From today, Lending Works’ competitive lending and borrowing rates are available for comparison against other savings and loans products on websites that include the following:
§ Go Compare: http://money.gocompare.com/
§ Compare The Market: http://www.comparethemarket.com/
§ Tesco Money: http://tesco.lovemoney.com/
Unlike all other peer-to-peers lenders currently operating in the UK, Lending Works’ lenders are protected by the ‘Lending Works Shield’, which, in an industry first, includes insurance against borrower defaults, fraud and cybercrime alongside a reserve fund. For the very first time, people who wish to lend via the peer-to-peer model can do so with Lending Works in the confidence that their money is protected against borrower defaults and fraud.
Lending Works’ rates are highly competitive for both lenders and borrowers and the company is targeting a net return to lenders of approximately 5.3% AER when their money is lent for five years.
Lending Works prides itself on being fully transparent with its terms, the risks involved, the way it operates and the fees it charges:
- Lenders are charged a one-off upfront fee that never exceeds 1% of amounts lent which is taken from the first repayment made by the borrower;
- Borrowers are charged fees dependant on their specific financial circumstances, as well as the size and term of the loan. For instance, for a £5,000 loan over 36 months in current market conditions, Lending Works charges between 6.9% APR and 9.5% APR.
Currently peer-to-peer lenders are capturing only 1% of the UK personal loan market, which is estimated to be worth £25 billion. However, the growth rate of the industry is accelerating and the Open Data Institute forecasts the digital finance sector to reach £1 billion by 2016.
Carmen Murray or Justin Griffiths, Powerscourt (PR Advisers to Lending Works)
Tel: 020 7324 0496 / 020 7549 0999
ABOUT LENDING WORKS
Lending Works was launched in January 2013 to provide UK customers with a safe, flexible and transparent way to saver and borrow money. Protecting customers’ money is the company’s highest priority. Lending Works’ lenders are protected by the ‘Lending Works Shield’, meaning that anyone who wishes to lend via the peer-to-peer model can do so in the confidence that their money is protected against borrower defaults and fraud.The Shield is the final layer of security in a threefold protection model which includes a reserve fund and a ring-fenced Trust.
Lending Works is licensed under the Consumer Credit Act (CCA) and uses Equifax as its Credit Reference Agency (CRA).
For further information, visit www.lendingworks.co.uk
020 7324 0496
020 7324 0496