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Money management

  1. Funding by debit card

    The quickest and easiest way to fund your account is to do so via debit card. 

    To pay into your account by debit card, simply:

    • Click on the 'Add money' tab' in your Classic/ISA dashboard and select the 'Debit card' dropdown
    • Enter the amount you wish to pay in, and also your card details
    • Click 'Next' and then complete the final steps to confirm the transaction

    Please note: There is a £10 minimum on all inward payments via debit card

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  2. Funding by bank transfer

    You can also credit your Lending Works Wallet via bank transfer.

    To pay into your account by bank transfer, simply click on the 'Add money' tab in your Classic/ISA dashboard, and Lending Works' bank details will be displayed for you to make the transfer. Importantly, you need to make sure you use the unique reference number provided on this page as the bank payment reference. Just so we can identify you!

    Please note: It can take up to a couple of days for your account to be credited when using a bank transfer, so please bear that in mind.

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  3. Your Wallet

    Your Wallet is the holding area for funds in your account. All funds transferred into your account will go directly into your Wallet, while only funds within your Wallet can be withdrawn from your Lending Works account.

    But remember, money sitting in your Wallet won't generate any interest, so you will need to make Lending Offers in order to get your money working for you.

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  4. Auto Lend

    What is Auto Lend?

    When you receive repayments from borrowers on loans you have made, they are paid into your Wallet and available for you to withdraw. However, in order to maximise your returns, we have created Auto Lend. Rather than leaving your repayments in your Wallet where they won’t be earning our great returns, Auto Lend allows you to automatically re-lend your money to new borrowers as it is repaid back to you by existing ones. That means your interest is compounded and starts earning interest too, without you having to do any work!

    How do I use Auto Lend?

    When using Auto Lend, all you need to do is decide the period of time you wish to re-lend your money for (either 3 or 5 years). To do this, please:

    • Click on the 'Lending settings' tab on the left-hand side of your lender dashboard
    • Select 'Lent out' under 'I'd like my bank transfers in to be automatically', and then select the relevant loan term(s)
    • Ensure that 'Re-lent' is the option selected for the dropdown for 'I'd like my repayments to be automatically'
    • Once completed, click 'Save' to confirm

    That’s it. You can now sit back and watch your money grow. Remember, the period of time you select starts from when the repayment received is re-lent, so if you need your money back earlier you should select a shorter term for the money that you are Auto Lending.

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  5. Auto Income

    What is Auto Income?

    You can also take the loan repayments you receive from borrowers as a monthly income direct to your bank account if you prefer. You can either choose to draw down these loan repayments in full, or simply take the interest while your capital keeps working hard for you. The beauty of Auto Income is that it's completely automated, and, what's more, we charge no fees for using this function.

    How do I use Auto Income?

    When using Auto Income, all you need to decide is the proportion of the borrower repayments you wish to receive as an income. To use this tool, please:

    • Click on the 'Lending settings' tab on the left-hand side of your lender dashboard
    • Select 'Withdrawn' for the dropdown for 'I'd like my repayments to be automatically'
    • Choose between 'Withdraw capital and interest' and 'Withdraw interest'
    • Choose between 'Receive payments every Friday' and 'Receive payments on the 28th of each month'
    • Enter the details of your nominated bank account for these Auto Income withdrawals
    • Once completed, click 'Save' to confirm

    You can also change these settings at any time. In the meantime, you've just converted peer-to-peer lending with us into an income device - one which bypasses your Wallet and transfers money direct to your bank account. Happy earning!

    Still need to transfer money into your Lending Works Wallet? Find out how easy it is to do here.

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  6. Quick Withdraw

    What is Quick Withdraw?

    We understand that personal circumstances can change and you may need access to your funds sooner than you expected. Quick Withdraw allows you to access funds which are currently on loan by selling some or all of your loan chunks to one or more incoming investors. This provides you with additional flexibility, although does not guarantee instant access to your funds as it relies on other lenders being available to purchase your loan chunks.

    How long will it take to process my request?

    The time it takes to find replacement lenders may vary. However, provided there are sufficient funds in the lender queue, this should happen instantly. Once we have reassigned your loan chunks to other lenders, your money will be transferred back to your Wallet where it will be available for withdrawal.

    How do I use Quick Withdraw?

    To activate Quick Withdraw, please follow these steps:

    - Click on ‘Withdraw money’ from your dashboard
    - Click on the ‘Cancel active loans’ button (the third of the three options)
    - Choose how much you'd like to sell from the relevant loan term(s) and click ‘Next’
    - Check you're happy with the fees and confirm your request by clicking ‘Yes, cancel these loans’

    Transaction fees

    The Quick Withdraw transaction fee is calculated as 0.6% of the amount you wish to sell. This fee will be clearly stated before you complete the transaction.

    Interest rate shortfall

    If the interest rates on the loan chunks you're selling are lower than the current Lending Works interest rates, you'll incur additional charges to ensure the lenders acquiring your loan chunks receive what they're expecting. Any such charges will be clearly stated before you complete the transaction.

    Accrued interest

    Any unpaid interest accrued on your loan chunks since the last repayment will be paid to you only to the extent it offsets any additional interest rate shortfall charges payable to the incoming lender(s).

    How we select which loan chunks to sell

    If you're only selling part of your overall loan portfolio, we'll try to minimise any interest rate shortfall charges wherever possible by selecting loan chunks with interest rates which are closest to the current Lending Works rates when processing your Quick Withdraw request. We'll also prioritise loan chunks with shorter maturity dates to minimise the length of time for which any shortfall might be payable.

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