Anyone any experience of Lending Works?

jase_31

Hi,

I am looking at Ratesetter and Lending Works as p2p lenders. Ratesetter seems the more established, however Lending Works has the lending shield? Does any one have any experience/comparisons?

Boatman100

Hi,
I have used Ratesetter for about 12 months now and found it to be pretty straightforward and easy to use. Their withdrawal procedure has worked smoothly, but at cost, as you need to work out the fees carefully before using their sell out option. One tip I would pass on is not to use the auto relend at market rate. I have found it better to set the account so that it returns both the repaid money and interest to the holding account. This then acts as a reminder to visit the account and judge the interest rates available. If you then look at the full market view option when you see the rates offered in each market, you will be able to judge better wether to lend low or wait, as you see the total amounts on offer at each interest rate rather than just the edited highlights. It can be that you see a queue of 250k, but find that by going 0.1% under then you hit a lot smaller wait time of maybe 70k, this can disappear in a quite short time to allow your money to be lent out. I use this and consistently get 0.2% higher than could have been the case using market rate re-lend, thereby maximising return without leaving money out of the market too long.
I am presently looking at Lending works, but have not used them yet.
hope that this is helpful to you,
regards
boatman100