12 months ago, Lendy was perceived as having a relatively good lending record, and was growing quickly. Since then things have changed for the worse for both Lendy and its investors. Unfortunately, default rates have increased dramatically, and are now amongst the highest of all the British P2P sites. Some of the loans that have defaulted have been extremely problematic, with significantly lower recoveries from collateral sales than were expected. Some legal issues have arisen on other loans which raise questions around the quality of the due diligence and conveyancing work performed. Many investors have placed their loans for sale on the secondary market of Lendy, but there now appears to be much more demand to sell than to buy. Lendy has also still not received its full authorisations from the FCA. This makes it difficult to recommend Lendy to new investors currently. We think there are better alternatives currently, such as Assetz Capital, Bridgecrowd and Kuflink.
Lendy is offering a £50 bonus for new investors who invest via Explore P2P. All you need to do is visit Lendy via this link and create an account.
A minimum of £1,000 must be invested for a minimum of 3 months. Taking advantage of this offer boosts your early returns and also helps to contribute towards the running costs of this site.