You are here: Home - Credit Cards & Loans - News -

Lending Works launch two new higher interest rates

Written by:
Peer to peer group Lending Works is launching new higher interest rates in response to improving demand from high quality borrowers.

Peer to peer group Lending Works is launching two new higher interest rates in response to improving demand from high quality borrowers.

Lenders will earn 5% on money lent for up to 3 years and 6% for money lent for up to 5 years. Until 1 March 2015, customers who lend £10 or more will be locked in at these leading rates. On this basis, a Lending Works customer who lends £5,000 over 3 years can make returns of £250.03 in their first year and £788.24 over the whole term.

The 5% and 6% fixed rates offer is the first in a series of Rate Locks to be rolled out over the course of 2015. Rate Locks tie in higher rates.

Lending Works say these rates should appeal to people who may have already exhausted their ISA allowances for the 2014/15 year and are looking for alternatives, or people looking at ways to boost their pension income.

Nick Harding, founding CEO of Lending Works, commented: “We only lend money to the top 10% of creditworthy borrowers and it is from these people that we are seeing unprecedented demand for long-term loans.Lending Works lenders’ money is allocated across a portfolio of borrowers efficiently, meaning that the opportunity to benefit from these rates begins immediately.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week