Lending Works, web address LendingWorks.co.uk, is one of the most recent additions into the realm of UK P2P lending. Competing directly with ZOPA and RateSetter, Lending Works has quickly displayed its mettle, having been in business for only slightly more than a year. Lending Works accomplishes this by offering affordable financing, with clear terms, very quickly. They manage to do this somewhat cheaper than competitors, while maintaining quality service for both borrowers and lenders.
LendingWorks’s rates and loan terms
APR – Lending Works’ lowest representative APR is 5.2%, though higher APR is issued on a case by case basis. This benchmark is, however, one of the lowest seen in P2P. It even trumps most traditional lenders, who typically manage to attract new customers because their financing is cheaper (if not more convenient) than P2P. The Co-operative Bank advertises APRs at a bare minimum 5.4%, with typical results at 9% or higher. Alternative financing examples like a Post Office Personal Loan start at 7.4% APR.
Interest and fees aren’t the only consideration that potential customers bear in mind. Fast approval and convenience are also leading reasons why people have made P2P the fastest-growing form of financing in the UK. While banks may take 2 or more weeks to approve and issue and loan, while demanding reams of paperwork, Lending Works is able to approve your loan in minutes using data about your real financial life.
Are there any charges or penalties if I pay my loan off early?
No. As is standard in the industry, Lending Works charges you nothing for early or over payments.
How much can I borrow?
Qualified borrowers may apply for loans between £1,000 and £25,000.
How Long do I Have to Pay Back My Loan?
Your loan will be issued a term of 1, 2, 3, 4, or 5 years. Again, there is no penalty for early repayment.
What Can I Use My Lending Works Loan For?
Lending Works issues loans for a variety of purposes: medical, home renovation, vehicle, etc. There is also a handy “other” category that you can fill in when you apply, if you don’t see your purpose listed.
Who May Apply for a Lending Works Loan?
Lending Works borrowers must be UK residents of 21+ years of age, in possession of a UK bank account.
How Fast is the Loan Process?
Lending Works loans can be taken from application to funding in as little as 2 business days.
Because Lending Works is newer to the field than other prominent UK P2P lenders, they are motivated to offer their loans at somewhat better terms. Take the opportunity to secure slightly cheaper financing with Lending Works, while still enjoying the security and confidence associated with using one of Britain’s finest new lenders.
I found RateSetter through the usual price comparison websites. The process was very simple and took minutes to complete. There is also a very handy upfront soft credit check which lets you know the likelihood of being accepted without recording a hard search on your credit file. This is a very good feature and played an important role in my selecting RateSetter to borrow from. If there is one aspect that could have been better, I would have preferred my actual interest rate to be close to the representative rate especially as I have what I consider to be a very good credit rating. Overall though RateSetter is very good and I would use it again and recommend to family and friends.
Sentinalwarrior , ReviewCentere
Rate Setter .Perhaps should be called Speedy Rate Setter.
My Application was dealt with very fast and contact very polite at all times.
Completed in 48hrs. Many Thanks To All Staff Involved. Great Service.