dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Aug 18, 2021 15:00:52 GMT
Launch open for 30 days. £100,000.00 target, 80,000 min. 7.29%. 36 x months. Q boost and Q first apply.
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Post by Ace on Aug 18, 2021 15:10:26 GMT
As I've mentioned before, the actual XIRRs on Qardus are much higher than the stated annual rates. I calculate (or more correctly Google Sheets calculates) that the XIRR on this one is 14.17%.
Obviously, the XIRR will be even higher if you get a QBoost or QFirst bonus. I calculate the XIRR for £2.5k including the £100 QFirst bonus to be 17.34%. You do need to take into account that these are essentially unsecured loans.
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Post by df on Aug 18, 2021 16:31:00 GMT
As I've mentioned before, the actual XIRRs on Qardus are much higher than the stated annual rates. I calculate (or more correctly Google Sheets calculates) that the XIRR on this one is 14.17%. Obviously, the XIRR will be even higher if you get a QBoost or QFirst bonus. I calculate the XIRR for £2.5k including the £100 QFirst bonus to be 17.34%. You do need to take into account that these are essentially unsecured loans. How does this work? From the point the loan goes live I'd expect my annualised return to be 7.29%, how can it be 14.17%? Something else I found unusual. It's my second deposit and I had to use a different ref number from the first one. Is this correct or did I completely misunderstand the process?
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Post by Ace on Aug 18, 2021 16:53:00 GMT
As I've mentioned before, the actual XIRRs on Qardus are much higher than the stated annual rates. I calculate (or more correctly Google Sheets calculates) that the XIRR on this one is 14.17%. Obviously, the XIRR will be even higher if you get a QBoost or QFirst bonus. I calculate the XIRR for £2.5k including the £100 QFirst bonus to be 17.34%. You do need to take into account that these are essentially unsecured loans. How does this work? From the point the loan goes live I'd expect my annualised return to be 7.29%, how can it be 14.17%? Something else I found unusual. It's my second deposit and I had to use a different ref number from the first one. Is this correct or did I completely misunderstand the process? It's because the borrower effectively pays interest on the whole loan for the whole of the term, but the capital is straight‐line amortised. So, in the last month of the loan you are paid interest on the whole amount that you lent, but you've already had thirtyfive thirty-sixths of it back. Yes, everything that goes through ShareIn uses a new ref number for each investment.
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Greenwood2
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Post by Greenwood2 on Aug 18, 2021 16:55:44 GMT
As I've mentioned before, the actual XIRRs on Qardus are much higher than the stated annual rates. I calculate (or more correctly Google Sheets calculates) that the XIRR on this one is 14.17%. Obviously, the XIRR will be even higher if you get a QBoost or QFirst bonus. I calculate the XIRR for £2.5k including the £100 QFirst bonus to be 17.34%. You do need to take into account that these are essentially unsecured loans. How does this work? From the point the loan goes live I'd expect my annualised return to be 7.29%, how can it be 14.17%? Something else I found unusual. It's my second deposit and I had to use a different ref number from the first one. Is this correct or did I completely misunderstand the process? I don't know about Q but there was another site that did this, very irritating and increases the chances of errors (I usually send a small deposit to check I've got the details right and then I know I'm are OK after that). I think I dumped that site mainly because of it.
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Post by Ace on Aug 18, 2021 17:17:22 GMT
How does this work? From the point the loan goes live I'd expect my annualised return to be 7.29%, how can it be 14.17%? Something else I found unusual. It's my second deposit and I had to use a different ref number from the first one. Is this correct or did I completely misunderstand the process? I don't know about Q but there was another site that did this, very irritating and increases the chances of errors (I usually send a small deposit to check I've got the details right and then I know I'm are OK after that). I think I dumped that site mainly because of it. Yes, it can be a real pain on some banking sites as you have to set up a new payee each time. Fortunately for me, Santander allow the same payee to be used, so I just need to update the reference number each time. It's the same with Shojin and AxiaFunder who also use ShareIn to process payments.
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dave4
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Post by dave4 on Aug 18, 2021 18:14:24 GMT
Loan 35% taken.
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Post by df on Aug 18, 2021 18:23:04 GMT
I don't know about Q but there was another site that did this, very irritating and increases the chances of errors (I usually send a small deposit to check I've got the details right and then I know I'm are OK after that). I think I dumped that site mainly because of it. Yes, it can be a real pain on some banking sites as you have to set up a new payee each time. Fortunately for me, Santander allow the same payee to be used, so I just need to update the reference number each time. It's the same with Shojin and AxiaFunder who also use ShareIn to process payments. I think this is the case with most banks now, they've fixed this problem. It used to be very annoying having to set up payee from scratch when you just want to change the reference. On some bank sites I've ended up with a number of entries to the same person/account because I just wanted to clarify in the reference box what each particular payment is for.
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Post by Ace on Aug 18, 2021 18:29:01 GMT
Yes, it can be a real pain on some banking sites as you have to set up a new payee each time. Fortunately for me, Santander allow the same payee to be used, so I just need to update the reference number each time. It's the same with Shojin and AxiaFunder who also use ShareIn to process payments. I think this is the case with most banks now, they've fixed this problem. It used to be very annoying having to set up payee from scratch when you just want to change the reference. On some bank sites I've ended up with a number of entries to the same person/account because I just wanted to clarify in the reference box what each particular payment is for. I can't do it from my nationwide current account. At least, not from the android app. I haven't tried the browser version.
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qwakuk
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Post by qwakuk on Aug 18, 2021 18:39:55 GMT
I think this is the case with most banks now, they've fixed this problem. It used to be very annoying having to set up payee from scratch when you just want to change the reference. On some bank sites I've ended up with a number of entries to the same person/account because I just wanted to clarify in the reference box what each particular payment is for. I can't do it from my nationwide current account. At least, not from the android app. I haven't tried the browser version. I bank with First Direct and fortunately you can change the reference from the previous one. Only downside is that you end up with 2 payess in the list so I just delete one afterwards
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dave4
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Post by dave4 on Aug 18, 2021 19:09:56 GMT
Halifax /Lloyd, copy / past new reference. bingo.
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Post by overthehill on Aug 18, 2021 19:21:44 GMT
How does this work? From the point the loan goes live I'd expect my annualised return to be 7.29%, how can it be 14.17%? Something else I found unusual. It's my second deposit and I had to use a different ref number from the first one. Is this correct or did I completely misunderstand the process? It's because the borrower effectively pays interest on the whole loan for the whole of the term, but the capital is straight‐line amortised. So, in the last month of the loan you are paid interest on the whole amount that you lent, but you've already had thirtyfive thirty-sixths of it back. Yes, everything that goes through ShareIn uses a new ref number for each investment.
I'm stupefied by the first paragraph, why on earth would a borrower pay interest on the original amount when the loan is being amortised ? Is this something unique to do with Q , not the Star Trek character.
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Post by Ace on Aug 18, 2021 19:31:34 GMT
It's because the borrower effectively pays interest on the whole loan for the whole of the term, but the capital is straight‐line amortised. So, in the last month of the loan you are paid interest on the whole amount that you lent, but you've already had thirtyfive thirty-sixths of it back. Yes, everything that goes through ShareIn uses a new ref number for each investment.
I'm stupefied by the first paragraph, why on earth would a borrower pay interest on the original amount when the loan is being amortised ? Is this something unique to do with Q , not the Star Trek character.
I'm equally amazed, but very happy to accept the payments. Being an atheist I have no idea whether it's some quirk of being a sharia compliant loan, but it applies to all of the loans I've invested in on Qardus so far. Perhaps someone who understands the rules of such things will enlighten us.
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Post by overthehill on Aug 18, 2021 19:50:54 GMT
I'm stupefied by the first paragraph, why on earth would a borrower pay interest on the original amount when the loan is being amortised ? Is this something unique to do with Q , not the Star Trek character.
I'm equally amazed, but very happy to accept the payments. Being an atheist I have no idea whether it's some quirk of being a sharia compliant loan, but it applies to all of the loans I've invested in on Qardus so far. Perhaps someone who understands the rules of such things will enlighten us. You've just given RBS a new product idea.
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Post by df on Aug 18, 2021 20:06:39 GMT
Halifax /Lloyd, copy / past new reference. bingo. For site functionality my favourite model is Lloyds/Halifax/BoS. Nationwide is the worst. For p2p deposits I use FD, good model, but I wish they abandon their secure key, both physical and app. I like Santander, the only awkward thing is payee list that doesn't tell you the reference - only the name, last paid and last amount - it was awkward when I was using Santander as a hub, most of my payees were my other bank accounts
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