Lending Works targets later-life lenders

More than 52% of Lending Works’ lenders are aged 55 or older, indicating a growing inclination among later-life lenders to make peer-to-peer lending a common feature of their retirement finance plans.

From early April, Lending Works will offer four brand new features that make peer-to-peer lending even more appealing to pensioners who take control of their pensions and look for simple, personal, high-interest money management options.

The features include a complimentary bonus of 1% of the money they lend, and a named customer account manager available on the phone and by email to help them manage their online lending dashboards, and a retirement income calculator.

Additionally, they will have access to an automated monthly income tool allowing them to draw down a pre-selected amount on a monthly basis from the funds that are being repaid by the borrowers, creating a regular source of income.

Nick Harding, founding CEO of Lending Works, commented:

“We anticipate a lot of demand for peer-to-peer lending from older lenders when the new pension rules come into force. Our new features respond directly to what this important customer segment need, want and value from their personal finance platforms.

“Our customer feedback shows that lenders value maximum earning potential in a simple, easy-to-use environment over all else. By providing a special offer 1% bonus, we can help our older lenders start earning great interest on a larger lending amount from day one, and the Auto Income tool helps any lender access portions of their money before the end of their term.

“Being an internet company brings many cost and time efficiencies, but many of our customers still value having someone at the end of the phone to answer questions and guide them through the online process. Our dedicated account managers will be on hand to provide this personal support.”