Cookies are temporary files we place on your device to improve your user experience, for example to sign up and log in to your account. Find out more about cookies, and how to control them, in our privacy policy. By continuing to use our site, you agree to this policy Close image

General Questions

Find out everything you need to know about LendingCrowd.

See our Contact us page for full details.

LendingCrowd carries out stringent identification checks on all borrowers using a specialist in identity data intelligence, enhanced with manual intervention measures. In addition, all borrowers will also have a credit search carried out through a credit reference agency. The credit underwriters who review the applications are also very experienced in looking for fraud indicators. 

We take a number of factors into account to determine our credit decisions. In short, we look at cashflow, management strength, the industry the business is in and its ability to repay the loan.

As part of our credit risk assessment, LendingCrowd will determine an appropriate level of lender protection at the point of entering into a loan agreement. Depending on the size of the loan, this could be in the form of a personal guarantee, third-party guarantee or a charge or asset security.

If a repayment is late, we’ll contact the borrower as soon as possible to establish the reason for this, when we can expect payment and if any support is required. If we don’t receive the payment within four days of the due date, we consider the repayment to be overdue and may charge the borrower a late payment fee. We may also inform credit reference agencies that the borrower has missed a payment. This could affect the business’s and the directors’ credit ratings and therefore their ability to borrow more money.

If the borrower hasn’t paid within 45 days of the repayment date, we’ll consider the loan to be in arrears.

When a borrower can no longer meet their repayment schedule nor pay the outstanding loan, we’ll declare the loan as a default. We’ll identify the outstanding capital as a bad debt. This happens after 90 days – this is a standard adopted in December 2019.

If a loan is declared a default and there’s no clear indication of how and when we’ll receive the payment, we’ll take recovery action. This will include referring the matter to our panel of experts – which includes solicitors, accountants and debt collectors – who’ll provide guidance or act on our behalf, whichever is the most appropriate course of action. Our loans have various types of creditor protection in place, so our recoveries process can involve forcing the sale of assets through a legal process.

Can’t find what you’re looking for?

Icon guide

Borrower FAQs

The most frequently asked questions from our loyal Borrowers

Icon guide

Ask your own question

or call us on
0345 564 1600
and we’ll be happy to help.

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.

The company's registered office is 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ.

Copyright © LendingCrowd 2024. All rights reserved.