Your initial investment and any outstanding interest are credited to your account when the loan is fully repaid. The typical loan term is six months, however borrowers can repay the loan before the agreed end date. Once the loan is repaid in full we ensure your funds are returned immediately, allowing you to withdraw the balance or commit to new loans.
Please note that delays in loan repayments are a routine part of the process, and can often mean nothing at all as regards the final repayment of the loan. Delays can be caused by slow completion of a property sale, a refinance with a bank, by complications with planning permission, or by any number of other minor issues. Both borrowers and lenders in the market understand that delays happen regularly, and price that in accordingly.
To allow for this, Lendy has an overdue period once a loan term comes to an end. This is to allow borrowers time to deal with these unavoidable delays and make repayments.
For information on the action we take when a loan becomes 'non-performing' please see our Collections and Recoveries policy.