Summer Special

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Kylie Greeff
13th May 2016

Start earning interest straight away.  All bids on marketplace loans now attract interest from the day you place your bid (including loans which are currently listed).

Between the 13th May and the end of June 2016 we are running a Summer Special on all current loans on the marketplace as well as any new loans listed between this time.

Details:

  •  All active bids at the close of auction will be credited with interest
  •  Interest will accrue daily from 13th May 2016. For example, on a 7 day auction, if you bid on day 1 you shall receive 7 days’ interest, if you bid on day 7 you shall receive 1 day’s interest.
  • The interest rate earned is the final aggregate loan rate at auction close.  All lenders will get the same rate regardless of bid. For example, if you bid 20% at the start of a 7 day auction, are out-bid on the last day and rebid at 18%, you will get 1 days’ interest at the auction close rate which might be, hypothetically speaking 18.64%
  • Interest will be paid to each lender at the point the loan is drawn down when funds are sent to the borrower. Interest will only appear on a lender’s dashboard and statement at this point.
  • If the loan is not drawn down and is instead cancelled by the potential borrower or rebuildingsociety.com, no interest will be paid.
  • If a loan is extended and you withdraw your bid, you will earn no interest for the period your bid was active (as per point 1).
  • A ‘day’ ends at midnight, e.g. whether you bid at 9am, 6pm or 11.59pm you will accrue 1 full day’s interest at midnight.
  • This is a Summer Special initiative run by rebuildingsociety.com. Interest will be paid by rebuildingsociety.com and not the borrower. The Special will continue until the end of June, at which point it will be reviewed for possible permanent inclusion.

Remember before bidding on any loans you should carry out your own due diligence on the applications and if you choose to bid, you should do so at risk adjusted rates.  

Past returns are not necessarily a guide to future returns. Any unrepaid capital is at risk of arrears or default.

 

 

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