Lending Works, the first peer-to-peer lender to have insurance against borrower default risk, has introduced new features for the UK pensions market.
The multiple launches come as Lending Works is well on target to hit their forecasted GBP25m milestone of loans this year.
Lending Works’ four market-first features, first announced in March, make peer-to-peer lending even more appealing to pensioners as they take control of their retirement finances:
• Automated monthly income tool: All lenders can now draw down a pre-selected amount on a monthly basis from the funds that are being repaid by the borrowers, creating a regular source of income straight into their bank accounts at no extra fee
• Dedicated account managers on phone & email: All new lenders aged 55+ are introduced to a named customer account manager, available on the phone and by email to help them manage their online lending dashboards
• Retirement income calculator: All existing and prospective lenders can use the calculator to forecast how much they can earn through Lending Works in place of an annuity
• One per cent lending bonus: All new lenders aged 55+ will receive a complimentary bonus of 1% of the money they lend during April
Nick Harding, founding CEO of Lending Works, says: “More than half of our lenders are aged 55 and over, indicating a growing inclination among later-life lenders to put peer-to-peer lending into their personal finance plans. Thanks to broad customer feedback, we know exactly what pensioners need in an environment where understanding sensible money management is increasingly important.
“Since announcing these features last month, we have seen unprecedented interest from prospective lenders. To match this demand, we are adding more distribution channels to borrowers to ensure money is matched promptly and lenders start earning interest quickly.”
