Investors / lenders beware
I decided to withdraw all of my money in June 2019, 14 months later I'm still trying to get my money back. I can't think of any less liquid investment. Take note that virtually all positive reviews are from borrowers.
I had a fairly significant amount invested. Currently says £11k interest with £9k defaults and £1k fees. Would not recommend to anyone.
Reply from Funding Circle
Hi there,
We are sorry to hear you feel you have not had a good experience lending with us.
It is worth noting that peer-to-peer lending should be viewed as a mid-to-long term investment with the secondary market being a feature of our platform and that accessing funds in this way is not guaranteed as it is contingent on there being investors available to buy loan parts from you.
As part of our ongoing measures to protect investor returns, we have taken the decision to pause the secondary market while we continue to evaluate the potential impact of Covid-19.
This forms part of a number of measures introduced recently. As a regulated platform, we also want to ensure that loans bought and sold by investors on the secondary market are priced fairly. This means taking into account the wider economy and how it might impact small businesses.
Given the current environment we have decided to be prudent and pause all loan part sales on the secondary market. This does not affect your ability to access funds from the monthly repayments you receive from borrowers. You will continue to receive monthly principal and interest repayments back of your outstanding portfolio every month.
Please get in touch with our investor support team if you would like to discuss this in more detail, give them a call on 0207 401 9111 or email contactus@fundingcircle.com
The Funding Circle team.