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Managing your loans

  1. Understanding your loans

    You can view a summary of your loan portfolio by clicking 'More' on your 'On loan' balance. You'll see the following information:

    • Start date: This is the date your loan chunk was acquired. This is typically the start date of the loan, however if you acquired a loan chunk mid-term this will be the date of acquisition.
    • End date: This is the scheduled end date of the loan. If the loan is repaid early, this date will change to the settlement date.
    • Loan ID: This is the unique loan chunk identifier.
    • Rate: This is the annualised interest rate under the loan contract i.e. your return.
    • Loan amount: This is the original amount of the loan chunk.
    • Capital repaid: This is the total capital repayments you've received on this loan.
    • Interest received: This is the total interest you've received on this loan. If you've acquired a loan chunk mid-term via Quick Withdraw you may receive some interest upfront before any capital repayment. You can read more about Quick Withdraw at the bottom of this page.
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  2. Your repayment schedule

    You can view a summary of all repayments due on your loans by clicking 'More' on the bottom right box on your Lender Dashboard.

    The summary shows all future repayments you can expect on your existing loans, broken down into capital repayments and interest payments. You can view all expected repayments due in a calendar year, or even view the payments you're due each month. Please bear in mind that this schedule only includes repayments on existing loans. If you use Auto Lend to re-lend your repayments, the repayments you actually receive will be higher than this.

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  3. Receiving repayments

    Each month, borrowers make repayments on their loans and these are immediately transferred to you as the lender. Repayments are normally transferred into your Lending Works Wallet and will be available either to withdraw manually (see Transferring Money Out section), withdraw automatically (Auto Income) or re-lend to new borrowers (Auto Lend).

    Auto Income allows you to receive a pre-selected portion of these borrower repayments as an income direct to your bank account, should this be your preference. It is automated too, thus saving you the hassle of having to manually transfer the funds out of your Lending Works account each month. For more details about Auto Income, click here.

    With Auto Lend you can automatically re-lend any repayments received. We recommend using Auto Lend for two main reasons:

    • Manually re-lending your repayments is time consuming - we want to make lending money as simple as possible
    • In order to achieve the best returns possible you should keep your money lent out and not sat in your Wallet

    For more details about Auto Lend, click here.

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  4. Withdrawing money

    Money in your Wallet

    You can withdraw money from your Wallet without charge. To do this, please follow these steps:

    • Click on the ‘Withdraw money’ tab in your Lender Dashboard
    • Click on the ‘Withdraw Money’ tab on the new page (the first of the three options)
    • Enter the amount you wish to withdraw
    • Enter your nominated bank account to which you want the funds to be transferred to
    • Click ‘Request Now’

    We will confirm once the funds have been paid back to your bank account.

    Please note: You can only withdraw money which is in your Wallet. To access funds on offer or on loan, please read the relevant section below.

    Money on offer

    If you have made a lending offer, but the funds haven't yet been matched, you are able to withdraw these without being charged any fees. However, you first need to cancel the lending offer(s) so that the money is transferred back into your Wallet. Only then can you withdraw the funds from your Lending Works account and back into your bank account. To cancel your lending offer(s), please follow these steps:

    • Click on the ‘Withdraw money’ tab in your Lender Dashboard
    • Click on the ‘Cancel unmatched offers’ tab on the new page (the second of the three options)
    • Select the relevant lending offer(s) and then click 'Cancel'
    • Confirm your request by clicking 'Yes, cancel my offers'

    Once we've notified you that the cancellation of the lending offer is complete, your money will reflect in your Wallet. You can now transfer this money out to your bank account using the process explained above.

    Money on loan

    If your money is still on loan with borrowers, you can access it by selling some or all of your loans to other lenders by using our Quick Withdraw facility. You will be charged a fee of 0.6% of the balance being sold. You may also incur a charge if the interest rates on your loans are lower than the current lending rates, to ensure the lenders acquiring your loans receive what they're expecting. For more information on Quick Withdraw, please click here, or to use it now, follow these steps:

    • Click on the ‘Withdraw money’ tab in your Lender Dashboard
    • Click on the ‘Cancel active loans’ button (the third of the three options)
    • Choose how much you wish to withdraw from the relevant loan term(s) and click ‘Next’
    • Confirm your request by clicking ‘Yes, cancel these loans’

    Once we've found new lenders to replace you on your loans your money is transferred back to your Wallet where it is available for you to transfer out to your bank account using the process explained above.

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  5. Cancelling lending offers

    Cancelling unmatched lending offers

    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 follow the steps highlighted in the section above. 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.

    Cancelling matched lending offers

    If your lending offer(s) have already been matched with borrowers, then you will be unable to cancel the lending offer free of charge, and will need to go through the Quick Withdraw process. You can find out more on how to do this by clicking here.

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  6. Closing your lender account

    If you no longer wish to have an active account with Lending Works, you will need to ensure that all funds have been withdrawn, and that you no longer have any active Lending Offers. Subsequently, you will then need to transfer all money out of your Wallet. Once you have completed the above, you will then need to contact us so that we can close down your lender account for you. You can do this by either calling us on 020 7096 8512, or by sending an email requesting an account closure to cs@lendingworks.co.uk.

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