Making lending offersback to top
To start making loans, you'll need to make lending offers which can be matched with creditworthy borrowers looking for a loan over your preferred lending term. Once your money has been matched you'll start benefiting from our great returns.
Remember... money left in your Wallet doesn't earn any interest, so don't wait around if you want to keep your money working hard.
Making lending offers is incredibly easy, and all you need to do is decide whether you wish to lend your money on loans up to 3 years, loans of 4-5 years or any combination of the two. There are two ways in which you can make lending offers.
Automatic lending offers
The first - and most convenient - option is to update your Lending settings to automatically lend any money you add to your account and any repayments you receive on your loans. This maximises your returns as your interest earns interest too, without you needing to lift a finger. To set this up, just follow these steps:
- Click on the 'Lending settings' quick link from your lender dashboard
- Select the 'Lent out' option for what to do with new money added to your account, and then select your preferred lending term(s)
- Ensure that 'Re-lent' is the option selected for the dropdown for 'I'd like my repayments to be automatically'
- Click 'Save' to confirm
Manual lending offers
The other way to make lending offers is to do so manually. You can do so by following these steps:
- Click on 'More' at the bottom of the 'My Wallet' tab once you've got available funds
- Click on the 'Manual offer' link in the second paragraph at the top
- Select your preferred lending term(s)
- Confirm your selection at the bottom to complete your lending offer
When choosing your lending term, you'll want to consider the current rates available for each - which are displayed on your lender dashboard - and also when you might need access to your funds. You should note that even if you lend for up to 3 years, you'll receive monthly repayments on your loans - you don't have to wait until the end of the term to access your money. However, if your circumstances change and you do need to access your money early, you can always use our Quick Withdraw facility. You can find out more about this process in the Managing your loans section.
Automating your lending offersback to top
If you like the hands-off approach, you can automate your lending offers by updating your Lending settings. This ensures you never leave money sitting idle in your Wallet earning no interest. It will also ensure your repayments are reinvested quickly so your interest earns interest too. Ideal for those short of time but keen to maximise their returns. You can read more about Auto Lend by clicking here.
Managing your lending offersback to top
You can view and manage your lending offers right up until they are allocated to creditworthy borrowers.
If you have a change of heart, and decide you want to adjust either the amount of your offer or the term (or both), you can. Simply click on the 'Withdraw money' tab, and then 'Cancel unmatched offers'. Select the relevant lending offer using the check box and click 'Cancel'. Your funds will be returned to your Wallet where they will be available to make new offers or even transfer back to your bank account.
Remember... if you cancel an offer and place a new one, you'll lose your place in the lending queue and re-join at the back. You can read more about the lender queue here.
The loan matching processback to top
Once you've made a lending offer it will be placed in the queue to be matched with creditworthy borrowers. While it's waiting, you'll see some useful details on the lending offers summary screen. Here's a quick summary:
The date you placed your lending offer. Note: if you place multiple offers on the same day, over the same term, they will be aggregated into one offer to keep things simple. Offers need to be at least £1.00 to be allocated to a loan - any offers less than this will stay pending until they can be added to another one which is more than £1.00 in total.
The amount of your lending offer.
The maximum term of loans on which you'd like to lend. Either 3 years (generally 1, 2 and 3 year loans) or 5 years (4 and 5 year loans).
This shows whether the offer in the queue is a reinvestment, or a new lending offer.
This shows how much money is ahead of you in the queue. We use an algorithm to match funds in the fairest way, which we call the 'Fair Algorithm'. Reinvested repayments are always prioritised over new funds, so typically you'll only need to queue to lend when you add new money to your account.
Time to match
To give you an idea of how long your lending offer might take to match, we provide a rough estimate. We calculate this using the volume of funds currently queued ahead of you and the volume of loans we've paid out over that term in the last 30 days (on a rolling basis). We work extremely hard to ensure we always have the right balance of lenders and borrowers so your lending offers are matched as soon as possible, though sometimes this can take a week or so.
We will allocate your funds across a number of different borrowers. If you reinvest your repayments, these funds will also be lent across multiple borrowers. This is one of a number of steps we take to diversify (and minimise!) the risk to your money. You can read more on diversification and risk management in the Managing Risk section.