There comes a time in everyone’s life when we are in need of a loan. When we are younger it is often our parents we turn to, as we get older, and want to buy a car, or take a special holiday, or make those home improvements, it is usually our bank that gives us the cash. But these days, more and more people are looking into a third option – Peer to Peer lending. One of the most popular and trusted of this exponent is Lending Works.
Peer to Peer lending allows people to lend or borrow money to individuals or small companies. It cuts out the middle man in the form of a bank, and can often offer lenders a better return on their money, whilst giving borrowers much better interest rates, particularly people with a good credit rating. As borrowing as become more difficult, and with many people feeling distrust with conventional banks, or just anger over banker’s bonuses, Peer to Peer lending is becoming more popular and widely used.
Lending Works is one of the UKs most popular Peer to Peer lending companies. It was launched in Jamuary 2014 and has consistently excellent reviews on Trust Pilot, with a 9.4 excellent rating (with customer service and ease of online applications and prompt decisions particularly praised.) For lenders, it offers an alternative to keeping savings in the bank, where current rock bottom interest rates are frustrating those with savings, making Peer to Peer lending an attractive proposition.
For borrowers, another good point, aside from the possibility of lower fees and better interest rates, is that you can borrow smaller amounts than you can get from a High Street bank. This is useful if you are only looking for a small amount – maybe for Christmas or to put towards a family holiday.
Like all forms of lending and borrowing there are risks involved, so you should do your research very thoroughly before entering into any agreement, but it is useful to know that there is another way to both lend and borrow money.