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Peer2Peer Finance News | September 23, 2019

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FundingSecure launches 30-day access account

FundingSecure launches 30-day access account
Marc Shoffman

FUNDINGSECURE has launched an easy access-style product for investors that will let them withdraw money from their account in 30 days.

The peer-to-peer pawnbroker’s 30-day access account, called FS30, offers a target annual rate of five per cent.

It will be possible to withdraw funds at any time by giving 30 days’ notice subject to normal market conditions, the platform said.

Individual investors can invest from £1 up to a maximum of £10,000.

Read more: FundingSecure bolsters board with two entrepreneurs

The account has a maximum capacity of £250,000, at which point it will be closed to new investments.

Interest is accrued daily and usually paid on the first day of the following month.

All funds in the FS30 account will be automatically allocated across all available P2P loans.

The new account launch comes after the platform said it has improved communication, increased the frequency of its loan updates and launched more investor evenings, in response to customer concerns.

The lender said it was putting more focus on defaulted loans on its platform and sought “to improve all modes of communication” for investors.

Read more: FundingSecure loanbook approaches £300m milestone