The award system will be called PAID (Participation Awards & Incentive Drive) and will involve the platform giving its members points which can either be withdrawn as cash or used on the site to make a repayment on a loan, lend to other members or buy a membership - in the scheme one point will equal 10 pence. According to Madiston this loyalty scheme will boost "the interest received by lenders by a further 1.5 per cent and reduce borrowers‘ interest cost by 1 per cent."
Members will earn points by engaging with the platform, with rewards for registering, recommending a new user, voting on a poll and posting on the forum - these could earn anything between two and 20 points depending on the activity. This increases to 50 points for members who have a testimonial, video or article published, or who accurately report a software bug on the site. For lending and borrowing, points awarded are worth one percent of the amount lent or borrowed.
The company is also introducing a special offer for lenders to kickstart its loyalty scheme. The first 100 lenders who lend more than £500 won’t pay any lending fees for the year ending 31 March 2015.
Madiston LendLoanInvest recently launched its P2P Lending site www.lendloaninvest.co.uk, with the aim of matching responsible lenders with stable, credit worthy borrowers. It operates on Madiston Crowd Funding Software, a highly sophisticated automated platform that provides considerable flexibility and convenience to the user.
For further information visit: www.LendLoanInvest.co.uk
