In preparation for our new grading system and fixed-rate loan model, we’ve taken the old Autobid tool offline and replaced it with a brand new, beefed-up version that let’s you take advantage of our new loan grades and the various loan terms we now offer. Set up your new Autobid rules today… Creating a diverse portfolio of loans is the key to successful lending on Linked Finance. We always advise new lenders to lend to a wide range of businesses and never lend too much to any one business. Instead, make loans across 20 or more businesses to spread your risk. Autobid is a very effective tool to help you do this with minimum effort. What exactly is Autobid? The Autobid lending tool allows you to bid automatically on ‘Live Loans’. You can find Autobid in the ‘My Account’ section. It’s on the furthest tab to the right. This tool is designed for lenders who may be too busy to look at each individual loan request, but who know how much they would like to lend under the various loan grades and terms. It is perfect for people who want to build their loan book quickly and spread their funds across a wide range of businesses. Why should I use Autobid? The new fixed-rate system makes the Autobid function much more useful. Here’s why:
Use the new grades – The new Autobid function will allow you to set-up different Autobids for each of the new loan grades. You can decide to make higher offers on the grades you like most.Pick your terms – The new Autobid function will also let you set different amounts across different terms of loans. This means you can adjust your bid amounts across your preferred combination of 12, 24 and 36 month loans. Spread your risk – The main factor in minimising potential losses is lending small amounts to a lot of businesses. Autobid is a very effective way of letting you do that without the need to log-in and manually bid every time. The early bird – Fixed-rate loans will close as soon as they fund. Autobids will be placed based on when they were set-up. This means that the earlier you set up your Autobid rules the more likely you are to have bids accepted. So if you don’t want to miss out on loans that might fully fund with Autobids, you should go and set-up your Autobids now. How do I set up Autobid? Setting up your Autobid is easy. Here’s how to do it:
- Log in to ‘My Account’
- Go to the ‘Autobid’ tab
- Pick the loan grade and hit ‘Edit’
- Choose your amount for each term in that grade
- Click the ‘Save’ button.
- Repeat for all loan grades you want to Autobid on