Updates to our T&Cs and Talking Tax | Weekly Lending Review

Week 13: 23 – 27 March 2015

March has been a busy month at Funding Circle. The Chancellor announced the launch of the Personal Savings Allowance in the Budget meaning that from April 2016, we estimate more than 80% of investors will be able to earn tax free returns at Funding Circle. See Talking Tax for more information.

New loans available to you

There are currently 66 loan requests on the marketplace which are all available for you to lend to.

The total value of new Funding Circle loans was £12,135,000, averaging at £61,600 per loan. The largest loan value was £400,000 and the smallest loan value was £5,000.

Business loans still available for bidding on for the next 3 days or more:

Weekly marketplace trends

These graphs show the most recent activity on the marketplace. The average gross yield graph is reported weekly and shows a rolling two week average of gross yields. This calculation assumes you reinvest your interest each month and therefore includes the compound interest you earn. Number of loans, value of loans and amount lent are reported weekly. The dates on the graph should be read as ‘week beginning’, for example: 23-Mar represents the week of 23th – 27th March 2015.

Weekly average gross yield (2 weeks rolling)

Yield

Number of listed loans per week

number

Listed loan value per week

Loan value

Total amount lent

Amount lent

Loan parts available to buy from other investors

Loan parts available

News you should know

T&Cs

We have made some changes to our T&Cs for investors (specifically clauses 8.1 and 15.1), clarifying the way we cover the cost of servicing loans. Our loan conditions have also been updated which means you’ll need to re-accept them before placing a  bid, or, buying a loan part. Please view our updated terms and conditions, or contact a member of our customer service team if you have any questions.

Talking Tax

Included in the March Budget were a number of new announcements relating to lending through Funding Circle. Additionally, we have recently received news from HMRC regarding changes to how investors are required to pay tax on their lending. Following these announcements and for clarity, read about what this means to investors on the blog.

Providing more information around defaulted loans

If you have any defaulted loans you may have noticed that we now apply a RAG (Red, Amber, Green) rating system, also known as a Traffic Light system, in the Loan Comments on your dashboard. The purpose of the new system is to help you assess the quality of your defaulted loans, and your expected return over a certain period of time.

Loans defaulted last week

Footwear retailer. Loan 3172. Risk band C

This North West business has been incorporated since 1994 and is in liquidation. All affected investors have been notified.

Machine tool manufacturer. Loan 6707. Risk band A

This Lancashire business has been running since 1995 and is in liquidation. All affected investors have been notified.

Commercial printers. Loan 6784. Risk band C

This Oxfordshire business was established in 2007 and is in liquidation. All affected investors have been notified.

Building contractors. Loan 5726. Risk band B

This Essex business has been running since 2005 and is in liquidation. All affected investors have been notified.

Domain management company. Loan 121. Risk Band B

This London business has been incorporated since 2000 and owes a small amount of money until this loan is repaid in full. All affected investors have been notified.

Anti-vandal manufacturer. Loan 4648. Risk Band B

This East Sussex business was established in 2005 and is now 4 months in arrears. All affected investors have been notified.

Our collections and recoveries team are working to recover the outstanding amounts for all of these loans.

Enjoy lending, The Funding Circle Team

 

Rob McCorquodale