In line with our risk management framework, today we published our Q4 2019 performance update.
Case study: Borrower Charlotte speaks to us
Charlotte lives in Littleover, Derbyshire, and has been employed by the NHS for the last five years, working her way up to the position of Systems Manager. Even at the tender age of 24, Charlotte already has a good credit history to her name, and in 2014, she decided to put it to good use by seeking a low-cost personal loan to cover the cost of something she had long yearned for – cosmetic surgery.
Why I took out the loan
I can remember being unhappy with the shape and appearance of my nose throughout most of my teenage/adult life, and I used to hate having any photographs taken of me in fear that the picture would catch me at the wrong angle. But it wasn’t until a couple of years ago that I seriously thought about finally doing something about it.
I am fully aware and completely agree that there is a lot of ‘stigma’ among certain people in society regarding nose jobs, and cosmetic surgery in general. However, this is not something that gave me any doubts when making my decision. I have close relatives who’ve also had cosmetic procedures done in the past, and seeing the positive impact that the surgery has had on their lives helped to put my mind at ease.
Getting the loan
The procedure was a cosmetic one, and therefore not covered by the NHS. I didn’t have the funds to cover it, so obviously I had to look at taking out a loan. This was actually the first time I had ever applied and accepted a personal loan. It was not a decision I made lightly, and there were many things I needed to take into consideration, which I discussed with family and friends.
I did approach my Dad initially and asked him to lend me the money for the procedure, but he refused as he did not want me to go ahead with it. I then looked into various types of personal loans on the internet; other loan companies, through my bank etc., while I also made enquires to have the surgery done on finance through the cosmetic group that did my procedure. However, none of these appealed to me.
I then came across Lending Works on a price comparison site, and found the online application with them to be very quick and easy. I also felt completely informed of the status of my application throughout the entire process. Although this is the first personal loan application experience I have ever had, I would definitely recommend Lending Works to family and friends. I also like the idea of peer-to-peer lending – it seems like an efficient solution for all involved.
The procedure and afterwards
I eventually went in for the surgery in January 2015, and the operation itself only took around 2-3 hours. But I was in a lot of pain for the first 48 hours afterwards, and I had to wear a splint on my nose for 10 days post-surgery until I had my stitches taken out. I also had black eyes and a swollen face for around 3-4 weeks after surgery. The initial recovery took around 6 weeks, after which I was able to lie back flat on my head and sneeze again. However, they say the entire recovery process can take between 6 months to a year, and it took ages for the swelling to go down completely, and for full sensitivity to return on the tip of my nose.
But I’m back to full health now, and already I’m so much happier with what I see in the mirror every day. Having the procedure done has dramatically improved my self-confidence, and thus my overall happiness. In addition, it has actually improved my respiratory system, and therefore improved my health too.
Paying back the loan and my views on borrowing
Making the monthly repayments is not something that I worry about, as I feel comfortable with the amount of debt that I have taken on. I keep my own record of the total number of remaining monthly payments to be made so that I can plan ahead.
The biggest influence on my decision to go ahead with the cosmetic surgery - and take out my loan with Lending Works - was down to me and my fiancé separating in 2014. Following our split, I moved back in with my parents and decided to go ahead with the procedure while I am still young, and with no other real commitments. The cosmetic surgery was something purely selfish for my own benefit, and if I had other commitments such as a wedding to save for, a mortgage, children etc., I would not have gone ahead with it.
However, if anyone is seriously unhappy with their appearance and is considering cosmetic surgery, then I would strongly urge them to get the ball rolling; start making enquires and go ahead with the procedure. Of course there are doubts, and there is never a good time to go ahead with a surgical procedure that leaves you facing weeks (or even months!) of recovery afterwards. But the rewards in the long run can make it all worthwhile in the end.
Lending Works has allowed me to get this surgery which has positively enhanced my life, and there is not a day that has gone by since having my loan accepted (and having the surgery done) that I have regretted it. It was the best money I have ever spent.
Related articles:
- Case study: Greetings to borrower Andy from Cheshire
- Case study: Meet Pamela, one of our lenders
- Case study: Introducing borrower Christina
Get email updates for future blogs:
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.
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
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
- 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.
On the face of it, a 'broken' energy market needed fixing, and the price caps introduced in early 2019 were heralded as the solution. But, one year later, have they actually helped consumers save?
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.
Recent
The Lending Works Shield does not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The Lending Works Trustee has absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Lending Works Shield when considering whether or how much to invest. For more information click here.