As a platform, we take great pride in all that we've achieved since opening our doors for business nearly six years ago. We’ve
Introducing our all new Auto Income tool!
At Lending Works, we’re committed to delivering greater control and flexibility to our lenders, and once again we’ve taken things to a new level by bringing in our brand new Auto Income tool. From early April, our lenders will have the option of drawing down their interest repayments, or a combination of their capital and interest repayments, which will provide them with a monthly source of income direct to their bank account. And with no fees involved!
It’s an exciting time for peer-to-peer lending platforms and their customers as we find ourselves on the cusp of the new pension reforms coming into effect. Furthermore, the announcement for the implementation of P2P lending within ISAs is due in the summer, and it’s therefore no surprise that the UK sector is set to swell from £2bn to £45bn within the next few years.
However, rather than simply ride the wave, we’ve instead chosen to take the lead by adding this new string to our bow, and it means our customers will have even more control over their finances. Until now, P2P lending has typically been viewed purely as a means for capital growth. However, with the arrival of Auto Income, our platform will transform into an income device for those who desire it.
Ideal for pensioners
The timing of Auto Income’s launch is no coincidence either given the incoming pension reforms. While we envisage that the tool will attract a diverse new set of customers, we believe it will be particularly appealing for the growing set of pensioners who are drawn to the high rates of interest offered by Lending Works, but who do not wish to lock away their funds for the full duration of the lending period.
Our CEO Nick commented: “We are really excited about the opportunity Auto Income brings in terms of expanding our customer base to those who are looking to use peer-to-peer as an income tool as well as a growth tool.
“Our customer feedback shows that more and more later-life lenders are turning to peer-to-peer to earn great interest rates, but not all of them want to tie their money away for several years. Auto Income answers this need completely, providing the agility and flexibility that customers expect from alternative personal finance providers today.
“Innovation is one of our values, and we have lots more innovative ideas in the pipeline,” he added.
Related articles:
Our website offers information about saving, investing, tax and other financial matters, but not personal advice. If you're not sure whether peer-to-peer lending is right for you, please seek independent financial advice, and if you decide to invest with Lending Works, please read our Key Lender Information PDF first.
As with all investments, your capital is at risk.
Since opening our doors back in 2014, we’ve always prided ourselves on living and breathing two key principles at Lending Works: innovation, and putting the customer first in everything we do.
With the retail sector enduring its fair share of challenges, companies are looking at new ways to attract customers, and drive conversion. In an overcrowded, dog-eat-dog marketplace, with behemoths such as Amazon flexing their muscle, it’s easier said than done.
On 4 June 2019, the Financial Conduct Authority (FCA) released its new regulatory framework for peer-to-peer lending (P2P); a Policy Statement known as PS19/14. As you might imagine, it's a document which, following a three-month consultation, is a hefty read of no fewer than 102 pages.
When it comes to investing, there are numerous questions that need to be asked, and lots of things which need to be properly understood before committing your hard-earned money
Featured
In a difficult climate, customer acquisition and lead generation present stern challenges for UK retailers, and a great deal of marketing spend invariably gets directed towards getting feet through the door.
There is a variety of literature and research illustrating the importance of building brand loyalty, albeit with some degree of variance.
Over the last decade, there can be little dispute that the reputation of mainstream banks – and particularly the so-called ‘Big Four’ (HSBC, Barclays, Lloyds and RBS) – is at its lowest ebb.
The idea of peer-to-peer (P2P) lending is a simple one; you lend money to those who wish to borrow, with a view to receiving a great return for doing so.
The peer-to-peer (P2P) lending industry is now regulated by the Financial Conduct Authority (FCA). The regulatory framework has been designed to protect customers and promote effective competition.
Most popular
In the 1970s, it was standard fare for governments to manipulate interest rates, particularly in the run-up to a general election. Lower borrowing costs keep a lid on unemployment, and stimulate economic growth.
When it comes to pensions spending, it's fair to say there are plenty of conflicting reports circulated within the media.
For close followers of financial forums, one oft-trotted line among brokers is that fixing one's mortgage has seldom been to the retrospective benefit of the homeowner in the past 25 years.
One of the hallmarks of the cash ISA's success following its launch two decades ago was its simplicity, and it has undoubtedly proved a popular choice among UK savers.
- Summary of a post.
