I didn't know if you had spotted this in the press so thought I'd share it here. Hope this is useful and you'll let me know what you think. We welcome feedback and all thoughts so we can make our site attractive to lenders. Taken from our blog (www.lendloaninvest.co.uk/blog/latest):
FYE 2015 kicks off with the news in the Budget in support of P2P lending, plus new regulations from the FCA that will bring greater control to the industry, Madiston LendLoanInvest’s new loyalty scheme adds even more value to both lenders and borrowers. Here’s how it works:
PAID (Participation Awards & Incentive Drive) is an award system that will reward members with points that can either be withdrawn as cash or used on the site to make a repayment on a loan, lend to other members or buy a membership.
1 point equals 10p or 10 points equal £1
Members who participate in a number of activities including, registering on the site, recommending a new user, voting on a poll and posting on the forum will receive between two and 20 points for each. This increases to 50 points for members who have a testimonial, video or article published, or who accurately report a software bug on the site. For lending and borrowing, points awarded are worth one per cent of the amount lent or borrowed.
This means in effect:
LENDERS EARN a further 1.5 per cent interest and BORROWERS pay 1 per cent LESS interest.
The PAID scheme is now LIVE on the site, to join just register and the system will do the rest. See Loan Requests on the Bidding Market or set up AutoLend portfolios to bid on Loan Requests in the Matching Market.
We hope this is a useful post and you feel PAID is a good idea but if you have any questions, please let us know, we’d be pleased to open up discussion. We are members of the Peer to Peer Finance Association and of course, now authorised and regulated by the FCA.