Funding Circle response to “Better with a bank account with really bad interest rate”

Dear Andrew,

Thank you for leaving a review.

We are sorry you have not enjoyed lending through Funding Circle.

I appreciate that it is concerning to see losses occur on your account, however, credit defaults are intrinsic to any form of lending, especially when lending to small and medium businesses and just to clarify, as we are a risk based platform we can never guarantee returns, but solely project.

It should be noted that peer-to-peer lending should be viewed as a mid to long term investment with the secondary market being a feature of our platform. However, accessing funds in this way is not guaranteed as it is contingent on there being investors available to buy loan parts from you.

As a regulated platform we are required to ensure investors are purchasing loan parts at fair prices. This means taking into account the wider economy and how it might impact the businesses you lend to. With the current situation presenting some significant unknowns we are obliged to be prudent and pause the market while we continue to assess the situation.

If you would like to discuss any of the points raised, or your account in general, please give us a call on 0800 048 2467 or send an email to contactus@fundingcircle.com.

The Funding Circle team.