|« Funding Knight bought by GLI Finance||What effect will "Brexit" have on peer-to-peer lending? »|
Landbay close fixed rate product
Landbay, one of the leading peer-to-peer companies, has closed its fixed rate product. Lenders who have enabled the Auto Reinvest option will have any funds lent on on the LIBOR tracker, which offers a lower rate of interest. We hope this is only a short-term change.
Here is the email send to lenders:
Due to an influx in demand for our Fixed Rate product, we regret to inform you that this product is currently unavailable for new investment.
This doesn’t affect your current Fixed Rate investment, but if you have funds in the Fixed Rate product with the auto-reinvest option switched on, in order to prevent you losing out on any interest we will auto-reinvest your funds from next month into our Tracker Product that has an annualised interest rate of 4.0%.
Our Tracker Rate product has a number of features designed to give you a solid return, at a variable rate of interest:
- Your rate of interest is 3.35% pa above LIBOR* (London Interbank Offered Rate). When LIBOR changes, your Tracker Rate changes too.
- Withdraw or sell your funds on our secondary market at any time. Withdrawals typically take 1-2 days and are dependent on funds being available to replace your investment.
You will still be able to request a withdrawal from the Fixed Rate product via our Secondary Market. We currently have more pending demand for this product than anticipated withdrawals. When we have new Fixed Rate loans available for investment, or if the demand for withdrawals from the product approaches the current demand for investment, we will reopen the product for investment.
As always, withdrawals are dependent on the reallocation of your loan parts to new investments, via our secondary market.
We apologise for the inconvenience this may cause, and if you’d like to discuss your investment please contact us. We’re here to answer any questions you may have.
If you do not wish for your interest to be automatically reinvested into the Tracker product please log in to your account and switch your ‘Auto Reinvest’ setting to ‘Off’.