Some LendingCrowd investors will soon receive payments again, now that the first group of the platform’s borrowers to benefit from a repayment holiday have resumed their monthly loan repayments.
At the start of April, the peer-to-peer business lender announced that borrowers in difficulty due to Covid-19 could apply for a three-month repayment holiday.
The platform said the business had to provide up-to-date financial information that showed their trading profile before and after the current restrictions took effect.
At the time, LendingCrowd said some investors would receive their repayment three months after the original scheduled payment but interest would be accrued during this holiday.
The platform did not charge borrowers any fees for payment holidays and waived fees for changing repayment dates to help borrowers better plan their cashflow requirements.
Now LendingCrowd said the first group of borrowers to benefit from a repayment holiday have resumed their monthly loan repayments and the platform is in dialogue with those due to restart their repayments over the coming weeks.
“On behalf of all our borrowers, we want to thank all our lenders for the support they have shown for our small business community,” the platform said in a blog on its website.
Lenders can check their LendingCrowd account at any time to see the status of individual loans.
The lender has developed guides and information signposting businesses to the range of support measures available from local and national government.