Loanpad to boost rates again on 1 May
Loanpad will increase its investor returns once more on 1 May, in the latest rate boost at the peer-to-peer lending platform.
The increase will mean that investments wrapped in an Innovative Finance ISA (IFISA) will earn 0.2 per cent more than non-IFISA products.
From 1 May, Loanpad’s classic account will pay investors 4.4 per cent, up from 4.2 per cent previously. Premium account holders will earn 5.4 per cent, up from 5.2 per cent.
Read more: Exclusive: Largest IFISA providers revealed
The ISA classic account will pay 4.6 per cent to investors from next month, up from 4.2 per cent previously. The ISA premium account will pay 5.6 per cent, up from 5.2 per cent.
The platform last raised its investor rates on 1 April. Last year, Loanpad incrementally raised its investor rates six times in six months. At the time, Loanpad’s chief executive Louis Schwartz told Peer2Peer Finance News that the increases were being made in response to the rising base rate.
More recently, Schwartz said that the platform had seen a quicker turnaround of loans than it had expected, with old loans being repaid and new loans being made, and that this was enabling it to increase its investor rates more quickly.
Read more: Loanpad targets £100m of new lending in 2023
