We’re introducing fixed interest rate loans today
At the start of September we announced plans to introduce fixed interest rates for all new loans, similar to how property loans have operated on the marketplace for 18 months. This is where Funding Circle sets the interest rate of the loan before it is listed on the marketplace. Rates are based on a number of factors including the risk band and term of the loan.
We’re pleased to announce that the first fixed interest rate loans (other than property) will be listed on the marketplace today.
The new gross interest rates are listed below, before fees and estimated bad debts. These rates do not affect any of the loan parts you currently hold, they only apply to loan requests listed from 28th September 2015.
Please note these rates do not include property loans which will be set on a case by case basis. We’ll review these rates on a regular basis and notify you if they change.
Going forward you will see the interest rate available for each new loan request on the marketplace. Loans will continue to be listed for 7 or 14 days and during this time, you can choose whether to place a bid knowing your bid cannot be knocked out by other investors.
If you use Autobid you will have received emails over the last 4 weeks regarding this update and your current settings. You can read more about updating your settings in our Autobid blog post here. If you’re unsure about what this means for you, please contact us and we’ll be happy to help. You can call us on 0800 840 4075, or send us an email.