Becoming a lender
What are the criteria for lending with Lending Works?back to top
To sign up with Lending Works you must have a UK bank account, be at least 18 years of age and be a registered tax payer in this country. To become a lender we will need to validate your identity to help prevent money laundering and fraud. For more information please see section 3 of our Terms and Conditions page.
Creating your accountback to top
Creating your lender account is dead easy. You can start by clicking here.
All that's left to do now is fill in the registration form. Don't worry - it takes less than two minutes to complete. All we'll need from you is:
- Your name and contact details
- Date of birth
- Details of your nominated bank account (so you can easily transfer money out of your Lending Works account)
That's all there is to it. Simply accept our Terms & Conditions, click on 'Create my account', and then you're well on your way!
Your lender dashboard explainedback to top
Once you've created your account, you'll be directed to your lender dashboard, which is effectively 'mission control'. Immediately on display in the centre of the page for you will be the following:
- My Wallet - this shows the amount of money sitting in your Wallet, which acts as the holding area for money in your account
- On queue - this shows the amount of money you have waiting to be matched with borrowers after you have made a lending offer
- On loan - this shows the amount of money which is currently on loan with borrowers, which in turn generates interest by virtue of the repayments they make to you
- Withdrawn - this shows the total amount of money you've withdrawn from your account; either manually or using Auto Income
- My repayments - this shows an overview of your current lending settings and clicking more shows the schedule of future repayments on your existing loans
For each tab identified above, you can click on the 'More' link at the bottom to view them in further detail.
On the left side of your lender dashboard, you will also see the following quick links:
- Add money - here you can add money to your Lending Works account via bank transfer
- Lending settings - here you choose how you wish to manage funds in your Wallet; either through the use of Auto Income or Auto Lend
- Refer a friend - here you can refer someone you know to Lending Works, and share £100 between you if they become a lender
- Withdraw money - here you can withdraw money from your account; selecting between funds which are in your Wallet, on Offer, or already on Loan
Also on the left side of your lender dashboard you can view the current lender rates available for the week, while below that will be the collective value of funds currently in your Lending Works account.
On the top-right corner of the dashboard
You will find more tabs if you hover over your name in the top-right corner of your lender dashboard. From the dropdown, the tabs which are most pertinent are as follows:
- Notifications - here you can view a record of all activity and transactions pertaining to your account
- My details - here you can update your personal details so as to keep us informed should there be any changes in this regard
As ever, if you have any queries relating to your lender dashboard, our award-winning customer service team is at the ready to be of assistance. You can click on the 'Contact us' tab to find out how best to get in touch with them.
Classic and ISA accountsback to top
With Lending Works having launched its Individual Savings Account (ISA) on 8th February 2017, you are now able to choose between investing with us via the normal Classic account, or through this new tax-free wrapper - or both!
There are a few rules and nuances to know about the ISA. You can read more about it by clicking here.