Lendermarket revamps investor dashboard
Lendermarket has upgraded its investor dashboard, giving users increased transparency on the progress of pending payments from loan originators.
The Dublin-based peer-to-peer lending marketplace said that it has introduced a new ‘Pending Payment’ status so that investors can track the progress of their earned interest and principal repayments before they are credited to their account.
When a loan originator notifies Lendermarket of a borrower’s repayment, a ‘Pending Payment’ status is assigned to investors’ accounts who funded that loan.
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At this stage, Lendermarket is still waiting for the loan originator to complete the transfer of funds to the platform. Once the funds arrive, the investors’ accounts are credited, thereby reducing pending payments and increasing the available balance.
When an investor has a Pending Payment balance from a loan originator, that originator has 10 days to make the payment without incurring interest. After 10 days, the investor’s Pending Payment balance will start to accumulate interest at a rate of 18 per cent per annum.
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“The release time of Pending Payments depends on the terms of the loan originator and financial institutions and market conditions,” Lendermarket said. “It is typical to observe an increase in Pending Payments during times of decreased demand caused by events such as the Covid-19 pandemic, the war in Ukraine, sanctions on Russia or during economic downturns.”
Lendermarket is open to investors across mainland Europe and the UK, and its largest investor markets are Germany, Spain and Bulgaria.
It works with originators from around the world, including Dineo in Spain and Estonia-based Creditstar.
Lendermarket recently saw its total account value reach €50m (£42.9m), which it attributed to “rapid growth” over the past year.