Funding Circle response to “No protection for customer to access their funds”

Hi Patricia

Thank you for leaving us a review.

We are sorry that you have not had a good experience lending with us.

It is worth noting 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 and that accessing funds in this way is not guaranteed as it is contingent on there being investors available to buy loan parts from you.

As part of our ongoing measures to protect investor returns, we have taken the decision to pause the secondary market while we continue to evaluate the potential impact of Covid-19.

This forms part of a number of measures introduced recently. As a regulated platform, we also want to ensure that loans bought and sold by investors on the secondary market are priced fairly. This means taking into account the wider economy and how it might impact small businesses.

Given the current environment we have decided to be prudent and pause all loan part sales on the secondary market. This does not affect your ability to access funds from the monthly repayments you receive from borrowers. If your lending is turned off you will typically receive 3-5% back of your outstanding portfolio every month.

Please get in touch with our investor support team if you would like to discuss this in more detail.

The Funding Circle team.