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Earn 6.1% Interest Through Lending Works
Lending Works has made itself even more attractive to lenders by ramping up its interest rates.
It has pushed up its three-year rate from 4% to 4.3% and its five-year rate from 5.5% to 6.1%.
The five-year rate is now the best of all the peer-to-peer lending companies that are both dead easy to use and have the lowest (best) 4thWay® Risk Ratings – all of which have had no losses to lenders.
These interest rates are also much, much higher than you can get in any savings accounts or cash ISAs.
Higher rates and faster lending!
Interest rates usually change based on supply and demand. Higher rates can mean that Lending Works is short of lenders. The result of this is that, not only are rates currently higher, but it is also probably even easier to lend your money swiftly, since there is less competition to lend.
Even assuming you have bad luck lending your money out quickly, you might still make £1,600 in interest over five years on lending £5,000. After tax that might be around £1,300 or £1,000 depending on your income tax rate.
Lending Works is the only P2P lending company to offer both a provision fund to cover loans that go bad as well as insurance against losses from unemployment and accident.
The 4thWay® Risk Ratings were devised by experienced investors and a debt specialist from one of the major accountancy firms. The score is calculated using objective criteria that can be measured and improved over time. No risk-scoring system is perfect, not least because we rely on accurate and timely data from the P2P lending companies and the P2P lending industry is relatively new, so there is less information to base a score on. Read more about the 4thWay® Risk Ratings.
*Commission, fees and impartial research: our service is free to you. 4thWay shows dozens of P2P lending accounts in our accurate comparison tables and we add new ones as they make it through our listing process. We receive compensation from Lending Works, and other P2P lending companies not mentioned above either when you click through from our website and open accounts with them, or to cover the costs of conducting our calculated stress tests and ratings assessments. We vigorously ensure that this doesn't affect our editorial independence. Read How we earn money fairly with your help.