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Our response to the Covid-19 pandemic


Amid the ongoing coronavirus (Covid-19) pandemic, we want to assure our valued community of borrowers and lenders that we’re doing everything we can support you all at this exceptional time.

Having reached out to every LendingCrowd borrower to ask how their business was faring, we put in place a process for offering a three-month repayment holiday to those that need it. All requests for a repayment holiday are assessed on a case-by-case basis by the experts on our Credit Team.

By enabling borrowers to have a brief break from their loan repayments, our aim is to help them emerge from this situation in as strong a financial position as possible.

What this means for lenders
For those businesses that have a repayment holiday approved, lenders will see a change to the borrower’s repayment schedule. This will show the next repayment being three months later than the original scheduled repayment was due to happen. Interest will be accrued during this holiday. Lenders can check their LendingCrowd account at any time to see the status of individual loans.

Autobid
To give lenders time to suitably assess their portfolio allocation and decide whether or not they want to automatically bid on new loans as auctions go live on our platform, we temporarily switched off the Autobid feature on Self Select accounts.

If at any time you want to change your Autobid settings:

  • Log in to your LendingCrowd dashboard
  • Choose the Self Select account you want to change
  • Select ‘Manage account’, then ‘Configure Autobid’

Auto-investment
We also deactivated the feature in Growth and Income accounts that automatically uses repayments to purchase additional loan parts. We did this to enable lenders to decide how they want to manage their money on our platform.

If you have a Growth or Income account and want our platform to invest on your behalf again:

  • Log in to your LendingCrowd dashboard
  • Choose the account you want to change
  • Select ‘Manage account’, then ‘Manage your repayments’
  • Choose Growth Mode or Income Mode to reactivate auto-investment

Support and information
The UK Government and devolved administrations have put in place a wide range of measures to support businesses through this pandemic. We have produced guides to the available support – tailored for SMEs in England, Wales and Scotland – and these can be downloaded from this blog post.

Everything we do at LendingCrowd is driven by the will to do the right thing for our lenders and borrowers. SMEs are the backbone of the British economy and we are immensely grateful for the continued support from our community of lenders.

If you have any questions, please email contactus@lendingcrowd.com or call 0345 564 1600.

Article author

Gareth Mackie

Gareth Mackie

If you invest through LendingCrowd you should understand that your capital is at risk.

LendingCrowd is the trading name of Edinburgh Alternative Finance Limited, Company Number SC468392, authorised and regulated by the Financial Conduct Authority (Firm reference number 670991). LendingCrowd and its products are not covered by the Financial Services Compensation Scheme.

Read more about the risk involved when investing and borrowing.

The company's registered office is 23 Manor Place, Edinburgh, EH3 7DX.

Copyright © LendingCrowd 2020. All rights reserved.

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LendingCrowd is working with the British Business Bank to help deliver CBILS loans to SMEs affected by the Covid-19 pandemic. Find out more: