Lenndy is a European peer-to-peer lending platform that provides business loans, mortgage loans, invoice financing, and consumer loans. The investment platform is based in Latvia and you can earn an average interest rate of 12.34% annually. Lenndy pays investors’ interest rates on a monthly basis. You can invest as low as €10 on the platform. Lenndy has a buyback guarantee feature and auto-invest feature but does not have a secondary market.
Lenndy Review: Quick Facts
- Lenndy is a European peer-to-peer investment platform that offers business, mortgage, consumer loans, and invoice financing.
- You can invest as low as €10 on the platform and earn an annual interest rate of 12.34%.
- Lenndy has investment features like auto-invest and a buyback guarantee. However, it does not have a secondary market.
As of 2022, Lenndy had invested over €38.5 million and has over 8.5k investors. The platform has funded over 14.5k loans.
We do not advise you to invest in this platform. There is no guarantee that Lenndy will be around in the p2p lending market for a long time. Recently, the platform issued a warning to its investors saying that it is changing its business model and will no longer sell loans secured by the BuyBack guarantee.
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Who Can Invest in Lenndy?
Both individuals and entities can invest in Lenndy. For individuals, they need to meet the following requirements:
- Be at least 18 years old
- Have a European bank account
How Lenndy Works
Lenndy is a peer-to-peer lending platform for different kinds of loans like invoice financing, mortgages, and consumer loans. Borrowers can borrow money on the platform by filling in an application form. Lenndy then reviews the loan application by the borrower. If it meets the requirements, it is approved.
Investors can then choose the loans they want to invest in. Investors can select the amount they want to invest in a particular loan. The borrower can then start to repay the interest rates and the investor gets to earn a passive income. Lenndy offers interest rates at a rate of 12.34%.
How to Invest in Lenndy
If you want to start investing in Lenndy, follow these simple steps:
- Sign up. The first step is to create an account on Lenndy. If you want to sign up faster, you can use Facebook or Google to easily access your profile picture, name and email address.
- Confirm and set up your account. The next thing you need to do is to confirm your account. An email will be sent to your email and you will need to click on it to verify your account.
- Fund your account. You need to fund your Lenndy account. You can do so using a virtual bank account like Wise or a bank transfer or card transfers.
- Select a loan to invest in. You need to select a loan to invest in. You can set an auto-invest strategy to select for you loans that meet your preferred requirements.
- Start earning a passive income. Once an investor has invested on the platform, he will be earning an average interest rate of 12.34% annually. Interest rates are paid on a monthly basis.
Types of Loans to Invest in Lenndy
You can invest in the following type of loans on Lenndy:
- Invoice financing. This type of financing usually attracts lower risks and short-term payments discount operations.
- Mortgage loans. Mortgage loans are secured using real estate projects. In case the borrower defaults in repayment, the real estate projects can be sold to cover the principal amount.
- Secured car loans. Borrowers can secure their loans using their cars. In case they default, the car can be sold to recover the principal amount.
- Business loans. Business loans are designed for companies and organizations. They can be used to fund different aspects of a business.
- Personal loans. These loans are usually unsecured and attract a fixed amount and timely repayment. These loans have higher risks and are covered with a buyback guarantee.
Lenndy Features
Lenndy has the following investment features:
Lenndy Auto Invest
If you are an investor and want to earn a passive income, you can use the auto-invest feature. You can set a certain criterion that will be used in selecting loans to invest in. You can set a criterion like a loan size, interest rates, investment amount, and portfolio size. When there is a loan that meets that particular criterion, the auto-invest feature will automatically select it and invest in it.
Buyback Guarantee
Lenndy has a buyback guarantee feature that protects investors in case borrowers default in repayment. If a borrower is late in repayment for over 30 days, the loan originator can buy back the loan and the investor will be repaid the principal amount and the accrued interest.
Benefits of Investing in Lenndy
You enjoy the following benefits by investing in Lenndy.
- Easy to use. You can easily use Lenndy’s website and start investing right away.
- Low capital investments. You can invest as low as €10 and start earning returns of up to 12.34%.
- High returns. With Lenndy, investors earn returns of up to 12.34% annually and these returns are paid on a monthly basis.
- Secured by assets. Most of the loans issued at Lenndy are secured using pledged assets. In case the borrower does not repay the loan, the asset can be sold and the principal amount is recovered.
- Auto invest strategy. You can save a lot of time by using the auto-invest strategy and setting the kind of loans you want to invest in. When such loans are available, they will automatically be selected and you can invest in them.
Lenndy Customer Support
You can reach Lenndy by phone: +370 (5) 214 1205 for Latvia or +44 7480 775818 in the UK. You can also reach them via email: hello@lendy.com, or post: Saltoniskiu str. 12-2, LT-08105, Vilnius, Lithuania.
Lenndy Alternatives
You can invest in the following investment platforms as an alternative to Lenndy.
Is Lenndy Safe?
Yes. Loans at Lenndy have different safeguards depending on the loan. Some loans are secured using the originator’s buyback guarantee. Also, your investments are covered by deposit insurance for up to 100,000 EUR. On the other hand, Lenndy’s website is protected using SSL protocol.
Lenndy has “Bad” ratings of 85% on TrustPilot with many people complaining buyback claim rights are not paid back. Others claimed that they could not withdraw funds from the platform and late repayments for loans.
Lenndy Supported Countries
Lenndy accepts investors from all over the world. You just need to have a European bank account and have funds in Euros.
Summary of Lenndy Review
Lenndy is a peer-to-peer lending platform that offers different types of loans like mortgages, consumer loans, and invoice financing. Some of the features you can enjoy when investing in the platform include a buyback guarantee and an auto-invest strategy. Lenndy offers high-interest rates of up to 12.34% to investors. The downside of the platform is that it does not have a secondary market where investors can sell off their portfolios.
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