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Lending Works Rate Lock Is All Upside
All of us at 4thWay® missed a very important detail about Lending Works‘ new interest rates last week. We're not sure if we all need stronger lens prescriptions or if the consumer loans P2P lending company hadn't explained its “Lending Works Rate Lock” properly to begin with.
Probably it was us. We'll get our eyes tested.
But in any event, the Rate Lock is a great feature that's worth writing about.
Lending Works increased its three-year lending rate from 4.3% to 5%. Today, this is the best three-year rate from all of the super safe P2P lending options available.
Its five-year rate stayed virtually the same at 6%.
You can see all the current best rates from the safest P2P lending companies, as well as from the very best savings accounts and cash ISAs on the market, by reading Safest Peer-to-Peer vs Savings Accounts.
The Lending Works Rate Lock
The bit we haven't explained yet is Lending Works' Rate Lock feature.
This means that if you lend money, including interest and repayments, between now and 1 March 2016, you'll get at least 5% over three years and at least 6% over five.
Whatever happens, that's the minimum for all loans that you enter during that time. Since these are fixed rates, you'll continue to get that rate for as long as the loans last, which could be up to three or five years.
It's a nice guarantee, ensuring no downside. The key benefit is that you don't have to worry about exiting in case rates fall further.
But there's also a potential upside: if rates rise during that time, Lending Works won't hold it back from you. You'll get the higher rates too.
About Lending Works
Lending Works is highly sel