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Post by rebsrep on Feb 4, 2016 0:10:11 GMT
I know that a couple of you have already taken the time to put some ideas on the 1st post that we made. It would be appreciated if you could please put ideas into this thread. We can then monitor it and give feedback where appropriate. MODS or Original Posters please move those ideas posts across to this thread.
We want to hear your ideas. However we would ask that you keep those ideas constructive and practical. Also to help us gauge our lenders perceptions it would be really appreciated if you could give your thoughts on whether your idea is simple and cheap to implement or not. e.g. What might seem like a simple change can often involve changing (and then testing) complex code that integrates across the whole underlying infrastructure of our platform.
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Post by jackpease on Feb 4, 2016 8:38:29 GMT
Site speed! Much talked about in previous posts but i suspect there must be a simple explanation as even login pages take ages to load. Jack P
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SteveT
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Post by SteveT on Feb 4, 2016 9:26:05 GMT
Site speed! Much talked about in previous posts but i suspect there must be a simple explanation as even login pages take ages to load. Jack P I'm now already about 80% "out" and stopped bidding on new ReBS loans at the start of January (a New Year resolution). What drove me away was not the risk / reward profile (which seems fair for the rates) and not the communication (which seems adequate) but the snail-like pace of everything involving ReBS. I can invest in much the same profile of higher-risk SME loans these days by bidding in D/E auctions on FC. There the auction closes in minutes (sometimes seconds) and draws down within a week or so (sometimes same day) whereas on ReBS it can take a month or more from first bid to drawn-down loan. And typically there are 5 or 6 FC D/E loans per day to choose from, sometimes more, not 1 or 2 per week. On FC I can list loan-parts for sale on the SM in seconds, checking the current "best available rate" in a second or two, and de-list / re-price / re-list them in just a few seconds more when they're not selling. Trying to do the same across more than 3 or 4 ReBS loans at a time drives me to distraction, waiting at every click whilst the website ponders at length and then heaves itself into action. And whilst I can download my entire loan-book from FC each day (2 seconds more) and paste it into a spreadsheet to track my current holdings and the rate of SM sales, I long ago gave up attempting to do the same on ReBS (life is too short). Despite the above, I'm no great fan of FC and their move to fixed rates cut my lending there by 75%, but at least they're not still operating in the steam age and the D/E end of their lending trumps ReBS every day, IMHO. Unless ReBS dramatically improves website speed and functionality (and accelerates auctions), I fear for its future.
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baldpate
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Post by baldpate on Feb 4, 2016 9:43:00 GMT
As requested, I reproduce here the suggestion I first made in the other thread:
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brush
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Post by brush on Feb 4, 2016 13:37:23 GMT
Stronger action taken against consistent late payers, phone calls and emails do not seem to make any difference to these borrowers. Communication to lenders as to why these repayments are late preferably from the borrower. One of these is a debt collector, irony at it`s best.
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kaya
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Post by kaya on Feb 4, 2016 16:47:34 GMT
Stronger action is indeed required, but what can make a difference? I know a few big lads who would happily help out, and they have remarkably good persuasion abilities. For a fee of course.
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brush
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Post by brush on Feb 4, 2016 17:42:48 GMT
Maybe a 5% late payment fee might be effective, if not then send in the goons
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Post by ladywhitenap on Feb 5, 2016 11:23:15 GMT
In addition to the above, I feel that the delay between end of auction and drawdown needs to be much shorter - a couple of working days.
A number of competing platforms use models where lenders are getting interest from the day they make a commitment to a loan OK this is not the REBS type model but most of us lenders are here to get a return on capital.
To this end all the legals need to be in place before the auction starts or certainly 100% likely to be ready by the declared end date. This then means the only two reasons (I can think of) for the loan failing would be insufficient bids to fill the loan and the out turn interest rate too high for the borrower. It must be made clearer that the borrower must have someone with executive power available for the two business days after the auction completes.
I know technically interest is paid 30 days after the auction completes but I have seen too many loans take a protracted period to agree and also flout this 30 day rule and quite often after several weeks fail. All this time our money is locked up and not earning. We have also had stupid mistakes such as suddenly after the auction has completed finding that there is a conflict of interest with two parties in the arrangement using the same solicitor etc
I have in the past proposed a refundable bond to be lodged by the borrower at the start of the auction to cover the first months interest to concentrate the mind of the borrower that REBS is serious about their rules. This has been shot down in the past but I still think it a good idea if REBS are to move to a much more business like stance - a need that underlies many of our current gripes.
LW
PS Very pleased to see that you are looking at my Journal idea - but I would say that wouldn't I? Elsewhere there has been the comment about the workload of writing a retrospective journal for existing loans. I agree this could be a lot of work and perhaps the historic part of journals for those loans could either be very brief or even simply start from the date of inception of the "new way"
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Steerpike
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Post by Steerpike on Feb 5, 2016 11:49:41 GMT
Make everything faster:
- the web site is always far too slow - auctions are too long - drawdown takes too long
There are other things but there is little point in addressing them unless and until the three issues above are resolved.
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 5, 2016 15:03:15 GMT
I'm no great fan of Lending Crowd, but a loan closed today at 1pm. By 1.15pm I'd had an email to say that the loan had been accepted and was accruing interest. If LC can do it , why can't ReBS?
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kaya
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Post by kaya on Feb 7, 2016 13:39:43 GMT
There are too many 'maverick' borrowers being presented, and I would like to see more small hardworking businesses, such as are now often seen on FC. I would like to see Payment Protection Insurance as a standard requirement for every loan. Security that will never be called in is no security at all.
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shimself
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Post by shimself on Feb 7, 2016 15:05:56 GMT
Site speed! Much talked about in previous posts but i suspect there must be a simple explanation as even login pages take ages to load. Jack P Part answer to that is do not calculate interest earned, capital employed , microloans and active bids when logging in
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shimself
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Post by shimself on Feb 7, 2016 15:42:45 GMT
- Put dates of last post on header of each discussion thread.
- Find some means of alerting REBS staff to a posting which is seeking a response from REBS (I personally have prodded you into action on 3? occasions, each time your story was we hadn't noticed it)
- Put a button to open (explode) each discussion thread, so I can go though the lot just pressing PgDn; mouse clicks and laptops are not the best of partners
- Tax report with user definable dates
5 When clicking on an email link, forward me to the relevant page (after logging in ) - it doesn't work properly 6 When buying a number of microloans show the total spend alongside the BUY NOW button 7 Be quicker AND MORE ACCURATE in processing deposits and withdrawals (and empower somebody else as well as the Lord High Financial Controller to supervise and rectify this)
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baldpate
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Post by baldpate on Feb 7, 2016 16:47:29 GMT
Could you please enhance the functionality of the "Subscribe all" button at the top of the discussion threads so that we are notified of the opening post in new threads; at present, we only get email notification of the second & subsequent posts.
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nick
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Post by nick on Feb 11, 2016 19:28:09 GMT
The speed of the website is appalling - I have to set aside a whole morning to go through by loan book whereas the same exercise on my FC portfolio which has 4 times the loans takes a quarter of the time. In particular, ctrl clicking on loans on my dashboard takes on average 25-30 secs to load up a new tab with the relevant loan - much slower if you try to open multiple loan tabs. I have over 70 loans over my two accounts so if I were to perform this exercise sequentially for all my loans that would be a 35 minute wait alone before similar similar wait times for selling loan parts. It is the slowest website I can ever recall using and its just plain painful..........
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