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Peer2Peer Finance News | August 23, 2019

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LendingCrowd extends £150 cashback offer after record month

LendingCrowd extends £150 cashback offer after record month
Kathryn Gaw

LENDINGCROWD is extending August’s £150 cashback offer until the end of September, after a record month in which it attracted more than £2.25m of investments.

The peer-to-peer business lender originally introduced the cashback offer at the start of August, for investors who added more than £2,500 to their LendingCrowd account. It is still eligible for all Innovative Finance ISA investments, either via new accounts or transfers.

At the time, chief executive Stuart Lunn (pictured) said that the Edinburgh-based firm was introducing the incentive in an effort to attract more investors, as borrower demand for business loans was rising.

Read more: LendingCrowd lenders show appetite for growth IFISAs

“LendingCrowd provides a simple way for investors to access small- and medium-sized enteprise (SME) loans and diversify away from traditional asset classes, such as equities, while benefiting UK SMEs.” said Lunn.

The P2P lender has now lent approximately £17m to SMEs via almost 200 loans which were funded through its platform. So far this year, LendingCrowd’s investors have earned up to 8.89 per cent on their investments – higher than the platform’s target rate of six per cent.

Read more: LendingCrowd tempts new investors with joining bonus