Loanpad announces further investor rate rises
Loanpad is raising investor rates again, with two more increases planned for this year.
From 1 September, the peer-to-peer property lending platform will pay 3.1 per cent to classic account holders, up from three per cent at present.
Premium account rates will rise from 4.2 per cent to 4.3 per cent.
From 1 October, the returns on both of these accounts will increase by a further 0.1 per cent each. Classic account holders will earn 3.2 per cent, while premium accounts will return 4.4 per cent.
Loanpad has been steadily increasing investor returns on its premium account over the past few months, in response to the rising base rate.
In July, the platform announced that its premium account rates would increase from four per cent to 4.1 per cent. The following month, the rate was boosted to 4.2 per cent.
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“As inflation is high, and base rates have risen several times this year already, we believe that our rates to investors and borrowers alike needed to increase,” Louis Schwartz, chief executive of Loanpad, told Peer2Peer Finance News.
“We have therefore decided to increase rates for investors by 10 basis points from 1 September and a further 10 basis points from 1 October, with some borrower rate increases starting from next month.
“We continue to monitor rates and will provide further updates in due course.”
All changes apply to Loanpad’s standard and ISA accounts.
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