Lending Works is a peer-to-peer lending platform for individuals in the UK. Lending Works provides unsecured personal loans to borrowers. Lending Works was started in 2014 and has become one of the largest P2P lenders for businesses and individuals in the UK. It has so far lent out over £200 million to UK customers.
Lending Works Loan Review
- Lending Works is a peer-to-peer lender. This means you can borrow money from peer to peer investors on the platform.
- To get a loan, you need to be between 18 years and 75 years, have a minimum annual income of £10,500.
- You can get a loan of between £1,000 and £25,000 for a period of 12 to 60 months and have the loan approved within 24 hours.
How Lending Works Work
If you want to take out a loan, you can get a no-obligation personalised loan quote in just a couple of minutes and if you decide to proceed with the loan application you’ll receive a decision sent to your email within 1-2 working days. You can expect the funds in your bank account within 1 working day after you accept the offer. Lending Works conducts a ‘soft search’ to determine your eligibility, which does not affect your credit file.
Unlike many other loan providers in the UK, you can make over-payments on your loan at any time, without incurring additional charges and you wont be charged any additional fees for settling your loan agreement early. You will only be charged any interest that has accrued since your last repayment.
How to Apply for Lending Works Loan
To get a loan from Lending Works, you need to meet a set of requirements. They include:
- Be at least 18 years old
- Not older than 75 years of age by the time of application
- Have a minimum annual income of £10,500
- Be a UK resident and have a UK bank account
- Must not be bankrupt or insolvent
- Must not have loan defaults
To sign up on Lending Works, you just need to visit Lending Works website and sign up. Then you can choose the kind of loan you want. You will need to pass through the identity verification process. You can open an account with Lending Works if you are a resident of the UK, or even if you are a non-resident of the UK but have a bank account in the UK.
Lending Works Fees
When you borrow a loan from Lending Works, you can expect the following charges:
- APR: 12.9%
- Late payment fee: £15
- No arrangement fees
- No early repayment fees
Is Lending Works Regulated?
Lending Works is regulated by the Financial Conduct Authority (FCA). The regulation by FCA ensures that Lending Works does not violate the standards and codes of conduct.
Lending Works Reviews
At the time of writing, Lending Works Trustpilot review had received 4.7 star out of 5 from over 2000 users. 88% of its users were satisfied with Lending Works services. However, 5% rated it as bad. Most of those happy with Lending Works noted its efficient and fast loan process as well as good customer service.
Lending Works Alternatives
You can use the following services as an alternative to Lending Works.
Summary of Lending Works Peer to Peer Lending
Lending Works is a safe and secure peer-to-peer lending platform that can help you access a personal loan in the UK. The platform does not charge you for over-payment or early payment. However, there’s a late payment fee of £15. You can borrow any amount from £1,000 to £25,000 and you can pay back the loan between 1-5 years. Lending Works interest rate and additional fees (APR) is 12.9%.