Investors are facing sign-up processes that take between two and six clicks to join peer-to-peer lending platforms.
Peer2Peer Finance News has analysed the sign-up process for new investors among the most active P2P lenders in the UK.
We assessed how many clicks it takes to open a new account and reach the investor categorisation and appropriateness test stage, which is essentially where the P2P investing journey really starts.
Here is how P2P platforms fared.
Kuflink – Two clicks
New Kuflink investors can enter their name, email, password and account type from the platform’s homepage.
Investors then click continue and are taken to a page where they can submit documents to verify their identity and you are then ready to click to continue and take the appropriateness test and start investing.
Lending Works – two clicks
Lending Works promises a two-minute sign up process.
Investors can click the “start investing” button on the consumer lender’s homepage.
This takes you to a page to enter your personal details and to setup a password.
You can then click “open my account” and can begin choosing your investor description and take the platform’s appropriateness test.
LandlordInvest – three clicks
Users can click to signup as an investor from the LandlordInvest homepage.
You then need to enter your name, email address and password and click signup.
A verification email will be sent your inbox and that link will then take you to a page to start the investor categorisation and appropriateness tests to start funding buy-to-let loans.
SoMo – three clicks
New users can click the “I want to invest” button on the SoMo website.
This takes you to a page that explains the bridging lender’s processes and you need to click start investing to get registered.
You will then reach a page where you can set up your account details.
Once entered, you can click “create account” and you can then start the suitability assessments.
CapitalRise – three clicks
CapitalRise displays an “apply now” button in the middle of its homepage.
New investors need to click this and enter their name, email address and choose a password.
Once you click submit, you will need to click a link on a verification email and your account is officially open.
You are taken to the investor categorisation page where you can complete the assessments and start investing.
Loanpad – four clicks
New investors can enter their email address straight from the Loanpad website to sign up for an account.
This opens another page where you need to set up a password.
The page then clicks through to a page where you can choose the type of account you want and input your contact and bank details. You can then hit the submit button, which is the final step before logging into your account and starting your investing journey
Invest & Fund – four clicks
The first option on Invest & Fund is to click the “start lending now” button on the Invest & Fund website.
This will take you to a page to enter your personal details including your name, email and national insurance number and setup a password.
You will then need to click on the “next step” button that will send a verification email to your inbox.
Once clicked, you will be invited to login to your account and start your P2P investing journey.
ArchOver – four clicks
New ArchOver users can click to register from the business lender’s website.
You then need to enter your personal details and click the register button again.
A verification message will be sent to your email that you need to click to set up a password
There is then a “save” button to press and you can then take the investor tests and begin investing.
Relendex – four clicks
You can click to “register as a lender” on the Relendex homepage.
Investors can then add their name, email and password details
A link will be sent to your email to activate your account.
You will need to click this and then follow the login button that takes you to a new page to enter your email and password.
Once entered, you can click through and will be ready to take the appropriateness tests.
Shojin Property Partners – five clicks
New investors can click “join us” on the Shojin Property Partners website.
This takes you to an account registration page where you can add your name, email and password.
There is then a “register my account” button that, once clicked, will send a verification email.
Follow the link to confirm your email and you can then click to login.
You will need to enter your email and password again before pressing the login button, after which you will be ready to take the appropriateness tests.
Proplend – five clicks
Proplend investors can click the register button on the home page and then need to choose between a classic or ISA account.
The next click takes users to a page where they have to enter their name and email address and set up a password.
After this, you click through to a verification page to enter your date of birth and phone number, after which you can add your bank account details.
The final click then lets you login to your account where you can complete the appropriateness tests and declare what type of investor you are.
Blend Network – five clicks
The property lender has a “lend” button on its website.
Once clicked, you can enter your email and then press continue.
This takes you to a page to add your name and password, after which you have to click continue again.
There is then another page to enter details such as your date of birth, phone number and address.
You then need to upload a picture ID and click continue, which takes you to the investor categorisation page.
Assetz Capital – six clicks
The Assetz Capital homepage features a “register” button in the top right-hand corner of its website.
Once clicked, you can enter your email and setup a password and you can then click through to a page to add your personal details.
The third click takes you through to a page to enter your address.
There is then a fourth section to setup extra two- factor authentication security details where you have to click to be sent a text, phone call or add a code from an app.
Once you have the code, you need to enter it online and click for the sixth time to continue.
You can then click the “next” button to start your lender certification.
CrowdProperty – 10 clicks
The first step to start investing with CrowdProperty is to click invest from the homepage.
There is then another button to register as a lender where you will enter your name, email address and set up a password.
That takes you to the third click to create your account.
Users need to verify their email address and click a link to activate their registration.
The next step is to choose whether you are investing as a company or individual, after which you will need to click to accept the terms and conditions.
There are then four more steps involved before you can take the appropriateness tests and start investing, these involve entering your personal details, contact information, uploading ID documents and reviewing them.