Part A – General Terms & Conditions
The Agreement
These terms and conditions set out the terms on which we will provide the LenderKit P2P Service and constitute our agreement with you as a P2P Lender. The service is provided to you by LenderKit Co-Lend Limited which is authorised and regulated by the Financial Conduct Authority with firm reference number 722801.
If you wish to use the LenderKit P2P Service as a P2P Lender, you must comply with these terms and conditions.
Capitalised terms shall bear the meaning in the Glossary at the end.
How to become an LenderKit P2P Lender
You must register as an LenderKit P2P Lender by completing a Lender Application on the Website to create your Online Account. We also allow you to complete a Lender Application in paper form. If you wish to do so, you can make a request through the Website for a paper form to be sent to you. Our use of the personal details you provide through the registration and investment process is subject to the terms of our Privacy Policy and clause [26].
You can use the Lender Application to lend money through the LenderKit P2P Service for the first time or through an existing Online Account with us. The minimum investment and minimum account balance of cash and loan capital on your account is £10. If your account drops below this level, we may, at our discretion, close the account and pay the proceeds to you.
If you have not provided us with a valid Nominated Account into which such proceeds should be paid and we are unable to contact you within 28 days, we may pay such balances to a charity of our choice (provided your account has been dormant for at least 6 years). We may increase the minimum account balance at any time upon providing you with one month’s prior written notice.
Your Lender Application will provide us with details of the P2P Portfolio you would like us to build for you. If we accept your application, we will provide you with your Online Account details.
You must provide us with the account details of the bank account from which you intend to make and receive payments (your Nominated Bank Account). Your Nominated Bank Account must be in the same name as the person who is registered with us and must be held with a bank or building society (“credit institution”) that is acceptable to us. We may accept or reject applications to create an Online Account at our absolute discretion.
You want to add funds to your P2P Portfolio, sell all or part of your P2P Portfolio or request us to move money between your LenderKit Client Account and your Nominated Bank Account, you can do this through your Online Account.
You may designate any part of the cash or loan capital on your account as being held in the account on behalf a person under the age of 18. Any cash or loan capital designated in that way remains your property and does not become the property of the person it is held for.
The Services
The LenderKit P2P Service is a discretionary loan portfolio management service which enables you to view the breakdown of your cash and investments held on the platform. The Website and these terms and conditions describe the basis on which LenderKit Co-Lend may add and remove P2P Loans to and from your P2P Portfolio from time to time and by accepting these terms and conditions, you authorise LenderKit to transact in P2P Loans on that basis as your agent.
Your money will be used to fund individual P2P Loans, which will be transferred to you and held within your P2P Portfolio. We take steps to achieve diversification as set out in these terms and conditions.
As part of the LenderKit P2P Service, we shall manage your P2P Portfolio on a discretionary basis including re-allocating your loans and therefore diversifying your portfolio as we see fit in order to give you exposure to a range of Borrowers as new opportunities arise.
Funding your Online Account
You will be able to add funds to your P2P Portfolio by electronic transfer, debit card payment or direct debit when you set up your Online Account. You therefore authorise us to send instructions, to the financial institution that issued your card, to take payments from your card account in accordance with these terms and conditions. You can update your Online Account preferences in respect of any un-invested cash at any time.If you wish to add funds to an existing P2P Portfolio, we will apply the same diversification criteria across the whole P2P Portfolio, although the Personal Rate you achieve may change over time in line with market conditions and changes to the Target Rate, as described in clause [12]. We may also agree to you adding funds to your P2P Portfolio using cheque payments however, we will only recognise such payments once funds have cleared in full into the LenderKit Client Account. Please contact us by phone on 0800 294 6848 or by email at support@LenderKitchoice.com if you would like to fund your P2P Portfolio using cheque payments.
Re-investment of interest
Unless you switch off the ‘re-invest your interest?’ option through your Online Account we will automatically re-invest interest proceeds into new P2P Loans, that will be held within your P2P Portfolio in the same way as new funds added pursuant to clause [4] above. If your preference is to receive interest you will need to switch off the “re-invest your interest?” option, then once interest is received it will be paid automatically into your Nominated Bank Account on a monthly basis.