Good to see a busy LC Loan weekend...... I make it 3 Loans Listed since Friday arvo :)
New loan up Sunday Lunchtime....
7 days and 23 hours B1 13.97% Personal 36 months $8,250.00
As LC seem to be getting more loans, so I'm starting to look at them. I can see three loans at the moment, all with vehicles as security. A couple of questions for you guys, i) is vehicle security fairly typical? ii) do LC give any indication of the LTV ratio? iii) do LC have any info/graphs about default rates, past loan performance etc. like Harmoney?
Hi K.on.O
> By far the majority of LC loans are Only stated as with vechicle security - maybe 85%
> The other 15% would be with a Mortgage and \ or Mortgage plus car
> Perhaps just 5% of All loans the Borrower takes out Death Cover
> Did you mean the LTV of the car to the loan? If so no. If you phone them up and ask they will say a mixture of Car as security plus Income.
> No performance feedback yet ( like Harmoney does ) but it will be coming ( they have only been going 8 months so far ). They have gone out for finance to expand and I think statisitcs will come after that )
Yes, definitely possible. I think Squirrel processes funds automatically as I usually get a deposit confirmation emails at 6:31am and loan drawdown emails at 6:32am - so there must be some batch job that does this overnight.
Meanwhile LC must do it manually (they must get sick of me putting in $50 at a time :p)
My suspicion is that the increase in loans has created an increase in money in, and maybe they're not processing that 'as quickly' because of the volume. The clearing of funds will have to be automated if they want to grow and scale efficiently. It'll come.
Luckily funds I pushed through on Friday cleared before 9 this morning... Thanks LC, it was close ;)
Yet another new loan up @ LC - Monday Lunchtime :)
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 23 hours A2 11.87% Personal 60 months $6,250.00
Thx Saamee. Yes, I did mean loan to car/house ratio. I'm surprised they don't show the LTV. Perhaps not worth the paper it's printed on for a car, and barely better than nothing. Their interest rates seem to be similar the A and B categories on Harmoney, so presumably a similar performance expected.
I've always wondered, when they list security as property/properties (or something similar) it smacks as if property just might be a sofa, fridge or freezer or the likes .. and if it's a house given up for security i can't see it being a first mortgage. ... so is it 2nd mtge or even 3rd mtge .... frankly both being as ugly as each other! Just my thoughts here.
But certainly so far LC has had a smooth clean run with not building a sturdy list of arrears.
New loan just up....
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 23 hours B1 13.97% Personal 36 months $14,650.00
Another new loan WED Arvo:
Funded Time remaining Grade Rate* Type Term Amount My investment 62% 6 days and 22 hours B1 13.97% Personal 36 months $14,650.00 View Buy 6 days and 22 hours B1 14.79% Personal 60 months $5,750.00
Provance email notifications have begun this afternoon also to accompany the text messages.
Hey whitt, sorry if I doubled up for you. I did send a couple of emails by hand because the API I'm using for SMS messages shows for a couple of numbers they're not being delivered (obviously for yourself at least this isn't right). The support desk are being very helpful in resolving these problems.
I apologise to anyone who received an email in addition to their preferred SMS method.
It's new loan Wednesday!!!
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 20 hours B1 14.79% Personal 60 months $24,350.00
Wow I will need deposit even more funds into account again.
LC are bringing in some good loans currently .
50K loan up THU morning...
48% 7 days A2 10.96% Personal 36 months $49,450.00
A friendly reminder to consider depositing funds tonight so that you'll have some available over the weekend :)
THU Arvo new loan just up:
Funded Time remaining Grade Rate* Type Term Amount My investment 21 hours and 56 minutes B1 14.74% Business 36 months $15,250.00 $0.00
Thanks whitt, always wondered if there was a tie in or not.
New Loan THU Evening....
Funded Time remaining Grade Rate* Type Term Amount My investment 16 hours and 21 minutes B2 18.74% Personal 36 months $12,250.00
This is unprecedented; four loans up at once.
(I don't think I topped up enough...)
LC selling futures now? On 19/8...!
LN000-015-870 B1 Personal 36 months 13.97% $XXX.00 24/08/2016 0 $0.00 $0.00
I have one like that too, but loan ID 851.
Maybe the borrower has asked for a future drawdown or repayment date?
New loan up Midday Monday:
Funded Time remaining Grade Rate* Type Term Amount My investment 7 days B1 13.97% Personal 36 months $9,950.00
2nd Monday loan ( almosr gone )
97% 6 days and 22 hours A2 10.96% Personal 36 months $4,850.00
Interesting P2P write up in todays Herald....
http://www.nzherald.co.nz/best-of-bu...ectid=11697445
New loan up WED arvo...
Funded Time remaining Grade Rate* Type Term Amount My investment 20 hours and 49 minutes B2 18.74% Personal 36 months $3,250.00
Lucky I have the alerts, otherwise I would definitely have missed this one.
New loan up THU morning...
Funded Time remaining Grade Rate* Type Term Amount My investment 7 days and 2 hours A1 7.90% Personal 36 months $10,250.00
Funded Time remaining Grade Rate* Type Term Amount My investment 7 days and 2 hours A1 7.90% Personal 36 months $10,250.00
The users are still growing organically, by word of mouth I guess; Up to 50 user accounts now. (How many LC investors in total?)
Some users have configured specific filters, e.g. they only want 36 month loans, or no A1 grades etc. But each time a loan is issued about 45 notifications are sent by Provance. And, challenging my assumptions about how people would use the service, most people actually choose email notifications over SMS (57%).
It's a little tricky then with the filters to be absolutely sure that people are getting the notifications they expect; If you are not receiving alerts when you think you should be please send me a PM.
Also, a user in the UK requested access last week, so we now have NZ, AU and UK users registered. If you know anyone abroad that might want to sign up feel free to spread the word.
In the news 1-2 months ago, they had 165 active investors. So ~1/3 using Provance.
Alerts been working well for me, so thanks very much!
I have been using a mail rule to forward my alerts to IFTTT where I get push notifications. That way I can very easily turn them on/off depending on if I'm investing or not.
TWO new loans up TUES morning......
Funded Time remaining Grade Rate* Type Term Amount My investment 1 day and 2 hours A2 11.87% Personal 60 months $25,350.00 View Buy 7 days and 2 hours B1 14.79% Personal 60 months $30,350.00
New loan up.....
Funded Time remaining Grade Rate* Type Term Amount My investment 8 hours and 21 minutes A1 7.90% Personal 36 months $15,600.00
That loan is probably the lowest interest rate I have seen on any of the p2p platforms for a non home owner (boarding) with a relatively short time both in job and at addresses
Funded:
32%
Funding remaining:
$10,550.00
Time remaining:
3 hours and 45 minutes
My investment:
$0.00
Grade:
A1
Gross interest rate:
7.90%
Type:
Personal
Security:
Vehicle(s)
Purpose:
Vehicle purchase
Monthly payment:
$488.13
Amount:
$15,600.00
Death cover:
No
Term:
36 months
Borrower
Location:
Auckland
Monthly income:
Between $4000 and $7000
Home:
Board
Monthly outgoings:
$3,000.00
Time at address:
Less than 1 year
Credit:
Excellent
Age:
32
Credit file age:
6 years
Employment:
Salaried employee
Enquiries*:
2
Time in job:
Between 1 and 2 years
Defaults**:
None
Time in previous job:
Less than 1 year
Yep, I wasn't even close to being tempted at that rate.
Another new loan up...
7 days and 1 hour B1 13.97% Personal 36 months $10,250.00
New loan WED Arvo....
Funded Time remaining Grade Rate* Type Term Amount My investment 0% 6 days and 21 hours A1 8.42% Personal 60 months $15,250.00
As I mentioned earlier, Squirrel offers 8.5% net of fees for 3 year terms, and loan shield offers better protection than a security on the loan.
So I think A1 loans here are a poor offering compared to competing P2P platforms. I still have 4-5 in my portfolio though, which I bought to quickly get my initial investment working.
6 days and 23 hours A1 7.90% Personal 36 months $15,250.00
Interesting to see that Lending Club has token Chinese writing on its main page. Chinese is not an official language of NZ, so how about NZ's other written official language - Maori?
Sorry ...I meant the NZ Lending Crowd....and yep when I checked the site on the pc there were chinese characters instead of the images of the tick, % etc on the home page. When I open the site on my tablet now the home page is as per before - without the chinese writing. Maybe I am going crazy :0
Luckily the site was still open on the PC...and I could take a screen cap: Attachment 8274
On refresh, the site went back to its normal appearance.
New loan up FRI morning.....
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 23 hours B1 14.79% Personal 60 months $20,350.00
Update > Provance Alert System,
Penny Picker,
Thanx very much for building the LC Provance Alerts system.....
My requirements \ needs \ expectations have been fully met by the Alerts.
The LC Alerts appear to have worked 100% correctly now for an extended period of time.
At the coal face... Receiving the Alerts has meant that I have never missed being able to invest in a current LC Loan ( when I have been in Data \ Wi-Fi contact )
Thanks very much :)
Saamee
PS - Have you signed up yet for the Beta Provance Alerts over on the Harmoney site??
Thank you Saamee.
And thanks to everyone else who is using http://provance.nz/. It's been more successful than I'd have imagined. New users are still signing up, even this morning someone joined.
I created the site as much as a learning opportunity as well as a means to help those here on the forum. The site is free and will probably remain so. But if you do want to give back and contribute towards hosting or SMS messaging costs there is a Donate button on the About page. Many many thanks to those that have already donated I appreciate your generosity.
New loan up FRI arvo....
6 days and 20 hours B1 13.97% Personal 36 months $16,350.00
Got a B2 loan 10 days overdue now... Loan number 897
Thanks PennyPicker from me too, thought I wouldn't find it useful but now I probably couldn't invest in LC without the alerts
Hey Humvee,
Just send a Private Message to PENNY PICKER via this sites function....
Also you can Email PP directly via aaron@amorgan.net.nz
3rd loan today just listed .....
Funded Time remaining Grade Rate* Type Term Amount My investment 0% 6 days and 18 hours A2 11.87% Personal 60 months $20,350.00
Funded Time remaining Grade Rate* Type Term Amount My investment 0% 6 days and 18 hours A2 11.87% Personal 60 months $20,350.00
New loan up SAT arvo....
0% 8 days and 22 hours A2 10.96% Personal 36 months $55,950.00
in my dashboard a loan has been sitting at "under offer" for several days now.
Is this typical?
Hey WHITT > Can you post a screen shot of that? Never seen that before on LC - Currently I see NO loans listed at all?
Attachment 8284
Attachment 8285
Its finally moved from "under offer" to "open" now , It did take several days tho
New loan up TUE arvo.....
Funded Time remaining Grade Rate* Type Term Amount My investment 51% 6 days and 22 hours B1 14.79% Personal 60 months $8,250.00 $0.00
New loan up WED arvo
Funded Time remaining Grade Rate* Type Term Amount My investment 43% 6 days and 19 hours B1 14.79% Personal 60 months $7,250.00
Another new loan just up WED arvo.....
Funded Time remaining Grade Rate* Type Term Amount My investment 0% 6 days and 18 hours A2 11.87% Personal 60 months $20,850.00
Funded Time remaining Grade Rate* Type Term Amount My investment 0% 6 days and 18 hours A2 11.87% Personal 60 months $20,850.00
Another loan up!
Funded Time remaining Grade Rate* Type Term Amount My investment 6 days and 10 hours A2 11.87% Personal 60 months $12,250.00