Three weeks since it hiked its rates, the Manchester-based firm has seen a strong uptick in demand.
Three weeks since it hiked its interest rates, the Manchester-based firm has seen a strong uptick in demand.
Following its recent promotional interest rate rise on its 30 Day Access Account, Assetz Capital has revealed that this has resulted in more than £10 million of new investment in peer-to-peer loans
The firm raised rates on 13 April meaning investors have had access to a target, capped return of 4.75 per cent although this offer is temporary and set to close on 11 May. Investments in the 30 Day Access Account made before this date will benefit from the increased target rate for up to 90 days.
Stuart Law, CEO of Assetz Capital commented, “Due to strong borrower demand we decided to temporarily raise the target rate on our 30 Day Access Account. This has gone against the grain in a period where many P2P platforms have been dropping rates. It's been a roaring success as new investment in peer-to-peer loans has flowed into the account."
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 prospect of relatively easy access in normal market conditions, although we make it clear that access times cannot be guaranteed
Assetz Capital has over 19,000 registered investors and to-date over £245m has been lent through its platform, earning investors total gross loan interest of over £21m, according to the firm.