Very good point.
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Has anyone worked out what the current autolend threshold is? For a long time I was sitting at 3-4% of my total principal in available funds and autolend never invested anything. I recently added funds to go up to 8%, and no autolend investments so far. I do have some filters on, but I would expect something to go through.
There is no threshold. It is subject to change frequently. It would depend on how many people have a higher ratio of available funds to outstanding principal as well as borrower demand etc. So you're definitely not going to get a specific figure from anyone.
I found 1-2 months ago when I assisted someone I know invest in Harmoney they managed to get thousands of dollars in within less than a month through Autolend and it has since slowed dramatically around the high 2% mark. 60 month loans are EXTREMELY easier to get Via AutoLend in comparison to 36 month loans. We are talking probably 50-100x.
I am finding autolend seems to just hold my loan investments with just over 8% cash. I am finding it impossible to grow my portfolio now because the loans come and go so quickly. I have upped the number of notes per loan but not changed the filters. I might try putting more cash in and see if that gets me more loans.
Of course it's a moving target, but with a sufficiently large number of investors in the system, at any given time it should be fluctuating around a certain band, right? (For example, 5%-6%). My only filters are "no Fs" and, importantly, "36 month loans only". I don't know if I'll be in NZ in 5 years and there's no secondary market on Harmoney, which is limiting. I'll give that some more thought.
I see that the Feb statements are now available. I don't know why they include all data from when you first opened the account each month - the second page of my statement is now over 82,000 lines of data! I would be happy if they just held detailed data from the latest month with totals only coming from the previous month. Perhaps then they would be quicker to produce and could be made available a bit sooner after end of month?
My auto lend has been kicking in at around 7 or 8%.
Cool, yes, I finally got my first auto-lend loan since December after taking mine up to 8%. It is kind of awkward, because while the Harmoney yields are great they're inflated by the fact that you have to have 8% of your money earning zero interest (albeit liquid and available for withdrawal) at any given time to continue investing, as manually investing it is very difficult.
Wow, if everyone is at 8%, it means Harmoney has access to $18M (8% of $233M current loans at 20 Feb as per their market stats) without having to pay interest. That is a lot of dough!
If I interpret their data correctly, Harmoney lends about 500k/day, and the autolend volume is about 70k/day. So autolending is only 14% of total lending. By manipulating/setting the autolending limit they are effectively keeping everyone's (or the average) cash at about 8%. Interesting. If they increased the 14% to 15% then over time our cash would decrease.