Release of Auto Lend & Auto Withdraw
We are excited to let you know that we’ve launched Auto Lend and Auto Withdraw.
We wanted to make our platform even easier for you to use, so we have created options to allow you to either automatically lend your interest, or automatically withdraw it. These exciting new features are available in both your Standard and ISA accounts. Simply go to the ‘Preferences’ section of your dashboard/s and adjust your settings as you would like.
You can find more information on these preferences in our FAQs but here are some of the main points:
- Transfers your cash balance from your standard cash account into your chosen lending account every day at midday.
- Transfers are currently in £10 multiples only but this will soon be reduced to £1.
- Works the same way in both Standard and ISA accounts but with independent settings for each.
Please note: In order to prevent withdrawals being re-lent, Auto Lend will be turned off if you do a manual transfer from any lending account to your cash account. You’ll simply need to turn it back on as required.
- Withdraws your cash balance from your standard cash account to your bank account at midday on your chosen day each month.
- Withdraws your cash balance from your ISA cash account to your standard cash account at midday on your chosen day each month.
We are always striving to improve your experience with Loanpad and welcome any feedback/suggestions. Equally, if you have any questions about this feature or any other matter, please contact Loanpad support at support@loanpad.com.
