Lending Works: Peer to peer lending and borrowing
Does Lending Works provide the right peer-to-peer lending service for you?
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.
How it works
To start lending through the Lending Works platform, follow these simple steps:
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
Alternatives to Lending Works
If you’re looking for other P2P companies offering a similar service to Lending Works, here’s a selection of popular platforms.
|Borrow £1,000 to £25,000 over terms from 1 to 5 months. Soft search facility means that checking your rates won’t affect your credit score. FCA firm registration number: 718925.||Representative example: Borrow £7,500 over 5 years at a rate of 8.8% p.a. (fixed) with a £180 fee. Representative APR 9.9% and total payable £9,443 in monthly repayments of £157.40||Go to site|
|Borrow £2,500 to £25,000 over terms from 12 to 60 months. QuidCycle specialises in helping borrowers to refinance and consolidate expensive debt. FCA firm registration number: 655370.||Representative example: Borrow £10,000 over 5 years at a rate of 6.9% p.a. (fixed) with no fee. Representative APR 6.9% and total payable £11,880.00 in monthly repayments of £198.00.||More info|
|Borrow £3,000 to £35,000 over terms from 1 to 5 months. Soft search facility means that checking your rates won’t affect your credit score. FCA firm registration number: 722768.||Representative example: Borrow £5,000 over 1 year at a rate of 3.9% p.a. (fixed) with no fee. Representative APR 3.9% and total payable £5,195.00 in monthly repayments of £432.92.||More info|
|Borrow £1,000 to £20,000 over terms from 12 to 60 months. Soft search facility means that checking your rates won’t affect your credit score. FCA firm registration number: 722768.||Representative example: Borrow £7,500 over 36 months at a rate of 18% p.a. (fixed) with £440.00 fees. Representative APR 22.9% and total payable £10,144.52 in monthly repayments of £281.79.|
|Borrow £1,000 to £7,500 over terms from 1 to 5 months. FCA firm registration number: 724098.||Representative example: Borrow £3,500 over 5 years at a rate of 4.9% p.a. (fixed) with fees of £105.00. Representative APR 7.31% and total payable £3770.64 in monthly repayments of £104.74.|
|Borrow £2,000 to £25,000 over terms from 24 to 60 months.||Representative example: Borrow £10,000 over 5 years at a rate of 10.0% p.a. (fixed) with no fee. Representative APR 11.7% and total payable £13,258.16 in monthly repayments of £220.97.|
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