|
|
Post by Ace on Apr 9, 2018 20:20:05 GMT
It seems to me that FC are allocating loans to new money/investors before allocating loans to existing investors money (repayments from interest and capital).
I have a classic account with £12.73 of available funds and an ISA account with £53.46 of available funds. I set up a new ISA account for my mum yesterday and deposited £1000. Today I got zero new loans allocated to me, but my mum got twenty-five £20 loans allocated to her!
It's possible that I'm just paranoid, or very unlucky. But I got 0 loans on two accounts compared to my mum's single account that got 25 loans.
Can anyone explain their allocation policy, or point me at the offending appropriate algorithm?
|
|
|
|
Post by skint4achange on Apr 9, 2018 21:04:48 GMT
The account that has £12.73 has below the minimum required to make a loan part (Smallest loan part being £20).
As for how the other account, I can't explain why it hasn't been allocated a loan part with £53.46 on account, but I have had similar experiences with FC. Usually gets allocated within a day or 2.
|
|
cb25
Posts: 3,528 
Likes: 2,668
|
Post by cb25 on Apr 9, 2018 22:00:28 GMT
The account that has £12.73 has below the minimum required to make a loan part (Smallest loan part being £20).
As for how the other account, I can't explain why it hasn't been allocated a loan part with £53.46 on account, but I have had similar experiences with FC. Usually gets allocated within a day or 2. Since I opened my IFISA with £2000 on Friday it's lent out £1025.26, including a £0.97 and a £4.29, clearly both from SM and showing £20 isn't the minimum for those. Meanwhile my non-IFISA account still has £130 waiting to go.
|
|
|
|
Post by Ace on Apr 10, 2018 6:50:59 GMT
The account that has £12.73 has below the minimum required to make a loan part (Smallest loan part being £20).
As for how the other account, I can't explain why it hasn't been allocated a loan part with £53.46 on account, but I have had similar experiences with FC. Usually gets allocated within a day or 2. Since I opened my IFISA with £2000 on Friday it's lent out £1025.26, including a £0.97 and a £4.29, clearly both from SM and showing £20 isn't the minimum for those. Meanwhile my non-IFISA account still has £130 waiting to go. Hmm... It's not just me then. Perhaps they are giving priority to larger uninvested sums. If I had written the algorithm I might well have considered that to minimise large cash drags, but think I'd have gone with a round robin approach to avoid penalizing existing customers.
|
|
Greenwood2
Member of DD Central
Posts: 4,333
Likes: 2,753
|
Post by Greenwood2 on Apr 10, 2018 7:22:03 GMT
Since there is a £20 or 1% limit on lending to any one business, an existing account can only lend to a new business or one where it hasn't reached the 1% maximum exposure whereas a new account could pick up an exposure to any loan available, so I would expect a new account would initially lend rapidly compared to an existing account.
|
|
|
|
Post by skint4achange on Apr 10, 2018 8:19:36 GMT
The account that has £12.73 has below the minimum required to make a loan part (Smallest loan part being £20).
As for how the other account, I can't explain why it hasn't been allocated a loan part with £53.46 on account, but I have had similar experiences with FC. Usually gets allocated within a day or 2. Since I opened my IFISA with £2000 on Friday it's lent out £1025.26, including a £0.97 and a £4.29, clearly both from SM and showing £20 isn't the minimum for those. Meanwhile my non-IFISA account still has £130 waiting to go. Correct, I had forgotten about the SM parts which can be any size, but a fresh loan minimum is £20 or 0.5% of portfolio. I am sure that the OP's money will be loaned soon enough along with your classic account.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Apr 10, 2018 9:09:08 GMT
Since I opened my IFISA with £2000 on Friday it's lent out £1025.26, including a £0.97 and a £4.29, clearly both from SM and showing £20 isn't the minimum for those. Meanwhile my non-IFISA account still has £130 waiting to go. Hmm... It's not just me then. Perhaps they are giving priority to larger uninvested sums. If I had written the algorithm I might well have considered that to minimise large cash drags, but think I'd have gone with a round robin approach to avoid penalizing existing customers. Yes, they have said that before. At times when loans are scarce, it is the percentage of your FC total un-lent which puts you closer to the feeding trough.
|
|
