New Personal Finance Peer-to-Peer Lender Enters the Market

Posted on 14.01.2014, by Rob Warlow

The number of new peer-to-peer lending sites continues to increase with the recent launch of Lending Works.

Lending Works, which focuses on the personal loan market, is headed by a team from the banking, accountancy and finance industries, and it aims to provide a simple, flexible and transparent way for users to lend and borrow money.

In line with the traditional P2P model Lending Works’ online platform allows people to lend their savings for a competitive return to creditworthy people requiring finance. Personal loan borrowers are prudently selected by the company’s team of highly experienced underwriters using advanced underwriting techniques and electronic credit scoring. Loan terms and lending periods are both one to five years.

To kick start the business Lending Works completed a successful pre-launch fundraising round raising £3.5 million from venture capital and angel investors.

Rates are promised to be highly competitive for both lenders and borrowers and the company is targeting a net return to lenders of approximately 5.1% AER when their money is lent for five years.

Whilst the platform is there to fund personal financial needs research shows that many business owners do resort to using personal funds as a source of business capital.

You can find out more about Lending Works here.

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