Plend opens for borrower registrations
Plend is inviting borrowers to register their interest in accessing a loan through the platform.
It comes as the peer-to-peer consumer lender gained regulatory approval from the Financial Conduct Authority (FCA) earlier this month.
Plend aims to use open banking to assess creditworthiness in a fairer way to help the millions of people who are unable to access affordable credit.
The platform said in a newsletter update this week that borrowers can now sign up for early access.
Potential borrowers are being invited to complete an online form that states their name, contact details, loan amount required and the purpose.
Read more: Plend secures micro-finance lending partnership
They will then be linked with Plend’s open banking assessment technology.
“As we’re now fully authorised and regulated by the FCA, we’ve opened up our early access registration,” Plend said.
“You will be contacted in the next few weeks by one of our customer success team members who will then guide you through the next steps which will involve connecting through the Plend Score.
“We’re dedicated to delivering the best possible product that’s affordable and meaningful.”
Plend first revealed its plans to launch into the consumer P2P lending space to Peer2Peer Finance News in October 2020.
Borrowers can apply for loans up to the value of £10,000 at 10 to 25 per cent APR, with repayments over one to five years. Meanwhile, lenders can earn up to eight per cent per annum by financing loans to credit-checked consumers from around the UK.