Squirrel Money P2P

[humvee]

Looks like the site is having problems at the moment. No matter what i do in dashboard i get the eŕror below

"Something went wrong

Something went wrong, best to go back to the page you just came from and try again."

Can anyone get past the dashboard? Im still getting "Something went wrong

Something went wrong, best to go back to the page you just came from and try again."

[unhuman]

Going by the stats along the bottom of the borrow section it would appear that at least there is now one borrower looking for a loan.

[unhuman]

I am having that problem along with I assume everyone else.

[Valleytrader]

Hey Saamee, how did you withdraw your funds? I've signed up and transferred some funds into Squirrel but cannot see the function where you can transfer funds back into your bank account. Do you have to contact them and request a transfer of funds?

[Saamee]

Hey Saamee, how did you withdraw your funds? I've signed up and transferred some funds into Squirrel but cannot see the function where you can transfer funds back into your bank account. Do you have to contact them and request a transfer of funds?

SETTINGS > Click VIEW > On Call Account Tab > WITHDRAW

Rgds Saamee

[AppleCrumble]

Squirrel gets that. Its cheaper than Harmoney which has a minimum 300.00 fee for unsecured loans (Harmoney have faced pressure over their fees).

Has anyone seen any loans to invest in yet?

Is that fee not expensive? I mean what do the banks charge? I thought p2p was meant to be cheaper than banks? Or is it just easier to get the loan loan on p2p? As far as I recall the interest rates are lower with p2p than banks.

[unhuman]

The interest rates and ease of set up are the main attractions for P2P.

Website looks to be fixed now, placed an investment order for a secured loan. Lets see how long it takes to fill.

Does anyone know if there ahs been any marketing by Squirrel?

[humvee]

A newsletter just went out today, there are a few things in in im not so sure are good for investors - it sounds like they are going to artificially force interest rates for investors down - if this happens im out

"When there aren’t enough Investor bids in the Marketplace at a price that will allow a loan to settle we step in and fund the gap. "

"We’re making a small change to the the rates you can bid which will be active by the end of this week. "

"To resolve the issue of large rate fluctuations we're seeing, we're going to set a market clearing rate. Investor bids can only be placed 0.50% above or below this rate. The market clearing rate will increase or decrease gradually depending on the direction of bidding so rates will still move up and down but without getting influenced by outlier bids.

The benefit will be more competitive rates for creditworthy Borrowers (so they take up the loans) and more investment opportunities. The market rate for investors is going to be initially set at 8.00% which is where loans are currently being matched."

The interest rates and ease of set up are the main attractions for P2P.

Website looks to be fixed now, placed an investment order for a secured loan. Lets see how long it takes to fill.

Does anyone know if there ahs been any marketing by Squirrel?

[humvee]

They have changed it already

Minimum rate is 6%, maximum rate is 9%

A newsletter just went out today, there are a few things in in im not so sure are good for investors - it sounds like they are going to artificially force interest rates for investors down - if this happens im out

"When there aren’t enough Investor bids in the Marketplace at a price that will allow a loan to settle we step in and fund the gap. "

"We’re making a small change to the the rates you can bid which will be active by the end of this week. "

"To resolve the issue of large rate fluctuations we're seeing, we're going to set a market clearing rate. Investor bids can only be placed 0.50% above or below this rate. The market clearing rate will increase or decrease gradually depending on the direction of bidding so rates will still move up and down but without getting influenced by outlier bids.

The benefit will be more competitive rates for creditworthy Borrowers (so they take up the loans) and more investment opportunities. The market rate for investors is going to be initially set at 8.00% which is where loans are currently being matched."

[humvee]

They have changed it already

Minimum rate is 6%, maximum rate is 9%

Im getting very close to walking away from squirrel.

Not only have they reduced the maximum interest rate for investors from the still advertised 12% to 9% - but when as a result of the reduced rate cannot get investors to in invest they are biding against investers at the lower rate then selling them back to investors at this reduced rate of return - making it look like this is the market is at when its not.

In the process of doing this they are preventing users from using fictionalization, I emailed them to ask why my 9% investment order had not been matched to any of the loans available at 9% on the market place currently. I don't have time to paraphrase so im just going to just copy paste below - they should not object since they seem to make it very clear that they believe that what is going on has been widely published already...... While i accept it has been published suspect alot of investors have not added all the little bits together to see the problems in the full picture.

Me: "HiCould you please check why my other order @9% for 2 years had not matched to either of the 2 x 2 year secured loans shown as available currently.
I then canceled and recreated the order by clicking on one of those 2 loans...... but still it did not appear to match up."

squirrel: "Hi Warwick, apologies there maybe some confusion about taking up those investments which we will put up some text around soon.
Those are investments which you need to fully fund if you are to take them. We can see you still have some other orders waiting to be filled – if you cancelled your orders you should have enough to fully fund that one available for $2k at 9%."

Me: "I thought the point was to be able to split across multiple loans to reduce risk. I was only looking to invest $500 in each loan or to each person.Will i still be able to take $500 of one of those loans when the remainder is filled?"

squirrel:"Hi Warwick I think we have discussed previously that our Loan Shield product actually helps reduce risk anyway so it doesn’t really matter whether all your money is in one loan and the borrower misses a payment or if its split into 5 loans and one borrower misses a repayment. There have been numerous newsletters sent out over the last few weeks to investors as well explaining this.


You have split your investments into $500 into each loan which is fine, as you will end up investing in separate loans however those ‘ready to go’ investments you can see on your dashboard need to be funded fully by a single user in order to be taken.


The loan itself already has been fully funded by Squirrel Money already as we have limited funds and are able to provide some liquidity on the platform, and already broken down into these smaller ‘chunks’. At this stage we cannot split these down further as we are also trying to encourage investors to invest larger amounts rather than smaller as that means their money isn’t sitting around doing nothing in the short term."