Loanpad has increased its maximum investment limit for customers with premium accounts.
The peer-to-peer property lending platform has two main account types, the classic account, which has a target interest rate of three per cent and allows lenders to withdraw their money any time, and the premium account which has a target interest rate of four per cent.
In this account, investors have to give 60 days’ notice to withdraw their funds or pay an early access fee when available of up to 0.5 per cent of the amount they are withdrawing.
Both accounts are available within an ISA, and withdrawals are always subject to funds being available.
Loanpad has updated its terms and conditions, which includes allowing investors with a premium account to request an increase to their maximum investment limit from the current threshold of £250,000 to up to £1m.
“The current limit was £250,000 and now investors can request a limit of up to £1m,” said Louis Schwartz (pictured), chief executive of Loanpad.
“It depends upon what they request. There is a top limit of £1m but many investors may not want to necessarily increase it to that, they may increase it to £300,000 or £500,000 for example.”
Last week, Schwartz said Loanpad is preparing for “steady stable growth” this year since reaching profitability month-on-month from June, despite posting an overall loss of £69,713 in 2021.