Flexible peer to peer lending & borrowing
Your money, your way

AutoLend settings

AUTOLEND

For the lender having acquired an Advanced Lender membership, the AutoLend facility is designed to enable lending on a larger scale and with more sophistication than is feasible by manually searching and selecting loan requests, and borrowers, and then manually placing bids on those loan requests. AutoLend optionally enables automatic bidding on Bidding market loan requests as well as being the only mechanism for the placing of matches on loan requests in the Matching market.

AutoLend will automatically place lending bids or matches on loan requests (depending on the market in which the loan request resides) selected according to sets of selection criteria. Up to five different sets of selection criteria settings (in the five available lending portfolios) may be made by the lender. This enables lenders to lend on a portfolio basis, in either or both markets – Bidding or Matching, and with a spread of, for example, borrower credit ratings, borrower ages, interest rates and lending amounts. This enables lending in larger volume and in a more structured manner than is feasible making manual lending bids on specific loan requests.

Detailed instructions for setting up the lending portfolios are in the sections below.

ARBU

ARBU is the Automated Response to Bumped-off Underbid facility.

ARBU works in conjunction with AutoLend and is a facility which is provided for Advanced Lenders (those having bought Advanced Lender membership). It is designed to automatically replace a bid or match that has been bumped-off via another lender's underbid. The lender has the facility to specify a number of parameters controlling how the replacement bid/s or match/es will be placed.

For Instructions in setting up ARBU, click here

AUTOLEND SETTINGS

Select "AutoLend Settings" from the Advanced Lender Menu.

AUTOLEND GLOBAL SETTINGS

To start, there are some "Global Settings" to configure. The word "Global" in this context means that these settings apply to ALL the Lending Portfolios owned by one lender.

AutoLend1

Click on the link to open the Global Settings:-

AutoLend2

The first "Global" parameter to set is the "Maximum Exposure to One Borrower".

There are tooltips on every label and entry box to help you fill in the form, example shown below:

AutoLend2a

The "Maximum Exposure to One Borrower" setting is most important,
especially if you have not joined the optional Compensation Scheme.

This can be set as an amount of exposure or a percentage of total lending plus bids plus matches.

In the "EXPOSURE TO BORROWER AMOUNT" box enter the maximum amount of lending that you wish to have with any one borrower. The second parameter "OR, HIGHER OF, % OF ALL LENDING" is optional. If specified, your exposure to any one borrower will be the higher of, the amount specified or the percentage calculated on your total lending. Example: Amount entered=£50.00 and percentage entered=5%. With £100 lent, 5% of total lending is £5.00, the maximum exposure per borrower is £50.00. With £2000 lent, 5% of total lending is £100.00. Max exposure per borrower is £100.00.

The next "Global" parameter to set is "Global Portfolio Status".
This setting allows you to enable or disable all your lending portfolios in one setting. Note that each portfolio may also individually be enabled or disabled.

The next "Global" parameter is "Combine with ARBU".
ARBU is our unique Automated Response to Bumped-off Underbid mechanism (more later). If enabled, this parameter allows you to generally combine all the lending portfolios activities with the ARBU mechanism.

The next "Global" setting will enable the income from your lending to be routed to a portfolio or to your holding account. The principal repayments and the interest repayments can be routed to different portfolios if required. However, when initially setting up your portfolios, these settings can only be set to "Holding Account" as shown. When a portfolio or portfolios have been set up, you can then revisit this setting and change each to your required configuration.

There are two separate settings as follows:-

Principal Repayments to "Select Portfolio" (drop down selection) or Holding Account (check box)

Interest Repayments to "Select Portfolio" (drop down selection) or Holdig Account (check box)

There is a "Save Settings" (first time) or "Update Settings" (once set up) button at the bottom of "Global Settings", don't forget to click this button after initially making your settings or making changes.

So the completed section might look like this:

AutoLend3

CREATE NEW LENDING PORTFOLIO

AutoLend4

Click the above link and the following appears:-

AutoLend5

The first prompt is "Select Lending Calculation Method". There are currently three AutoLend methods available, providing automated bidding and matching at various levels of sophistication and control from simple to complex.

The easiest to use is the "Target Interest Rate Bids/Matches Only" method which requires the configuration of only 9 settings.

The next in simplicity but offering a great deal of control is the "Table of Minimum Interest Rates Bid/Matches per Credit Rating/Term of Loan" method which requires 10 settings.

Finally, offering very granular control but necessarily being a bit more complex, is the "Full Parameters" method.

Selecting and configuring the different AutoLend methods are described in detail in the sections listed below. You can click on the links below to go straight to that section:- 

a) Target Interest Rate Bid/Matches Only

b) Table of Minimum Interest Rates Bid/Matches per Credit Rating/Term of Loan

c) Full Parameters

We also describe some other lending portfolio functions, such as how to Edit and Delete portfolios and how to Add Funds and Remove Funds from portfolios. Again, you can click on the links below to go straight to that section:- 

OTHER PORTFOLIO FUNCTIONS:

1. Edit a Portfolio

2. Delete a Portfolio

3. Add Funds to a Portfolio

4. Remove Funds from a Portfolio

AUTOLEND METHOD: TARGET INTEREST RATE BIDS/MATCHES ONLY

This is the simplest form of AutoLending. This method just places bids or matches at the Target Interest Rate that the borrower has entered on his Loan Request. For example, a Loan Request of £3,000 at a Target Interest Rate of 9.8% will receive one bid/match from each Portfolio at 9.8% (the Target Interest Rate). The amount of the bid/match will be calculated according to the method selected (covered later).

Select the "Bids at Target Interest Rate with Amount Calculated":

AutoLend6

The second prompt is "Market Setting".

This setting determines in which markets for Loan Request fulfillment your bids and/or matches will be placed. You may select the Bidding market, the Matching market or Both the Bidding and Matching markets. The latter will place bids and matches onto Loan Requests selected from both markets.

You can choose "Bidding" or "Matching" or "Both Bidding & Matching".

AutoLend7

If "Both Bidding & Matching" has been selected you then see this:-

AutoLend8

When you click the "Next" button you see the "Select Which Loan Requests" page which determines which loan requests are initially selected for further scrutiny:

AutoLend9

If you make an invalid entry you will get a validation message like this:

AutoLend10a

When all the entries and selections have been made on that tab it may look like this:

AutoLend10

This lending portfolio has been given a PORTFOLIO TITLE: Portfolio 4.
The TOTAL AMOUNT FOR THIS PORTFOLIO is the amount allocated to this lending postfolio, in this case £1,500. That £1,500 has to be already in your Holding Account and uncommitted. If you enter more than is uncommitted in your Holding Account, you get a message like this:

AutoLend9a

The amount shown in the "Enter amount less than £5,048.51" is the "uncommitted" balance in the Holding Account, which is the maximum that could be allocated to the portfolio in this case.

The STAR RATING MINIMUM entry is very important. It shows the minimum Star Rating, on the scale 1 to 15 (that equates to credit worthiness bands B, A and A*). The 9 entered here is towards the higher end of the A category. THis means that this lending portfolio will not select any Loan Requests for lending if the borrower has less than a Star Rating score of 9 (the top end of A).

The LOAN TERM setting may be left at the default - ALL, or if MIN AND MAX is selected, entries may be made for the minimum loan term and the maximum loan term. For example, if you don't want to lend for more than 2 years your would enter 12 as the minimum and 24 as the maximum.

In the case of this overall lending portfolio method (TARGET INTEREST RATE BIDS/MATCHES ONLY) the settings for
TARGET RATE % MINIMUM and 
TARGET RATE % MAXIMUM are the most important!

For example, you might not want to lend to a borrower that has put a Target Rate at less than 5% or indeed, more than 11%. Here the lender has taken exactly that stance! When all those entries are made click "NEXT" and the second tab appears, which is the "Bid Parameters and Limits" page. There are only two settings on this tab, Bid Amount Minimum and Bid Amount Maximum:

AutoLend11

These settings allows you to restrict the amount of each bid within limits.
Here, the lender has asked for a minimum bid of £20 and a maximum bid of £40.

When those are filled in click "NEXT" and the final tab opens:

AutoLend12

This is the criterion on which the calculation of the bid amount will be based. The default here is that the Bid Amount will be calculated based on the Amount of the Loan.

If you wish the bid amount simply to be a constant, for example £20, then set both the Bid Amount Minimum and the Bid Amount Maximum on the Bid Parameters & Limits tab to £20 (and on this tab set the "Calculate Amount Based On" to "Amount of Loan".

If you are happy with the above settings and don't require any further refinements, you can skip to Agree Terms & Conditions below.

FOR SOME MORE ADVANCED SETTINGS

If a range of Bid Amounts have been specified, this means, for example, that if the Amount of the loan is the maximum allowed, say £11,000, then the Bid Amount will be the maximum you have specified, £40 as above. If the Amount of the loan is the minimum allowed, say £1,000, then the Bid Amount will be the minimum you have specified, £20 as above. All amounts in between will the interpolated, but always rounded to the minimum unit of transaction which is £10, for example, if the Amount of the loan is £6000 then the Bid Amount would be £30. If the Amount of the loan was £7000 the Bid Amount would also be £30, as it would be rounded to the nearest £10.

There are, however, some other choices as follows:

AutoLend13

Average Amount of Bids' only applies to the Bidding Market. 'Term of Loan' does not apply to Flexible Loans (coming later).

You may choose the TERM OF LOAN or the AVERAGE AMOUNT OF BIDS.

If TERM OF LOAN is selected the the Bid Amount will be calculated based on the term or duration of the loan. 

This means that if the Term of the loan is the maximum allowed, say 60 months, then the Bid Amount will be the maximum you have specified, £40 as above. If the Amount of the loan is the minimum allowed, say 12 months, then the Bid Amount will be the minimum you have specified, £20 as above. Again, all amounts in between will the interpolated, but always rounded to the minimum unit of transaction which is £10, for example, if the Term of the loan is 36 months then the Bid Amount would be £30. If the Term of the loan was 54 months the Bid Amount would be £40, as it would be rounded to the nearest £10.

If AVERAGE AMOUNT OF BIDS is selected then the Bid Amount will be calculated based on the average amounts of the bids (Bid Amounts) currently bid on the loan. This will first calculate the average of all the amounts of all the current winning bids on the Loan Request e.g. If amounts of winning bids were £10, £20 and £30, the "Average Amount of Bids" is (£10+£20+£30/3) = £20

AutoLend15

There are two further settings available on this Average Amount of Bids calculation by which this may be specified, the ABSOLUTE or the PERCENTAGE method.

The Absolute method adds or subtracts the value entered here to/from the Average Amount of Bids to arrive at the Bid Amount. e.g For Absolute selected and -10 entered here, then, based on the Average Amount of Bids = £20, the resulting Bid Amount is calculated as £20 - £10 = £10. All calculated Bid Amounts are rounded to the nearest £10.

AutoLend19 

The Percentage method adds or subtracts the percentage entered here to/from the Average Amount of Bids to arrive at the Bid Amount. So if, say, 50 is entered here, then, based on the Average Amount of Bids = £20 the resulting Bid Amount is £20 + (50% of £20) = £30. All calculated Bid Amounts are rounded to the nearest £10.

Agree Terms & Conditions

AutoLend16

Finally, when the Amount to Bid settings have been made, you should click the link for the Terms and Conditions of AutoLend and read them carefully. Checking the check box beside indicates your agreement and acceptance of those terms. When you have done that please click the "Submit" button and you lending portfolio settings will be saved and will show like this:

AutoLend17

AUTOLEND METHOD: LENDERS’ TABLE OF MINIMUM RATES PER CREDIT RATING/TERM OF LOAN

The next in simplicity but offering a great deal of control is the "Table of Minimum Interest Rates Bid/Matches per Credit Rating/Term of Loan" method which requires 10 settings.

This method just places bids or matches according to a table that the lender creates based on an interest rate for each loan term/borrower credit stars combination. Now that sounds complicated to set up, but we have made it easy for you! For example, a Loan Request for a Term of 24 months for a borrower with credit stars 8 you might consider a bid at an Interest Rate of  5.75%. The amount of the bid/match will be calculated according to the method selected (covered later).

AutoLend20

Select the "Table of Minimum Rates per Credit Stars/Loan Term":

The second prompt is "Market Setting".

This setting determines in which markets for Loan Request fulfillment your bids and/or matches will be placed. You may select the Bidding market, the Matching market or Both the Bidding and Matching markets. The latter will place bids and matches onto Loan Requests selected from both markets.

You can choose "Bidding" or "Matching" or "Both Bidding & Matching". If you choose "Both Bidding and Matching" you then see this:

AutoLend22

When you click the "Next" button you see the "Select Which Loan Requests" page which determines which loan requests are initially selected for further scrutiny:

AutoLend23

The completion of these entries are covered in the portfolio method "Target Interest Rate Bids/Matches Only" as above.

When  you have completed the settings on this page click the "next" button and the next page to show is the "Bid Parameters and Limits" page:

AutoLend24

The Bid Amount Minimum and Bid Amount Maximum allows you to restrict the amount of each bid within these limits, shown above as a minimum of £10 and a maximum of £100.

The next four entries establish the four corner entries of the table. The first corner, the top left corner, is set by entering the Minimum Interest Rate percent you wish to bid on a loan request from a borrower with 15 Credit Stars (the top credit rating) on a loan Term of 12 months. In the example below the entry is 4.5%.

The next corner, the bottom left corner, is set by entering the Minimum Interest Rate percent you wish to bid on a loan request from a borrower with 1 Credit Star (the lowest credit rating that we allow) on a loan Term of 12 months. In the example below the entry is 6.5%.

The third corner, the top right corner, is set by entering the Minimum Interest Rate percent you wish to bid on a loan request from a borrower with 15 Credit Stars (the top credit rating) on a loan Term of 60 months. In the example below the entry is 7.0%.

The last corner, the bottom right corner, is set by entering the Minimum Interest Rate percent you wish to bid on a loan request from a borrower with 1 Credit Star (the lowest credit rating that we allow) on a loan Term of 60 months. In the example below the entry is 10.00%.

When these four boxes have been entered, the table below will be populated with the numbers by interpolating from the four numbers provided. This is shown below:

AutoLend25

When those are filled in click "NEXT" and the final tab opens:

AutoLend12

This is the criterion on which the calculation of the bid amount will be based. The default here is that the Bid Amount will be calculated based on the Amount of the Loan.

If you wish the bid amount simply to be a constant, for example £20, then set the Bid Amount Minimum and the Bid Amount Maximum on the Bid Parameters & Limits tab to £20 (and on this tab set the "Calculate Amount Based On" to "Amount of Loan".

This means that if the Amount of the loan is the maximum allowed, say £11,000, then the Bid Amount will be the maximum you have specified, £40 as above. If the Amount of the loan is the minimum allowed, say £1,000, then the Bid Amount will be the minimum you have specified, £20 as above. All amounts in between will the interpolated, but always rounded to the minimum unit of transaction which is £10, for example, if the Amount of the loan is £6000 then the Bid Amount would be £30. If the Amount of the loan was £7000 the Bid Amount would also be £30, as it would be rounded to the nearest £10.

If you are happy with the above settings you can skip to Agree Terms and Conditions below.

There are, however, some other choices as follows:

AutoLend13

Average Amount of Bids' only applies to the Bidding Market. 'Term of Loan' does not apply to Flexible Loans (coming later).

You may choose the TERM OF LOAN or the AVERAGE AMOUNT OF BIDS.

If TERM OF LOAN is selected the the Bid Amount will be calculated based on the term or duration of the loan. 

This means that if the Term of the loan is the maximum allowed, say 60 months, then the Bid Amount will be the maximum you have specified, £40 as above. If the Amount of the loan is the minimum allowed, say 12 months, then the Bid Amount will be the minimum you have specified, £20 as above. Again, all amounts in between will the interpolated, but always rounded to the minimum unit of transaction which is £10, for example, if the Term of the loan is 36 months then the Bid Amount would be £30. If the Term of the loan was 54 months the Bid Amount would be £40, as it would be rounded to the nearest £10.

If AVERAGE AMOUNT OF BIDS is selected then the Bid Amount will be calculated based on the average amounts of the bids (Bid Amounts) currently bid on the loan. This will first calculate the average of all the amounts of all the current winning bids on the Loan Request e.g. If amounts of winning bids were £10, £20 and £30, the "Average Amount of Bids" is (£10+£20+£30/3) = £20 

AutoLend15

There are two further settings available on this Average Amount of Bids calculation by which this may be specified, the ABSOLUTE or the PERCENTAGE method.

The Absolute method adds or subtracts the value entered here to/from the Average Amount of Bids to arrive at the Bid Amount. e.g For Absolute selected and -10 entered here, then, based on the Average Amount of Bids = £20, the resulting Bid Amount is calculated as £20 - £10 = £10. All calculated Bid Amounts are rounded to the nearest £10.

AutoLend19 

The Percentage method adds or subtracts the percentage entered here to/from the Average Amount of Bids to arrive at the Bid Amount. So if, say, 50 is entered here, then, based on the Average Amount of Bids = £20 the resulting Bid Amount is £20 + (50% of £20) = £30. All calculated Bid Amounts are rounded to the nearest £10.

Agree Terms & Conditions

AutoLend16

Finally, when the Amount to Bid settings have been made, you should click the link for the Terms and Conditions of AutoLend and read them carefully. Checking the check box beside indicates your agreement and acceptance of those terms. When you have done that please click the "Submit" button and your lending portfolio settings will be saved and will show like this:

Autolend26

AUTOLEND METHOD: FULL PARAMETERS

Finally, offering very granular control, but necessarily being a bit more complex, is the "Full Parameters" method. Select "Full Parameter Specified, Bids Calculated"

AutoLend27

The next selection prompt is "Market Setting".

This setting determines in which markets for Loan Request fulfillment your bids and/or matches will be placed. You may select the Bidding market, the Matching market or Both the Bidding and Matching markets. The latter will place bids and matches onto Loan Requests selected from both markets.

You can choose "Bidding" or "Matching" or "Both Bidding & Matching". When you click the "Next" button you see the "Select Which Loan Requests" page which determines which loan requests are initially selected for further scrutiny:

AutoLend28

First give the lending portfolio a PORTFOLIO TITLE: for example: Portfolio 4.

The TOTAL AMOUNT FOR THIS PORTFOLIO is the amount allocated to this lending postfolio. The Amount entered here has to be already in your Holding Account and uncommitted. If you enter more than is in your Holding Account and uncommitted you get a message like this:

AutoLend9a

The amount shown in the "Enter amount less than £5,048.51" is the "uncommitted" balance in the Holding Account, which is the maximum that could be allocated to the portfolio in this case.

The STAR RATING MINIMUM entry is very important. It shows the minimum Star Rating, on the scale 1 to 15 (that equates to credit worthiness bands B, A and A*). The 9 entered here is towards the higher end of the A category. THis means that this lending portfolio will not select any Loan Requests for lending if the borrower has less than a Star Rating score of 9 (top end of A).

The LOAN TERM setting may be left at the default - ALL, or if MIN AND MAX is selected, entries may be made for the minimum loan term and the maximum loan term. For example, if you don't want to lend for more than 2 years your would enter 12 as the minimum and 24 as the maximum.

A reminder here that there are tooltips on every entry, just hover the cursor on the label for the item on which you need advice:

AutoLend32a

Some of the items are self explanatory (they still have tooltips for prompting the memory!), and some are more difficult. There are some drop down selections on this page for the two Loan & Debt Ratios:

The Debt Repayments v Income (DTI) Ratio - This is the ratio of the amount each month that goes towards repaying all the borrower's debts, to the borrower's monthly net income. This is a key affordability measure and it is sometimes referred to as the DTI (Debt to Income) Ratio. We refer to it as a percentage and have set the top limit to 36%. If you require a lower limit then please select your lower limit in the dropdown.

AutoLend31

The Loan Payment v Available Income Ratio - This is the ratio of the loan's monthly repayments to the borrower's monthly disposable income. This is a key affordability measure and we refer to it as a percentage and have set the top limit to 40%. If you require a lower limit then please select your lower limit in the dropdown.

AutoLend32

When you have completed the settings on this tab click the "next" button and the next tab to show is the "Bid Parameters and Limits" tab. These settings allow you to restrict the amount of each bid within limits. Below, the default entries are showing throughout :

AutoLend29

The entries on this page are as follows:

Bid Amount Minimum: The minimum amount that you wish to bid on any loan request, for example £20.

Bid Amount MaximumThe maximum amount that you wish to bid on any loan request, for example £50. The range of Bid Amounts being £20 to £50.

Bid Amount Increment: Where multiple bids per Loan Request have been specified (see below - Maximum Number of Bids), you can specify, in the Bid Amount Increment, (rounded to the nearest £10), an amount by which each bid amount varies from any other when calculating another bid amount. For example: Bid Amount Increment is set at £10; Bid Amounts are limited to minimum £20 and maximum £50; Maximum Number of Bids is 2. If the first bid calculates to £30, the second bid will be incremented to £40.

Bid Interest Rate % MinimumThe minimum interest rate that you wish to bid on any loan request, for example 3.99%

Bid Interest Rate % MaximumThe maximum interest rate that you wish to bid on any loan request, for example 10%

Vary Bid Loan Interest Rate: Where multiple bids per Loan Request have been specified, please enter the Interest Rate Increment that you wish to be used when calculating another bid's interest rate. Negative entries are allowed in this case. e.g. 0.25 or -0.5. For example if a bid is placed at 4.6% and the increment is -0.5% the next bid will be placed at 4.1%.

Maximum Number of Bids: If you wish to place more than one bid per loan request you insert a number greater than 1 here. In the case multiple bids per loan request have been specified, the Bid Amounts will be varied according to the Bid Amount Increment and the Bid Interest Rate will be varied according to the Vary Bid Loan Interest Rate entries.

Bid If Loan Request Funded: You may specify that you do not wish to bid on a loan request until it is funded by a certain percentage of the total loan amount requested. For example, if the loan request is for a loan of £10,000 you may not feel it necessary to bid on the loan request until it is, say, 60% funded, or a minimum of £6,000 has already been bid. The choices are for "any amount funded" or 20% funded or more, 40% funded or more, 60% funded or more or 80% funded or more. The dropdown shows as follows:

AutoLend30 

When all the entries have been made on that tab, click "Next" and the next tab will show as follows: 

AutoLend33

These are the criteria on which the calculation of the bid amount (or bids amounts, if multiple bids are specified) will be based. The default here is that the Bid Amount will be calculated based on the Amount of the Loan.

If you wish the bid amount simply to be a constant, for example £20, then set the Bid Amount Minimum and the Bid Amount Maximum on the Bid Parameters & Limits tab to £20 (and on this tab set the "Calculate Amount Based On" to "Amount of Loan".

If a range of Bid Amounts have been specified, this means, for example, that if the Amount of the loan is the maximum allowed, say £11,000, then the Bid Amount will be the maximum you have specified, £40 as above. If the Amount of the loan is the minimum allowed, say £1,000, then the Bid Amount will be the minimum you have specified, £20 as above. All amounts in between will the interpolated, but always rounded to the minimum unit of transaction which is £10, for example, if the Amount of the loan is £6000 then the Bid Amount would be £30. If the Amount of the loan was £7000 the Bid Amount would also be £30, as it would be rounded to the nearest £10.

There are, however, some other choices as follows:

AutoLend13

'Average Amount of Bids' only applies to the Bidding Market. 'Term of Loan' does not apply to Flexible Loans (coming later). 

You may choose the TERM OF LOAN or the AVERAGE AMOUNT OF BIDS.

If TERM OF LOAN is selected the the Bid Amount will be calculated based on the term or duration of the loan. 

This means that if the Term of the loan is the maximum allowed, say 60 months, then the Bid Amount will be the maximum you have specified, £40 as above. If the Amount of the loan is the minimum allowed, say 12 months, then the Bid Amount will be the minimum you have specified, £20 as above. Again, all amounts in between will the interpolated, but always rounded to the minimum unit of transaction which is £10, for example, if the Term of the loan is 36 months then the Bid Amount would be £30. If the Term of the loan was 54 months the Bid Amount would be £40, as it would be rounded to the nearest £10.

If AVERAGE AMOUNT OF BIDS is selected then the Bid Amount will be calculated based on the average amounts of the bids (Bid Amounts) currently bid on the loan. This will first calculate the average of all the amounts of all the current winning bids on the Loan Request e.g. If amounts of winning bids were £10, £20 and £30, the "Average Amount of Bids" is (£10+£20+£30/3) = £20

AutoLend15

There are two further settings available on this Average Amount of Bids calculation by which this may be specified, the ABSOLUTE or the PERCENTAGE method.

The Absolute method adds or subtracts the value entered here to/from the Average Amount of Bids to arrive at the Bid Amount. e.g For Absolute selected and -10 entered here, then, based on the Average Amount of Bids = £20, the resulting Bid Amount is calculated as £20 - £10 = £10. All calculated Bid Amounts are rounded to the nearest £10.

AutoLend19 

The Percentage method adds or subtracts the percentage entered here to/from the Average Amount of Bids to arrive at the Bid Amount. So if, say, 50 is entered here, then, based on the Average Amount of Bids = £20 the resulting Bid Amount is £20 + (50% of £20) = £30. All calculated Bid Amounts are rounded to the nearest £10.

The final parameters are the Rate to Bid parameters where you select the criteria on which the calculation of the interest rate of the bid (or bids, if multiple bids have been specified) will be based. 'Average Interest Rate' only applies to the Bidding Market. 

AutoLend34

STAR RATING and AGE OF BORROWER have no further parameters, so if either of these methods is selected, the interest rate calculated, within the limits specified, will be based on the credit star rating or the age of the borrower, respectively, within the credit star limits or borrower age limits, respectively, as  previously specified. 

The TARGET INTEREST RATE method has one further parameter, the Target Interest Value. This will use the Target Interest Rate specified by the borrower on the loan request in combination with the Target Interest Value entered. The Target Interest Value entered here is added or subtracted to/from the Target Interest Rate on the Loan Request to arrive at the Bid Interest Rate. e.g If 0.6 is entered here, then, based on the Target Interest Rate of 6% the resulting Bid Amount is 6 + 0.6 = 6.6%. If -0.3 is entered here, then, based on the Target Interest Rate of 7%, the resulting Bid Amount is 7 - 0.3 = 6.7%.

AutoLend35

AVERAGE INTEREST RATE

'Average Interest Rate' only applies to the Bidding Market. This will calculate the average of all the Interest Rates of all the bids on the Loan Request e.g. If Interest Rates of bids were at 6%, 7% and 8%, the 'Average Interest Rate' is (6 + 7 + 8) / 3 = 7%.

 AutoLend36

On the dropdown for AVERAGE INTEREST TYPE you can select the Absolute or Percentage Method: 

AutoLend37

The Absolute method adds or subtracts the value entered here to/from the Average Interest Rate to arrive at the Bid Interest Rate. e.g For Absolute selected above and 1.1 is entered here (enter up to 2 decimal places), then, based on the Average of 6% the resulting Bid Amount is 6 + 1.1 = 7.1%. e.g For Percentage selected above and -20 is entered here (enter up to 2 decimal places), then, based on the Average of 7% the resulting Bid Amount is 7 - (20% of 7) = 7 - 1.4 = 5.6%.

For Percentage selected above and -20 is entered here (enter up to 2 decimal places), then, based on the Average of 7% the resulting Bid Amount is 7 - (20% of 7) = 7 - 1.4 = 5.6%

AutoLend38

When all the selections have been made on the "Bid Amount and Rate Based On" tab, you should click the link for the Terms and Conditions of AutoLend and read them carefully. Checking the check box beside indicates your agreement and acceptance of those terms. When you have done that please click the "Submit" button and your lending portfolio settings will be saved and will show like this:

AutoLend39


OTHER PORTFOLIO FUNCTIONS

There are four other activities that can take place on a lending portfolio:-

1. EDIT PORTFOLIO
2. DELETE PORTFOLIO
3. ADD FUNDS
4. REMOVE FUNDS

These will be described in turn:

1. EDIT PORTFOLIO

If you click on the EDIT link as shown in the screenshot above, you will see very much the same as you do creating a new portfolio except that there is a heading "EDIT YOUR PORTFOLIO ..." at the top left and "SAVE SETTINGS" to right. 

AutoLend40

When you have finished editing click the "SAVE SETTINGS" button.

2. DELETE PORTFOLIO

When you click the link "DELETE" you get a message as follows:

AutoLend41

This ensures that you do not delete a portfolio in error! If you click "Cancel" you will leave things as they are.

If you click "OK" you will delete the portfolio. Any money committed to the portfolio will be released from that portfolio and become available.

3. ADD FUNDS

When you click on the "ADD FUNDS" link, an entry box opens into which you key the further amount you wish to add to the portfolio. This additional amount has to be available and uncommitted in your holding account.  Then click the "Save" button immediately below the amount box:

AutoLend42

The additional amout of funds will be added to the amount already in the portfolio.


4. REMOVE FUNDS

When you click on the "REMOVE FUNDS" link, an entry box opens into which you key the amount you wish to remove from the portfolio. The amount to be removed must be uncommitted and available in the portfolio. Then click the "Save" button immediately below the amount box:

AutoLend43

The amount to be removed will then be removed from the portfolio and become available in your holding account.