
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.
- Summary of a post.
- Summary of a post.
- Summary of a post.
In line with our risk management framework, today we published our Q4 2019 performance update.
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
Featured
Wednesday’s Budget speech, coupled with the cut to Bank of England rates, represented a decisive response to the coronavirus. Here we analyse the impact it will have on mitigating disruption from Covid-19, along with the long-term implications of this significant fiscal stimulus.
Rumblings from the Treasury ahead of next week's Budget suggest tax grabs will be needed to fund increased spending, and it appears UK enterprise could be in the firing line. Here we articulate why targeting entrepreneurs and small business is ill advised.
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.
Most popular
- Summary of a post.
The 2019-20 ISA season has been a damp squib, with banks disinterested in attracting savers’ cash, rates cut, and the stock market in freefall. However, the emergence of the IFISA means alternatives beckon for those seeking a stable middle ground in terms of risk and reward.
In a decade of slow recovery, the rapid rise in asset prices has been the standout. But how sustainable has price growth been, and could we be in the midst of a bubble?
- Summary of a post.
Most people consider income tax to be a given, but in the UK it is barely two centuries old. In this article, we look at how this tax has developed over the years, and also why it is set to remain at the core of our tax system for many decades to come.
Open banking celebrated its second birthday last month, but has the ‘revolution for financial services’ that was promised actually come to pass? In this article, we look at the progress the initiative has made so far, and what the future holds in the face of high levels of scepticism.