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LinkedFinance - new website

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    #2132
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    adam88 wrote: »
    What happens to existing loans if linked finance collapses. I’m pretty sure some staff are eyeballing a move from the company already

    Catastrophe syndrome? Based on what?

    They are a loan facilitator, they don't lend, so they don't have the risks of a normal lender.

    Their expense is staffing, marketing and offices.


    You will find more and more "deposit" charges from banks, credit unions and others as holding money now costs money.


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    #2133
    at9qu5vp0wcix7
    Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    They get an 1.2% fee at the draw-down of the loan, they are making their money regardless of loans being repaid. Loans auto-filling instantly mean that there are no shortage of fools willing to part with money. Not once has there been an objective article in the media, its all just advertisements.

    No doubt that all of us lodging money to bring our balance to 250 to widthdraw will be included in the revenue figures, as will the 5 euro withdrawal fees and the 1.25% negative interest charge on balances.


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    #2134
    ganmo
    Registered Users Posts: 7,748 ✭✭✭ganmo


    Mila Calm Ax wrote: »
    They get an 1.2% fee at the draw-down of the loan, they are making their money regardless of loans being repaid. Loans auto-filling instantly mean that there are no shortage of fools willing to part with money. Not once has there been an objective article in the media, its all just advertisements.

    No doubt that all of us lodging money to bring our balance to 250 to widthdraw will be included in the revenue figures, as will the 5 euro withdrawal fees and the 1.25% negative interest charge on balances.
    2.6. The minimum amount you can deposit or withdraw (other than to withdraw all funds from your Linked Finance Account) is €50
    From my post last months and their ts&cs


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    #2135
    Wheety
    Registered Users Posts: 5,510 ✭✭✭Wheety


    2.6. The minimum amount you can deposit or withdraw (other than to withdraw all funds from your Linked Finance Account) is €50
    ganmo wrote: »
    From my post last months and their ts&cs

    Yeah but there is now a €5 fee if you're withdrawing less than €250


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    #2136
    garrettod
    Registered Users Posts: 2,420 ✭✭✭garrettod


    LF approved for lending under the Covid Credit Guarantee Scheme :

    http://www.rte.ie/news/business/2021/0105/1187710-linked-finance-credit-scheme/

    Thanks,

    G.



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    #2137
    sceach16
    Registered Users Posts: 904 ✭✭✭sceach16


    garrettod wrote: »
    LF approved for lending under SBCI's Covid Credit Guarantee Scheme :

    http://www.rte.ie/news/business/2021/0105/1187710-linked-finance-credit-scheme/






    Linked does not lend so how can it be approved as a lender? rhetorical question :confused::confused:


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    #2138
    garrettod
    Registered Users Posts: 2,420 ✭✭✭garrettod


    sceach16 wrote: »
    Linked does not lend so how can it be approved as a lender? rhetorical question :confused::confused:

    Actually, that is an interesting question - is it the investors capital that will be 80% protected, if the loan defaults, or will they now lend their own funds (albeit sourced from third parties, behind the scenes)?

    Thanks,

    G.



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    #2139
    FinanceDublin
    Registered Users Posts: 62 ✭✭FinanceDublin


    garrettod wrote: »
    Actually, that is an interesting question - is it the investors capital that will be 80% protected, if the loan defaults, or will they now lend their own funds (albeit sourced from third parties, behind the scenes)?

    Yeah, sort of what I'm hinting at in my previous post --- given the last few months, I wouldn't be entirely surprised if this is what's already happening to an extent.


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    #2140
    Bawa
    Registered Users Posts: 10 ✭Bawa


    the website didn't even work for me.


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    #2141
    Akavango
    Registered Users Posts: 2 ✭Akavango


    you're lucky i have a couple that have been without update for 3 years.


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    #2142
    Salvadoor
    Registered Users Posts: 276 ✭✭Salvadoor


    New CEO for Linked Finance
    Mr O’Grady said he was excited by the opportunity offered by his new role. “Talking to customers this week, I can see a clear need for the speed and simplicity of our finance offering."

    It's speedy & simple alright; get a loan fast and simply don't pay it back


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    #2143
    Jim Root
    Registered Users Posts: 487 ✭✭Jim Root


    Just noticed They’ve made it harder to withdraw funds; limit use to be €50, not its €250 minimum unless you want the pay a €5. Dickheads


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    #2144
    at9qu5vp0wcix7
    Closed Accounts Posts: 738 ✭✭✭at9qu5vp0wcix7


    Jim Root wrote: »
    Just noticed They’ve made it harder to withdraw funds; limit use to be €50, not its €250 minimum unless you want the pay a €5. Dickheads

    Well they certainly wouldn't make much on charging on deposits, its all one-way traffic I would say!


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    #2145
    irish_goat
    Moderators, Recreation & Hobbies Moderators Posts: 5,762 Mod ✭✭✭✭irish_goat


    Been taking my funds out of LF for the past while so only have a little left. Can they legally impose these fees though given we never agreed to them when originally signing up?


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    #2146
    Merowig
    Registered Users Posts: 413 ✭✭Merowig


    irish_goat wrote: »
    Been taking my funds out of LF for the past while so only have a little left. Can they legally impose these fees though given we never agreed to them when originally signing up?

    That is a very good question - I put only 100 Euro in for trying it out. I have now around 60 uninvested because no loans available - and now I get charged for having funds there and I will get charged if I try to get the money out
    It looks like I will need to add money to the account in order to be able to withdraw charge free. Are they serious?


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    #2147
    Cute Hoor
    Registered Users Posts: 1,788 ✭✭✭Cute Hoor


    Jim Root wrote: »
    Just noticed They’ve made it harder to withdraw funds; limit use to be €50, not its €250 minimum unless you want the pay a €5. Dickheads

    Particularly galling when you take into account that the vast majority of my loans should have been completed by the end of 2020 if Linked Finance did any debt management.

    There is currently a workaround of course for getting your money out without incurring these ridiculous and exorbitant charges. As your account balance nears €50 lodge a further €210 to bring your balance just above the €250 limit, and then withdraw all your money, make sure you do it in the middle of the month, no charges incurred.


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    #2148
    Ryaner
    Registered Users Posts: 1,714 ✭✭✭Ryaner


    Is anyone else noticing that they are still applying the balance fee even when you with draw money to keep things below the limit?

    There seems to be a minimum value to it as well or I got unlucky. Both of the fees applied ended up at the exact same amount.

    While I understand why they are doing it, it is especially insulting as we can't write the cost off against the interest received for tax purposes.


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    #2149
    garrettod
    Registered Users Posts: 2,420 ✭✭✭garrettod


    irish_goat wrote: »
    Been taking my funds out of LF for the past while so only have a little left. Can they legally impose these fees though given we never agreed to them when originally signing up?

    Unfortunitely, no one is going to take them on in a court room, given the costs involved.

    It might be interesting to see if they did a U-Turn, if a gang of us pooled togeather to take them on, got a bit of press coverage at an early stage etc.

    Thanks,

    G.



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    #2150
    jams100
    Registered Users Posts: 766 ✭✭✭jams100


    garrettod wrote: »
    Unfortunitely, no one is going to take them on in a court room, given the costs involved.

    It might be interesting to see if they did a U-Turn, if a gang of us pooled togeather to take them on, got a bit of press coverage at an early stage etc.

    Smalls claims court? Or is that not one of the purposes of the small claims court?

    I'd also imagine there is something in the terms that makes what they are doing legal but not good business.

    God help them when things get back to normal and they have no government to give them state backed loans.


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    #2151
    feelings
    Registered Users Posts: 473 ✭✭feelings


    https://www.rte.ie/news/business/2021/0415/1210001-linked-finance-lending/

    So LF are still going strong...


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    #2152
    Hfin2016
    Registered Users Posts: 1 ✭Hfin2016


    When's the last time they've even posted a new loan?


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    #2153
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Hfin2016 wrote: »
    When's the last time they've even posted a new loan?

    It's all autobid now and with so much capital sitting about loans are filled immediately.


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    #2154
    Captainsatnav
    Registered Users Posts: 910 ✭✭✭Captainsatnav


    irish_goat wrote: »
    Been taking my funds out of LF for the past while so only have a little left. Can they legally impose these fees though given we never agreed to them when originally signing up?

    I've just noticed this and the answer is no, not unless it was allowed to unilaterlally amend the Ts and Cs in the original agreement when we signed up but life's too short now for me to bother checking.

    Email just sent:

    "Hi,
    I note you have recently tried to charge me for holding a balance and have also tried to charge me€5 for withdrawing less than €250. Can you please tell me where in the terms of use for your platform I agreed to allow you to do this?
    Regards    ,"


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    #2155
    ganmo
    Registered Users Posts: 7,748 ✭✭✭ganmo


    Captainsatnav wrote: »
    I've just noticed this and the answer is no, not unless it was allowed to unilaterlally amend the Ts and Cs in the original agreement when we signed up but life's too short now for me to bother checking.

    Email just sent:

    "Hi,
    I note you have recently tried to charge me for holding a balance and have also tried to charge me€5 for withdrawing less than €250. Can you please tell me where in the terms of use for your platform I agreed to allow you to do this?
    Regards    ,"

    They changed the tos last November. It also includes a section saying that by continuing to log in you agree by the tos...so if you dont agree to the tos...what do you do?
    I've asked that question of them and got nothing back


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    #2156
    Captainsatnav
    Registered Users Posts: 910 ✭✭✭Captainsatnav


    ganmo wrote: »
    They changed the tos last November. It also includes a section saying that by continuing to log in you agree by the tos...so if you dont agree to the tos...what do you do?
    I've asked that question of them and got nothing back

    Ha ha, me too. Asked them last week. Silence.


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    #2157
    Zverklez
    Registered Users Posts: 74 ✭✭Zverklez


    Not much happening in this thread recently, I assume you are all in the same boat as me - logging in every few months to see how your defaulting loans are doing.


    I have researched mine and with a few of them, the borrower has simply closed the business and started another - yet LF are not going after them. This toothless approach to debt collection doesn't surprise me, but I am shocked at how easily some borrowers got away with funds.



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    #2158
    garrettod
    Registered Users Posts: 2,420 ✭✭✭garrettod


    Need to get one of the financial journalists to do an article on this - and yes, I do mean a proper article!

    Thanks,

    G.



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    #2159
    irish_goat
    Moderators, Recreation & Hobbies Moderators Posts: 5,762 Mod ✭✭✭✭irish_goat


    I've only €3.35 in bad debt so I'm not too bothered about that. Waiting for the last 3 loans to finish and I'll be closing my account. I'll not have €250 to withdraw so I'm wondering if they will try and charge the €5 withdrawal fee as well.



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    #2160
    notsocutehoor
    Registered Users Posts: 435 ✭✭notsocutehoor


    There is a funny one on their 'Status Update' on one of their many 'In Default' loans - 'Despite our best efforts we have been unable to reach the guarantor of this facility', funny when you think that this guy has effectively renamed his business and is operating quite openly, he's not in hiding in some faroff 'Stan LF lads. Their debt management has always been brutal and their updates are laughable. It looks like they're dying on their feet which is a pity because there was a reasonably good business there imo if managed properly and professionally.

    BTW does anybody know what 'Corrections' under 'Deductions' means, I contacted them but they didn't know.



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    #2161
    ganmo
    Registered Users Posts: 7,748 ✭✭✭ganmo


    and the dates on notes are sometimes inaccurate, eg I checked on the 11th, no notes, checked again the 12th and hey presto there's one there dated the 10th



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