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Peer2Peer Finance News | November 24, 2017

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Half of Lendy users back auto-lending

Half of Lendy users back auto-lending
Marc Shoffman

LENDY is still weighing up offering an auto-lending product on its platform after almost half of investors backed the idea.

The peer-to-peer property lender surveyed users last week about the introduction of two auto-lending products to complement its existing manual lending proposition.

However, 33.9 per cent were against it and 19.8 per cent said they didn’t know, when asked for their views about introducing auto-lending.

“As we currently only offer manual lending, we were keen to get views on a three-year and five-year auto-lending product,” Lendy said in a note to investors.

“We are still working through all the data and will share the key findings in the coming weeks.”

A spokesman added no firm decision has been made yet.

“The results were very encouraging, but we need to do a further piece of validation work before we would consider developing the product,” he said.

Lendy recently announced the repayment of a £7.92m loan, one of the largest seen in the UK’s P2P sector to date. The facility had been repaid ahead of schedule and delivered annual returns of 12 per cent to investors.

Read more: Lendy: Lack of bank funding has hit London housebuilding

Read more: Lendy has repaid £100m to investors this year