Lending Works: Peer to peer lending and borrowing

Does Lending Works provide the right peer-to-peer lending service for you?

Last updated:

Lending Works
Lending Works was founded on the idea that everyone should be able to benefit from financial services. The company offers a fresh alternative to old fashioned financial services companies, seamlessly connecting investors and borrowers who want a better deal.

Lending Works focus on fairness, transparency and honesty rather than profits, which has helped them set the bar in the financial services industry.

Continue reading to find out more about the innovative financial services company.

Who is Lending Works?

Lending Works was founded in 2014, after the founders had realised that all people wanted was fairness from their financial service providers. Since then, Lending Works has continued to grow, but the focus has not changed. The company is committed to “pioneering fair financial services that people love”, and will continue to innovate to provide the best user experience it can.

Lending Works connects investors and people wanting personal loans. Investments are diversified across many personal loans, reducing the risk for investors. Lending Works also provides unique protection from default and arrears through the Lending Works Shield.

warning iconWarning: The value of investments can go down as well as up so you may not get back the money you invest. Please ensure you understand the risks.

How it works

To start lending through the Lending Works platform, follow these simple steps:

  • Open your account: Register in 2 minutes by completing the simple sign-up form
  • Chose loan length: Chose how long you want to lend for according to flexibility/ interest rate
  • Chose what to do with repayments: Chose if you want your repayments to be re-lent, if you want a regular income, or manage this manually
  • Add money: Transfer as little as £10 by debit card or bank transfer
  • Grow: Your offer will be placed in a queue, and once you have been matched, you will start to earn

To get a personal loan though the Lending Works platform, follow these simple steps:

  • Get a quote: Get a personalised quote in two minutes
  • Finish application: Finish filling out the application for a loan
  • Verify your application: Lending Works will then verify your loan request and your credit worthyness
  • Receive your funds: If your loan is approved, you will be matched with investors, and you will receive your funds within 2 days of getting your first quote

Benefits to lenders

Lending money through lending works comes with a number of benefits, these include:

  • Protection from the Lending Works Sheild
  • Have control over income from investments
  • Quick and easy sign up process
  • Lend to only approved, credit worthy borrowers
  • Invest for 3 to 5 years
  • Invest as much as you like, as often as you like, starting at £10

What is the Lending Works Sheild?

The Lending Works Shield is an extra layer of security for lenders of the Lending Works platform. It is a combination of Lending Work’s unique insurance and their reserve fund.

The insurance is provided by external insurance providers. It provides protection against missed loan repayments due to borrowers suffering from loss of employment, accidents, sickness or death.

The reserve fund is a large fund of money kept separate from the firm’s accounts. It is used to cover arrears and defaults on loan repayments, and is kept topped up using a portion of the fees and interest from the borrowers.

Benefits to borrowers

Borrowing money through the Lending Works software comes with multiple benefits, including:

  • Simple and understandable low-cost, fixed rate personal loans
  • Get your loan payout in as little as 48 hours
  • Pay off your loan early at anytime, with no extra cost

Frequently Asked Questions

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site