UK based online crowdlending platform, Funding Empire, will be listing their first loans today, October 14, 2013. The peer to peer lending platform released this announcement following their successful launch of their lender and borrower registration process – a precursor to offering loans up to the public. Lender registration was available on September 23rd.
The platform proudly shared the fact they are are officially Wales’ first Crowdfunding platform. Funding Empire is expected to also soon announce forthcoming partnerships which will aid in expanding the platform
Only registered users will be able to view offered loans on the site but it is free to join. The site also welcomes broker businesses.
Peer to Peer lending platforms have quickly established themselves as a viable alternative to traditional bank loans. The industry has not been regulated and is awaiting comments from the Financial Conduct Authority which may alter the way these platforms operate.
Funding Empire facilitates loans in value from £5000 up to £100,000. Interest rates are expected to range from 4% to 15% depending on the loan. Once a lender selects a possible loan they would like to support, registered users may lend anywhere from £20 up to the entire amount of the loan. The offering is done as a reverse style auction with only the final interest rate bids making up the final interest rate quoted to the borrower.