Assetz Capital is a site that it full of innovation but the
way the site works is complex and sometimes unpredictable. The latest account is the Quick Access Account
(QAA). This joins the Cash account,
Manual Loan Investment Account, Green Energy Income Account and the Great
British Business Account. Yes, that’s
FIVE accounts in total, including the cash account.
QAA
The QAA offers (almost) instant access to funds, is secured
by a provision fund and has an interest rate of 3.75%. The clever thing is that as new loans come
online or existing loans, specified by the lender, become available, money is
automatically transferred from the QAA to one or more of the other accounts. In other words, Assetz are offering 3.75% interest
on cash that would otherwise be parked (with no interest) in the Cash Account.
In the Lab?
For me, Assetz is a kind of laboratory experiment, a prototype
or beta site but with real money and real loans. It reminds me, in some ways, of Funding
Circle with its complex secondary market and the ability to bid for your own
interest rate. Mind you, bidding for
varied rates on FC will soon be a thing of the past. FC are shortly going over to
fixed rates only so the ‘flippers’ and their ‘bots’ will need to find a new
home! More of FC and fixed rates in a future post.
Where am I with Assetz?
I've got bits of cash in the 4 accounts and wait with INTEREST, hopefully 3.75%, 7% or more (Manual Loan Investment Account), to see what cash ends up where and when! Anyway, I look forward to putting more money into Assetz, if
and when the algorithms get sorted out and the flow of new loans increases, and
I can fully understand what the platform is doing with my cash!
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