UK-based peer-to-peer lender Assetz Capital announced on Friday it is extending the deadline on its 30-Day Access Account promotional rate from May 11th to midday on June 6th. According to the online lending platform, since the rate increase went live on April 13th, investors have had access to a target, capped return of 4.75% per annum gross (before allowances for tax or any possible losses). In just four weeks over £15 million worth of new investment has flown through the 30 Day Access Account.
Speaking about the promotional rate, Stuart Law, CEO of Assetz Capital, stated:
“Since launching our temporary rate increase on the 30 Day Access Account we’ve seen an incredible influx of new capital into the account – it’s clear that this has gone down particularly well with investors. We’ve had entirely positive feedback and have decided to listen to the many who have asked us to extend the promotion to give them more time to invest in peer-to-peer loans via the account.”
Assetz Capital reported that the 30-Day Access Account allows lenders to invest automatically in both short and long-term loans and interest is earned and paid monthly.
“Many investors choose to invest for the long term in these accounts but like the notion of relatively easy access in normal market conditions, although Assetz Capital make it clear that access times cannot be guaranteed. The 30 Day Access Account always retains substantial cash balances in order to facilitate access for investors who want to liquidate their investment after the 30 days notice period. Over £200m of withdrawals have been facilitated since launch across all of the Access Accounts and all those have been delivered on the expected time and date – although past success is not a guarantee of future performance.”
Investors may also automatically invest any amount from £1 in a diverse portfolio of secured business loans that have passed Assetz Capital’s strict credit checks. Law added:
“To reach £15 million in just a matter of weeks is testament to the popularity of this rate increase and by June 6th we expect over £30 million of new investment to have flowed into the 30 Day Access Account. ”
Investments in the 30-Day Access Account made before the June 6th will benefit from the increased target rate for up to 90 days.