We’ve decided to rename one of our popular lending features: Auto Lend will be Auto Top Up from now on.
For those of you who aren’t aware of what this functionality does, here’s a little refresher:
As borrowers make monthly repayments, lenders get money coming back into their holding account. By turning on Auto Top Up on a Lending Offer, this money automatically gets added back onto that offer (in chunks of £10) – this way, it’ll be made available to new borrowers at the rates and terms you set.
Any new funds you credit to your account will also be added to that offer straight away, so there’s no delay in making it available to borrowers, and you don’t have to log in to top up your offer.
As you can tell from this description, the term “Auto Lend” proved to be slightly misleading. It suggests that this feature takes care of all aspects of lending for you, making sure your money is not just added to the offer, but actually lent out. However, Auto Lend (or rather, Auto Top Up) doesn’t do this, so if your rates are too high, your money is just as unlikely to get lent out as if you had Auto Top Up turned off.
Auto Top Up should be a lot clearer in this regard, and we hope it will reduce confusion for our lenders.