Have you heard of Lending Works? They offer peer to peer lending – meaning you can either lend money or be loaned it. Lending Works have been featured in The Guardian, The Independent, the Daily Mail and the Financial Times.
So how does it work? Well Lending Works acts as a go between, for people who want to lend out their money and those who need to borrow it. For lenders it offers options like quick withdraw if you find you need to exit the loan, auto lend whereby the money can be lent out again as soon as its been paid back and probably most importantly, insurance for when borrows default. Lending Works offers something called Lending Works Shield, which insures against borrow default (as mentioned), fraud and also cyber crime. It’s actually the first peer to peer lending platform to offer this, making it quite unique.
As a borrower it allows you flexibility in the form of being able to pay back early with no penalty and also overpayments on their loans too. Lending Works offers a simple and safe marketplace, with a better rate of interest for both borrowers and lenders.
Lending Works was set up in 2012 by Nicholas Harding, who has a background in banking and Matthew Powell, who was previously an accountant. The company received a Moneywise Award in 2015 for Customer Service and has received rave reviews from newspapers and independently from users via Trust Pilot. It is authorised and regulated by the Financial Conduct Authority, meaning you know the company is having to adhere to a robust set of rules and principles.
Whether you want to become a lender or a borrower, the information is all easy to find on the website and signing up takes only a few minutes. It’s a great idea, matching those who want to lend with those who need to borrow, while acting as a safety net and go between for people.