Our new features4pensioners will make lending even more attractive
Current Affairs

Pensioners, we're giving you 4 reasons to smile

It’s been billed by many as ‘pension freedom day,’ and with the countdown to April 6 having now begun in earnest, excitement levels among soon-to-be pensioners are reaching fever pitch.

Some have viewed the pension reforms with a degree of scepticism given the risks that come with putting people in charge of their own pension pots, but the flexibility that over 55s will now enjoy means they’ll have a fantastic opportunity to maximise their retirement income.

Providing flexibility is something we strongly believe in here at Lending Works, and we favour any decision that gives consumers the power to control their finances. And given that peer-to-peer lending has a proven track record of offering high-interest returns, it has already established itself as an attractive platform for these so-called ‘silver lenders.’

However, at Lending Works, we recognise the significance of this historic day, and have thus seized the opportunity to take things to a new level. As such, we’re launching four new special features to make lending even more lucrative and stress-free for later-life lenders, and these will go live from early April.

1) The 1% Cashback Bonus

All lenders aged 55 or older will receive a complimentary 1% cashback bonus on the money they lend during the month of April 2015. This applies to all new and existing lenders who transfer money into their Lending Works account and make loan offers within the promotion period.

The bonus will be transferred into your Wallet on or before 20 May, provided you don’t cancel your loan offer beforehand. And even if your funds aren’t matched by this date, you will still receive the bonus. You can read more on the 1% Cashback Bonus in our Terms and Conditions here.

2) Dedicated Account Manager

For existing and new lenders over the age of 55, this may well be the biggest gem of all, as we’ll provide you with a dedicated Customer Account Manager who will be available by email and telephone to help you with managing your online dashboard.

While our current platform is simple and easy to use, we realise that lending your hard-earned money is an important decision, and that having a friendly voice with whom you are familiar on the end of the phone, answering your questions, and guiding you through the process will be of great value. This unique service ticks that box, and will allow you the total peace of mind to sit back and enjoy watching your money grow.

3) Auto Income

All lenders will have access to our industry-leading Auto Income tool, which will give you the opportunity to create a monthly source of income direct into your bank account by drawing down a pre-selected amount of the repayments you receive from borrowers. And with no fees involved!

You can choose to simply draw down the interest payments, or a combination of interest and capital repayments, thus allowing you to use peer-to-peer lending as an income device. Auto Income is yet another first that we’ve introduced to the sector, and you can read more about this great initiative here.

4) Retirement Income Calculator

The Lending Works Retirement Income Calculator is another fantastic tool that will be available to all lenders, allowing you to forecast how much you can earn by lending your retirement money through Lending Works, as opposed to buying a product like an annuity.

While we do not offer annuities or provide other pension schemes, the Calculator gives a great demonstration of the superior returns on offer through a platform such as ours, and it’s just another way we’re showing you how to improve your later-life income.

Earn more, hassle free!

We believe the new pension freedoms give those approaching their golden years plenty of reasons to celebrate, but making the right decisions has become all-the-more crucial if consumers are to get the most out of them.

Our mission at Lending Works is to help our older lenders do just that, and we’re excited about the difference these four enhancements are going to make. As a collective, they’re perfectly tailored to help you make your money go further into retirement, while also allowing you to feel safe in the knowledge that there is a guiding hand to assist you every step of the way - if you need it.

We have gone the extra mile to protect your money by creating the Lending Works Shield. However, as with all forms of lending, your capital is at risk.

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Michael Todt

Mike joined Lending Works in early 2015 with a background in marketing and journalism. Having long held a passion for economics, he is now the chief contributor to the Lending Works blog, and regularly writes about all things peer-to-peer lending, fintech and personal finance.