What kind of rubbish are FS serving up now? to even consider putting this comment in a loan description tells me how gullible they are & shows how they will believe anything a borrower tells them
"interest from the oil and gas industry for crew transfer to and from rigs in the North Sea" would the borrower care to tell us which company?................................no thought not as no such company exists except in cloud FS land
I'll be kind to FS over this. I do not believe that they feel they are posting junk. It's not just restricted to boat loans. Property also springs to mind.
They are simply out of their depth and whilst it is more convenient to post the absolute rubbish feedback from the borrower, it does demonstrate a level of naivety on the part of FS staff which is bringing the platform into disrepute.
It's sad as I believe somewhere within FS, there is a good business model trying to get out. But whilst they continue to manage to fund everything then there's no reason to change.
I believe FS are happy to take on any loan knowing there are plenty of investors who will throw money at it. What do FS lose by dodgy loans? Nothing.
How did you find out about these problems on the loan?
Apparently, all investors were emailed directly to inform them of the default.
However, there is nothing on the platform, no default tab or even notes appended to the loan description, to indicate any problem.
This is a concern, as anyone unsuspecting would assume that all loans are performing, giving an incorrect impression.
Archover need to step up and be honest. Defaults are to be expected, but transparency is crucial to maintaining investor confidence.
At the moment nobody has lost any money so strictly speaking there doesn't need to be anything on Archover website. Recovery of debts could take many months so why would they put potential lenders off?
@ 2017-12-30 14:06: There are 2107 experts lending @ 3.4% (£646.5k), really that desperate?
I am a real RS expert I was lending @ 2.1% on 3 years and quite a few under 3.0%. I just auto re-invested and didn't look at my account for months. Logging into my account one day I suddenly saw all these low rates and realised these are the dirty tricks of RS to maximise their profits. My money has now gone down to just over £2,000 and my money goes elsewhere.
Thus could be a winning concept, but why should investors hand over cash at this stage? What is the incentive, taking into account the risk of investing in/through an untested company?
We are opening the lending activities on first come first served basis. So mainly to get ahead on the lending queue. Also, if no one invested early there will be no lending capital to lend out. But I am very pleased to see there is much more interest that we initially anticipated.
There is no incentive other than get to the front of the queue and possibly be first to lose your money. Sounds similar to the money platform but the rates are a lot lower.