The Lending Well @ www.thelendingwell.com

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Update: The Lending Well have now closed. Read More.

The Lending Well (TheLendingWell) reached the market in 2012 and managed to pick up some media interest at the time. This is with them being the very first peer-to-peer payday lender (P2P lender). This is a concept that has been championed by Zopa that now instead caters the payday loan market. The Lending Well at www.thelendingwell.com are based in Bicester who stand in charge, but you yourself could be a lender. There are many lenders involved who pool the funds together. They state that each lender will earn up to a 12% return each year. In regards to the loans, the figures range from £100 to £750 (there looks to be a new customer restriction, but this isn’t stated). You can choose flexible terms from 10 to 31 days.

The interest is set at 1% per day and so a £100 loan for 14 days would cost £14. You can opt for a free transfer or a same day transfer that will cost £6 extra. The www.thelendingwell.com site was designed by Wickedweb who have done a great job. Account login is provided to both the borrower and lender with SSL being used. In regards to The Lending Well contact, they only provide a contact form at this time. With borrowing and lending being conducted on both sides, you would expect them to hold membership with a trade association. It would be nice to also see a promo code be released. Elsewhere, they do look the part and hopefully will receive the attention that they deserve in 2013.

The Lending Well