The 2019 ISA season is now in full swing, and it's as good a time as any to focus on financial planning - and, within that, looking ahead to your retirement years to ensure financial security.
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:
The Lifetime ISA (LISA), announced in 2016, would prove to be one of George Osborne’s last flagship gestures to UK savers and investors as Chancellor, eventually launching against a backdrop of anti-climax a year later in April 2017.
- Summary of a post.
The issue of social care – and, more specifically, funding the cost of this care – is one which has become a major concern for our society.
There is barely a week to go until the conclusion of the 2017/18 financial year, which means that, as ISA season begins to hot up, time is running out to take advantage of your ISA allowance.
Featured
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.
Loan underwriting is the process that we undertake to analyse all of the information provided by each loan applicant and their credit file to assess whether or not that applicant meets our minimum loan criteria. As part of that process all data is verified, analysed and summarised to paint a picture of each applicant.
When you earn interest from a regular bank savings account, for example, the bank automatically deducts basic rate tax (currently 20%) before paying your interest. With interest earned from peer-to-peer lending, tax is not deducted automatically so lenders will need to declare their income to HMRC.
Most popular
On 13th January, the open banking era completed its first year in existence, so it represents a natural juncture to reflect upon the past 12 months
Perhaps the word 'fanfare' would be overstating the recent response to an uptick in UK savings rates.
As 2019 moves into full swing, a big priority for every household should be to get their finances into the best possible shape.
Clearly there is one story which is dominating the headlines at the moment: Brexit.
As 2018 draws to a close, with our bellies full of Christmas turkey, it's only natural to look back on the past 12 months and reflect. No doubt, it's been a turbulent one economically and politically, and not everyone has had it all their own way.
