In my last post I described how massive demand for loans on the
Saving Stream platform had resulted in many lenders being locked out of recent
loans while greedy lenders with big pockets were snatching up everything in
sight.
The Solution
I’m pleased to announce that Saving Stream have come up with
a simple fix – the Pre-Funding Option.
This allows each lender to set up an amount they are prepared to invest
in each new loan. This means everyone who
wants ‘in’ will get a share of the loan.
While those with big pockets will obviously get only a proportion of
their pre-funding amount they won’t be able to steal from smaller bidders.
Not Perfect but ..
Like all fixes, it isn’t perfect but, with the demand for
loan parts on the secondary market, anyone who has second thoughts can easily
sell all or part of a share in a loan. As with
existing Saving Stream loans, you can bid without having to have the money in your
SS account. Once you know the size of
loan you have been allocated you can transfer the cash into your SS account
retrospectively.
I for one am happy with this solution and look forward to
participating in future loans on the Saving Steam platform!
UPDATE (11 Sep 2015)
The New Pre-Funding option seems to be working well. My first loan was scaled back significantly from the amount I offered but the second was taken up in full. All I need to do in each case was settle up via a bank transfer once I received the email. I love the simplicity of SS. 12% across the board and the ability to pre-bid and then pay later. What's not to like?
UPDATE (11 Sep 2015)
The New Pre-Funding option seems to be working well. My first loan was scaled back significantly from the amount I offered but the second was taken up in full. All I need to do in each case was settle up via a bank transfer once I received the email. I love the simplicity of SS. 12% across the board and the ability to pre-bid and then pay later. What's not to like?
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