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.
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.
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.
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.
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 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.
Last week, the Office for National Statistics surprised economists by announcing that the Consumer Price Index (CPI) had sunk to 1.3 per cent for December – a full 20 basis points lower than City expectations, and also the November equivalent.
January tends to be a comedown following the Christmas festivities, and, from a personal finance perspective, a time for many Britons to lick their wounds. In particular, for those who’ve over-extended their credit card, it may feel like the walls have started to close in.
A new year, and indeed a new decade has dawned. Reflecting on 2019, what seemed to have got lost in the noise and political hysteria was the fact that the UK economy actually held up remarkably well.
As the good times rolled in the mid-2000s, only a precious few sounded the alarm as lending became increasingly reckless. Northern Rock's infamous 'Together' 125 per cent mortgage epitomised the rush for high loan-to-value (LTV) deals at a time when it was thought that house prices would just keep going up forever.
For those with an eye on the economy, 'GDP day' is always one to mark off in the calendar each month. And it's been a hot topic for the UK in 2019, with the latest update showing zero growth for the period from August to October.
One of the perceived strengths of the auto-enrolment pension scheme is its simplicity – indeed, it is actually a greater effort for an employee to opt-out of a workplace pension than it is to be enrolled into one. No further actions are required, and the retirement fund grows as the months and years pass by.