We’ve launched your new lending experience
Last month we announced plans to launch an improved and upgraded version of our existing Autobid and Autosell lending tools, and the decision to withdraw the option to manually choose which businesses to lend to and sell.
Today these changes have come into effect, and we’re pleased to launch our new lending experience to make lending through Funding Circle simpler, better and fairer for all investors.
Your new lending options
You can now lend using one of two new lending options:
The rates shown are the projected returns, after fees and bad debts (but before tax), that a diversified investor could earn with either lending option. These rates may change over time, and your actual return may be higher or lower. Remember, by lending to businesses your capital is at risk.
Over the past four weeks, you will have received an email from us letting you know:
- If you used Autobid – which lending option you have been transitioned to. You are now lending to businesses through your preferred option and do not need to do anything.
- If you didn’t use Autobid – how to login to your account and select your preferred lending option. You will need to select a lending option if you would like to continue lending to businesses, although you will continue to receive repayments from your existing loan parts if you don’t select an option.
If you haven’t yet picked a lending option or would like to change which option you chose, you can do so easily by logging in now and navigating to your new Lending settings page. You can also pause your lending at anytime:
Changing your lending option will only affect any new lending on your account, and won’t affect any existing loan parts you own.
Updates to your investor account
When you next login you will also notice that we’ve made a few improvements to your investor account:
- You can now manage your portfolio from your new Lending settings page – change your lending option, pause or resume your lending from here.
- You can sell loan parts quickly and easily – we launched our new sell page on 21st August (including removing our sale fee), and from today the option to sell individual loans has been withdrawn. We expect liquidity to remain strong on the platform so you can access your money quickly, although this can’t be guaranteed.
- The loan request and loan parts page have been withdrawn
- We’ve updated some of the terms we use – to reflect your new lending experience, bids are now called orders, and your Funding Circle total is now your Portfolio total.
Your new lending experience will make lending through Funding Circle simpler, better and fairer for everyone, and we hope you continue to enjoy lending through Funding Circle. If you have any questions about today’s changes, or you need any help with your account, please see our Q&A blog or get in touch.
The Funding Circle team