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Lending settings

  1. How do I update my lending settings?

    You will be prompted to choose your lending settings when you sign up as an investor, but you can also change these settings at any time. Simply log in to your Lending Works account and click 'Lending settings' from your Classic or ISA dashboard.

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  2. What is the difference between automatic and manual investing?

    When you add money to your Lending Works account, the automatic investment setting automatically places those funds on offer to be matched with loans.

    Manual investing requires you to make individual lending offers each time you add money to your account. In addition, it is not possible to automatically reinvest repayments with this setting.

    The majority of our investors opt for automatic investing.

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  3. How do I set up automatic investing?

    To set up automatic investing, simply log in to your Lending Works account and click ‘Lending settings’ from your Classic or ISA dashboard.

    The automatic investing setting applies each time you add money to your account - your money will be automatically placed on offer to be matched with loans, rather than being credited to your holding account (Wallet) for you to manage manually.

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  4. How do I automatically reinvest my repayments?

    To automatically reinvest any repayments received on your loans, simply log in to your Lending Works account and click ‘Lending settings’ from your Classic or ISA dashboard. Then select the reinvestment option under the ‘Repayments from borrowers’ section.

    Reinvesting your repayments is the best way to grow your investment due to compound interest i.e. because your interest earns interest too.

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  5. How do I automatically withdraw loan repayments from my account?

    To automatically withdraw any repayments received on your loans, simply log in to your Lending Works account and click ‘Lending settings’ from your Classic or ISA dashboard. Then select the ‘Withdraw capital and interest’ option under the ‘Repayments from borrowers’ section.

    You’ll need to confirm details of your nominated bank account and your preferred frequency of payments (weekly or monthly).

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  6. How do I automatically withdraw the interest from my account but reinvest the capital?

    To automatically withdraw any interest received on your loans, but reinvest the capital repayments, simply log in to your Lending Works account and click ‘Lending settings’ from your Classic or ISA dashboard. Then select the ‘Withdraw interest, reinvest capital’ option under the ‘Repayments from borrowers’ section.

    You’ll need to confirm details of your nominated bank account and your preferred frequency of payments (weekly or monthly).

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  7. When will I receive payments from automatic withdrawals?

    If you’ve selected weekly payments, you’ll receive a payment every Friday, provided you’ve received loan repayments during that week. If the Friday falls on a bank holiday, you’ll receive the payment on the next available business day.

    If you’ve selected monthly payments, you’ll receive a payment on the 28th of each month, provided you’ve received loan repayments during that month. If the 28th falls on a weekend or bank holiday, you’ll receive the payment on the next available business day.

    Your repayments will accumulate during the week/month and show as ‘Pending withdrawals’ before being processed.

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