Author Topic: PRIME Rebranded as "Automated Investing"  (Read 6191 times)

BruiserB

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PRIME Rebranded as "Automated Investing"
« on: May 14, 2014, 09:33:49 PM »
Looks like Lending Club is now calling PRIME "Automated Investing."

https://www.lendingclub.com/portfolio/primeEnroll.action

Interesting the the URL is still called "primeEnroll"

Is the functionality any different that PRIME was?  I haven't recently explored what type of filtering is possible with this.  In the past it seemed like you would only get allocated "leftover" loans....has this changed?  Do you get immediate access to newly released loans with this?

lascott

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Re: PRIME Rebranded as "Automated Investing"
« Reply #1 on: May 14, 2014, 09:44:06 PM »
Did you finally hire a UX designer?  Perhaps they did a survey and asked if people knew what prime meant. When they answered: 2, 3,  5, 7, 11, 13.... OK that's a stretch.
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

Fred93

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Re: PRIME Rebranded as "Automated Investing"
« Reply #2 on: May 14, 2014, 09:48:08 PM »
Perhaps they did a survey and asked if people knew what prime meant. When they answered: 2, 3,  5, 7, 11, 13.... OK that's a stretch.

The folks probably said "Oh, that's where I pay you a fixed fee per month and then shipping is free? "

lascott

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Re: PRIME Rebranded as "Automated Investing"
« Reply #3 on: May 14, 2014, 10:05:48 PM »
Perhaps they did a survey and asked if people knew what prime meant. When they answered: 2, 3,  5, 7, 11, 13.... OK that's a stretch.
The folks probably said "Oh, that's where I pay you a fixed fee per month and then shipping is free? "
You are spot on. I pay Amazon's annual fee (was $79 and now $99?) and love it.  Had a couple of rain-gutter to in ground water popup lids get broke and found them on PRIME and sent within a couple days. Installed them today!
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y

SeanMCA

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Re: PRIME Rebranded as "Automated Investing"
« Reply #4 on: May 14, 2014, 11:05:10 PM »
Maybe because the word "prime" could easily be confused with the credit quality of the loans? I wouldn't want that one investor out there to claim one day that they thought "Prime" was completely safe because it was called "Prime" and not "Sub-Prime".
« Last Edit: May 14, 2014, 11:10:29 PM by SeanMCA »
I'm a merchant cash advance veteran exploring the p2p lending waters.

Lovinglifestyle

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Re: PRIME Rebranded as "Automated Investing"
« Reply #5 on: May 17, 2014, 08:30:38 PM »
Maybe because the word "prime" could easily be confused with the credit quality of the loans? I wouldn't want that one investor out there to claim one day that they thought "Prime" was completely safe because it was called "Prime" and not "Sub-Prime".

Good point.  Glad they changed the name.

lc12

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Re: PRIME Rebranded as "Automated Investing"
« Reply #6 on: May 17, 2014, 09:19:24 PM »
In the past it seemed like you would only get allocated "leftover" loans....has this changed?  Do you get immediate access to newly released loans with this?

So does anyone know this question?

Lovinglifestyle

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Re: PRIME Rebranded as "Automated Investing"
« Reply #7 on: May 17, 2014, 09:57:54 PM »
In the past it seemed like you would only get allocated "leftover" loans....has this changed?  Do you get immediate access to newly released loans with this?

So does anyone know this question?

Four times a day sounds like immediate access, subject to competition.  From the Automated Investing information page:

"Investment Frequency: Automated Investing will attempt to place orders on your behalf up to four times per day when new loans are listed, with the goal of deploying the cash in your account as quickly as possible in accordance with your investment criteria. The automated system will place orders for Notes as matching inventory becomes available. The frequency of orders is based on the cash balance of your account, availability of loan inventory matching your investment criteria, and demand from other investors. The cash in your account may be deployed immediately or over a long period of time, and there may be weeks when many orders are placed and weeks when no orders are placed. You may place manual orders at any time."

SBryantMS

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Re: PRIME Rebranded as "Automated Investing"
« Reply #8 on: May 17, 2014, 11:32:43 PM »
In the past it seemed like you would only get allocated "leftover" loans....has this changed?  Do you get immediate access to newly released loans with this?

So does anyone know this question?

Four times a day sounds like immediate access, subject to competition.  From the Automated Investing information page:

"Investment Frequency: Automated Investing will attempt to place orders on your behalf up to four times per day when new loans are listed, with the goal of deploying the cash in your account as quickly as possible in accordance with your investment criteria. The automated system will place orders for Notes as matching inventory becomes available. The frequency of orders is based on the cash balance of your account, availability of loan inventory matching your investment criteria, and demand from other investors. The cash in your account may be deployed immediately or over a long period of time, and there may be weeks when many orders are placed and weeks when no orders are placed. You may place manual orders at any time."

"The frequency of orders is based on the cash balance of your account"
  -- sounds like to me they are going to rank the accounts from highest cash to lowest.  Once you get down to under $2,500 it will be slim to no orders!

mo

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Re: PRIME Rebranded as "Automated Investing"
« Reply #9 on: May 19, 2014, 11:38:13 AM »
Did you finally hire a UX designer?  Perhaps they did a survey and asked if people knew what prime meant. When they answered: 2, 3,  5, 7, 11, 13.... OK that's a stretch.

I just enabled auto-investing for the first time last night after doing things manually for over a year.  The reason I never enrolled in prime is because when I first signed up there was a fee for it and even when they were offering the "PRIME is now free" deal as of a couple months ago it wasn't clear to me that that wasn't just a teaser and I wasn't going to pay money for that.

lascott

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Re: PRIME Rebranded as "Automated Investing"
« Reply #10 on: May 19, 2014, 01:28:37 PM »
Did you finally hire a UX designer?  Perhaps they did a survey and asked if people knew what prime meant. When they answered: 2, 3,  5, 7, 11, 13.... OK that's a stretch.
I just enabled auto-investing for the first time last night after doing things manually for over a year.  The reason I never enrolled in prime is because when I first signed up there was a fee for it and even when they were offering the "PRIME is now free" deal as of a couple months ago it wasn't clear to me that that wasn't just a teaser and I wasn't going to pay money for that.
Let us know how it works/works_out. I'm sure many are curious.
Tools I use: (main) BlueVestment: https://www.bluevestment.com/app/pricing + https://www.interestradar.com/ , (others) Lending Robot referral link: https://www.lendingrobot.com/ref/scott473/  & Peercube referral code: DFVA9Y