Loanpad raises rates six times in six months
Loanpad has announced two new rate rises, meaning that the peer-to-peer property lender will have increased its rates six times in six months.
As previously announced, the returns on the lender’s classic account and premium account will increase by 0.1 per cent from 1 October 2022.
From tomorrow, classic account holders will earn 3.2 per cent, while premium accounts will return 4.4 per cent.
Loanpad has now announced a further increase from 1 November, which will see classic account holders earning 3.4 per cent, while premium account holders can earn 4.6 per cent.
From 1 December, the rates on both of these accounts will rise by another 0.2 per cent, meaning that classic accounts will return 3.6 per cent and premium accounts will return 4.8 per cent.
This follows a series of monthly rate rises dating back to July 2022.
On 4 July, the P2P lender increased premium account rates from four per cent to 4.1 per cent. On 1 August, the premium rate was raised again to 4.2 per cent.
From 1 September, Loanpad raised its classic account rates from three per cent to 3.1 per cent, while premium account rates rose from 4.2 per cent to 4.3 per cent.
Loanpad’s chief executive Louis Schwartz told Peer2Peer Finance News that the increases were being made in response to the rising base rate.
He added that the platform will “continue to monitor rates and will provide further updates in due course.”
All changes apply to Loanpad’s standard and ISA accounts.
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