Lending Works
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Lending Works is a peer-to-peer lending platform based in London, UK. Lending Works is the first peer-to-peer lending platform that has insurance to protect its lenders against borrower default, using the Lending Works Shield.[1]
Contents
History
Lending Works was founded in 2012[2] by Nicholas Harding, who has a background in banking, and Matthew Powell, who is an accountant who previously worked at Ernst & Young. The Non-Executive Chairman, Richard Priestman, is an accountant and was previously a board director of the Finance and Leasing Association[3] and Managing Director of Corporate Businesses at Lombard Asset Finance.[4] Lending Works has raised £3.5m from investors.[5]
Business model
Lenders
Lending Works enables lenders to lend directly to personal loan borrowers. Facilities that it offers to lenders are Quick Withdraw, where lenders can exit their loan agreements early, and Auto Lend, where loan repayments are automatically lent out again. Lenders are also protected by the Lending Works Shield which insures against borrower defaults, fraud and cybercrime.
Borrowers
Lending Works personal loans allow borrowers to repay their loans early with no penalty, and make overpayments on their loans.
Lending Works Shield
Lenders are protected by the Lending Works Shield, which includes:
- Reserve fund
- Borrower default insurance
- Fraud and cyber crime insurance.[6]
Regulation & Authorities
Financial Conduct Authority
Lending Works is authorised and regulated by the Financial Conduct Authority under the crowd funding regulation.[7] Lending Works has a Consumer Credit Licence which is granted under the Consumer Credit Act 1974.
CIFAS
Lending Works is a member of CIFAS, the UK's leading fraud prevention agency.[8]
P2P Finance Association (P2PFA)
As a member of the P2PFA, Lending Works is required to meet a set of robust rules and operating principles for the transparent, fair and orderly operation of P2P lending.[9]
References
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- Lending Works - Homepage
- After Raising £3.5M Pre-Launch, Lending Works Opens Its P2P Loans Business In UK
- Lending Works launches with eyes on region
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