Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_256134238
November 9 2016

Wellesley stops offering longer-term P2P loans to investors

suzie10 Industry News, News loan maturity, Peer-to-Peer Finance Association, Wellesley, Wellesley loan maturity

WELLESLEY has stopped offering longer-term peer-to-peer loans to its investors, Peer-to-Peer Finance News has learnt.

The lender, which declares itself “the first and only P2P platform to place our own funds into every loan we make,” now only offers a one-year loan with a 2.25 per cent annual interest rate and a two-year loan with a 2.35 per cent annual interest rate, both paid on maturity.

It had previously offered three, four and five-year P2P loans on its website.  

Under a section of its website advertising its 30-day product access policy, it still states that it will match investors’ funds to loans with terms of between one month and five years.

A company spokesperson said that longer-maturity loans had been removed “in the past couple of months” and that the terms of its loans “are quite flexible”, depending on “lenders’ capabilities”.

Wellesley is no longer a member of the Peer-to-Peer Finance Association, having resigned from the industry trade body in 2014. As such, it does not have to subscribe to the organisation’s rules on transparency and does not publish its full loan book like the eight P2PFA members do.  

The platform says it currently has 100 loans in its portfolio, totalling £228.1m.

Its default rate has been very low. It saw no loan losses until 2015, when they equated to 0.55 per cent of the loan book. This year, defaults equated to 0.83 per cent as of 31 September. However, this does not result in losses for the platform’s lenders due to Wellesley’s provision fund.

Have you invested in Wellesley? What do you think of their decision to remove longer-term loan offerings? Get in touch at info@peer.snobmonkey.com.

Fintech firms urged to sign up to Women in Finance Charter What does Trump’s victory mean for the UK’s P2P industry?

Related Posts

funding to businesses

Industry News, News, Top 3

Government to launch replacement future fund scheme

money UK

Industry News, News, Top 3

BBB sets out further details on recovery loan scheme

Forensic Expert Pressing TASK FORCE

Industry News, News, Top 3

Treasury launches £100m Taxpayer Protection Taskforce

Popular posts:

  • The House Crowd goes into administration
  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • Sunak to announce stringent CBILS successor scheme
  • FCA warns The House Crowd investors against using…
  • Octopus Choice has permanently closed
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by