'Right to withdraw' periods
The peer-to-peer lending sector is regulated by the Financial Conduct Authority (FCA). The FCA rules include mandating all peer-to-peer lending platforms to offer borrowers a 14-day 'right to withdraw' period, during which they can withdraw from their agreements without penalty if they change their minds.
Here at Lending Works we are fully supportive of the FCA regulation, and in particular anything which allows consumers to make more informed financial decisions. In fact, Lending Works already provided its borrowers with a 14-day right to withdraw period before the FCA rules were even in place. We hope this mandatory right to withdraw period will encourage more people to consider using peer-to-peer lending platforms over traditional financial institutions.
How it works
Once loan agreements have been formed, borrowers have 14 calendar days from the start date of their agreement during which they can cancel without penalty. They can do this in any one of the following ways:
- Email us at email@example.com
- Call our Customer Services team on 020 7096 8512
- Write to us at 60 Gray's Inn Road, London WC1X 8AQ
Once we receive notice that you wish to cancel your agreement, we will ask for amounts borrowed to be returned to us. Once we receive the funds our system will automatically unwind your contracts - lenders will automatically receive back all amounts lent and we will reimburse any fees charged.
Did you know?
Legally, lenders are allowed to charge interest from the start of your agreement up to the date notice is given by you to cancel your agreement. The vast majority of lenders will do this, however Lending Works will not charge interest during this period and all fees will be reimbursed by us so that no one is out of pocket. We believe this is fair for everyone.
Need more information?
If you would like further information please do not hesitate to get in touch with us using the contact details provided in the Contact Us section at the top of this page.
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.
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.
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 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?
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.