In this post we have compiled the answers to the questions we have received from our investors via email and Social Media in the past month.
1. Can I change my Lendermarket personal account to a business account?
Unfortunately, you cannot “transform” a current account. Nevertheless, you can open a new business account here. We would like to confirm as well, in case you do not want both accounts active, that you will not be able to send the funds from your personal account straight to your business account. If this is what you would like to do, you will need to withdraw the funds from your personal account and deposit them again to your business account, of course, funded with its own business bank account.
2. I would like to know the purpose of the loan. If it has collateral. If it’s a personal or business loan.
All the loans are consumer loans with no collateral from the borrower. We display that the loans listed are consumer loans. However, we cannot reveal for what purpose the borrower is using the money (such as to repair the car, to fix something at home…) In this sense, overall you are rather investing in a loan originator than in a specific loan.
3. What can you tell about Fire Financial Services?
At Lendermarket we use the services of Fire Financial Services Limited to receive the deposits from investors and execute withdrawals. We value the speed and efficiency of Fire for our operations since we can process payments multiple times faster than using a traditional bank and bank transfers.
Fire’s Irish entity (Fire-EU) has been regulated as a Payments Institution since 2010 by the Central Bank of Ireland (Reference no: C58301) and is a licensed Payment Institution (‘PI’) since 2010.
Their UK entity (Fire-UK) has been authorized as an Electronic Money Institution since 2019 by the Financial Conduct Authority (Reference no: 900983).
4. Is Lendermarket regulated by the Financial Conduct Authority or the relevant Eurozone equivalent?
Lendermarket is certified by the Department of Justice as Trust or Company Service Provider (TCSP).
5. How does Lendermarket earn money?
Lendermarket’s revenue comes from the partnerships with the Loan Originators. We don’t charge fees to our investors.