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Lending Works ISA suspended
After reporting yesterday that Lending Works had launched their new Innovative Finance ISA, the platform announced today that they have temporally suspended ISA applications. This is due to £2million of funds being received within 24 hours.
Here is the statement on the P2P Independent Forum:
We received over £2m in just 24 hours, with lots more ISA transfer applications coming through in the post today. Great news, but we've had to temporarily close new ISA applications in order to manage rates/queues without compromising on the quality of loans available on the platform.
We'll hopefully be reopening applications next week...
This may be the sign of things to come as the larger peer-to-peer platforms start offering ISAs. These platforms may have a difficult job, trying to balance supply and demand, but this will inevitably lead to a reduction in lending rates.