Representative 12.9% APR
Will lend between: £1,000 - £25,000
Over: 12 - 60 Months
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Our review of Lending Works
Lending Works offer a competitive representative APR for the peer-to-peer lending market. As with most lenders they use personal circumstances as a method of working out whether the applicant will be accepted and the interest rate they will be offered. One thing to mention is that unlike other lenders, this process is quite slow. Some can boast instant or at least same day decisions; however, Lending Works take one working day to review before making an offer. Once the applicant has accepted the loan the funds can then take two working days to be visible in your account - if you’re looking for quick credit then Lending Works may not be the best option.
Lending Works also charge a borrower’s fee which is included within the monthly repayment figure and this differs for each customer. It’s worked out using the amount and term of the loan, as well as the level of risk that they attribute to the applicant. Part of this fee is deposited into the Lending Works Shield reserve fund that helps to pay lenders should their borrower fail to make payment. This is fairly common amongst peer-to-peer lenders and just offers the individual lenders security, ensuring a good flow of investment into the business.
Looking at online reviews, Lending Works have received a very positive reception from their customers. Scoring an ‘excellent’ on TrustPilot and an amazing score of 9.6 out of 10, their customers appreciate the polite and helpful staff, efficient service and the lack of hassle.
Overall verdict: Although they may take longer than some lenders on the market, Lending Works offer a competitive APR and have swarms of satisfied customers. Their website is easy to use and if you don’t mind paying the borrower’s fee (as it’s not upfront), then this peer-to-peer lender could be worth considering.
- No early repayment fees
- Personalised quote doesn’t affect credit score
- Ability to make over payments
- You must not have high levels of unsecured debt, CCJ's or defaults
- This lender charges late payment penalties
- You must earn at least £14,000 a year
- You need to be aged 20 or over
- You must be a UK resident
- You need to have a UK bank account
- Maximum APR 12.9%
- Arrangement fee: £0
- Early repayment fee: £0
- Late payment fee: £15
Lending Works Customer Question & Answers
About Lending Works
Lending Works offer personal peer-to-peer loans between £1,000 and £25,000 over loan terms ranging between one and five years. Their representative APR is 9.9%, however this may change during the loan application process as Lending Works take into account loan amount, loan term and personal circumstances when deciding the rate of the loan. Their repayments are fixed monthly to help with budgeting. Unlike traditional lenders, peer-to-peer loans aren’t financed by a bank or other type of financial institution, instead the funds are provided by individual investors who in turn receive a return on the money they put forward.
Applying with Lending Works takes just a couple of minutes, and if successful the money will be in your account within one working day. You can also pay off your loan early anytime, and at no extra cost.