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Post by investandlearn on Jun 9, 2021 8:53:34 GMT
That was a short loan. I was thinking that most borrowers would have these loans for at least 6 months but I guess everyone`s reason for borrowing funds is different. Nice to see it has been redeemed. It gives the newbie more confidence!
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Post by df on Jun 9, 2021 18:06:45 GMT
That was a short loan. I was thinking that most borrowers would have these loans for at least 6 months but I guess everyone`s reason for borrowing funds is different. Nice to see it has been redeemed. It gives the newbie more confidence! It is rare, but does happen. It could be that the borrower wanted a shorter loan, but had to go with the standard 6 months term with an option of early redemption. In my observation the majority of pawn loans get renewed a number of times and many end up at auctions.
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Post by investandlearn on Jun 9, 2021 22:28:51 GMT
I imagine that people do tend to renew more as it's the cheaper option available to them rather than redeem where they have to pay the entire amount back. I suppose selling at an auction when the borrower doesn't redeem is fine but must take time to sort out and actually sell.
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toffeeboy
Member of DD Central
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Post by toffeeboy on Jun 10, 2021 10:35:04 GMT
I imagine that people do tend to renew more as it's the cheaper option available to them rather than redeem where they have to pay the entire amount back. I suppose selling at an auction when the borrower doesn't redeem is fine but must take time to sort out and actually sell. Depends on the item, the items so far are either all fairly collectable so several auctions for them to be entered into. I would imagine that any pawnbroker with any time in the business would also know the auction business like the back of their hand as that is there easiest sale route should the borrower not wish to repay the loan. The other items seem to be gold which provided the price of gold is holding up won't be an issue at all to dispose of.
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Post by investandlearn on Jun 10, 2021 12:56:15 GMT
Just noticed that a new loan has gone up against 4 x Rolex watches for £30,000. Interest paid is up to 14% pa. These watches are certainly very popular with the borrowers. I might dip my toe into this one.
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Post by df on Jun 10, 2021 14:27:46 GMT
I imagine that people do tend to renew more as it's the cheaper option available to them rather than redeem where they have to pay the entire amount back. I suppose selling at an auction when the borrower doesn't redeem is fine but must take time to sort out and actually sell. Yes, as long as the asset is valued correctly it can be sold at auction relatively quickly and return your capital, accrued interest and pay auction fees.
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Nomad
Member of DD Central
Posts: 749
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Post by Nomad on Jun 10, 2021 14:53:18 GMT
Just noticed that a new loan has gone up against 4 x Rolex watches for £30,000. Interest paid is up to 14% pa. These watches are certainly very popular with the borrowers. I might dip my toe into this one. No email received about this one?
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Post by investandlearn on Jun 10, 2021 15:04:36 GMT
I imagine that people do tend to renew more as it's the cheaper option available to them rather than redeem where they have to pay the entire amount back. I suppose selling at an auction when the borrower doesn't redeem is fine but must take time to sort out and actually sell. Yes, as long as the asset is valued correctly it can be sold at auction relatively quickly and return your capital, accrued interest and pay auction fees. With all the experience that CL have in the pawnbroking industry through their directors, you would imagine that everything would be correctly valued anyway so going to auction to sell any uncollected items does not really sound like a bad thing anyway if this was to happen. That makes better sense to me.
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Post by investandlearn on Jun 10, 2021 16:05:34 GMT
Just noticed that a new loan has gone up against 4 x Rolex watches for £30,000. Interest paid is up to 14% pa. These watches are certainly very popular with the borrowers. I might dip my toe into this one. No email received about this one? I just received my email about this £30,000 loan.
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Post by df on Jun 10, 2021 17:36:48 GMT
No email received about this one? I just received my email about this £30,000 loan. I wish CL kept to the original process (i.e. one day notice). I've made a deposit, we'll see if it arrives before the loan is filled. I normally don't keep any uninvested cash on platform unless there is a constant loan flow.
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Post by investandlearn on Jun 10, 2021 19:16:15 GMT
Can they always give 24 hours notice though? I presume that if a client comes to them and needs the money almost immediately that they would have no other option than to put a loan straight up or they could run the risk of losing the business if they kept the client waiting for his money. I guess they have to try and please both the borrower and also keep the investors happy at the same time. Good luck with that😂😂
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jun 10, 2021 19:25:27 GMT
I just received my email about this £30,000 loan. I wish CL kept to the original process (i.e. one day notice). I've made a deposit, we'll see if it arrives before the loan is filled. I normally don't keep any uninvested cash on platform unless there is a constant loan flow. It's a biggish loan so I don't think that will be a problem, getting it filled by tomorrow may be a much bigger problem if they don't have someone willing to take up the slack.
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Post by investandlearn on Jun 10, 2021 19:34:17 GMT
It does appear to be filling fairy quickly.
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Post by df on Jun 10, 2021 21:44:34 GMT
I wish CL kept to the original process (i.e. one day notice). I've made a deposit, we'll see if it arrives before the loan is filled. I normally don't keep any uninvested cash on platform unless there is a constant loan flow. It's a biggish loan so I don't think that will be a problem, getting it filled by tomorrow may be a much bigger problem if they don't have someone willing to take up the slack. Funds arrived to "amount available" at 22:20. The system won't let me invest, the red box at bottom left is saying "you are trying to invest more than you have, please deposit some more funds", which is not true. Tranche C is already gone... I'll have another go tomorrow morning and see what happens.
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Post by Ace on Jun 10, 2021 22:05:14 GMT
It's a biggish loan so I don't think that will be a problem, getting it filled by tomorrow may be a much bigger problem if they don't have someone willing to take up the slack. Funds arrived to "amount available" at 22:20. The system won't let me invest, the red box at bottom left is saying "you are trying to invest more than you have, please deposit some more funds", which is not true. Tranche C is already gone... I'll have another go tomorrow morning and see what happens. I had the same thing. I deposited an exact amount to bring my balance up to exactly £200 when added to the capital and interest paid on the completed loan. Once the deposit hit the account it did indeed say "amount available = £200". However, when I tried to invest £200 I got the same error that you did (not enough funds). I surmised that the displayed balance from the Interest had been rounded up to the next penny, and therefore my exact balance was really something like £199.997... So I tried to invest the next lower amount allowed, £175 (as investments have to be in multiples of £25). That investment went through OK.
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