A fairer future. Together.
We're passionate about a UK where everyone who can afford a low-interest loan can access one.
But credit scoring is broken in the UK - you're either 'prime' (the top 26%) or so called 'sub-prime' (the rest of us.) Prime borrowers have access to all the best products at the lowest rates at around 7%. The majority of us are forced into using short-term stop-gaps - Credit Cards, Overdrafts, Buy now, pay later - at rip-off rates of 35% and worse.
Millions of us are locked out from the best products because of inaccurate information, minor blemishes on our credit file or because we're simply completely invisible to credit reference agencies.
Traditional lenders can't service us - because traditional credit scoring isn't built for us.
At Plend, we use open-banking data to see what borrowers can really afford right now - instead of punishing them for their past mistakes. We analyse 1 - 2 years of transaction data to directly weight our affordable rates for each loan term, and have designed our 'Plend Score' to reflect the reality of the post-Covid economy.
Borrowers then upload their images and tell their story to crowdfund their loan on the Plend marketplace.
Our streamlined social lending model lowers our operational costs, and we pass on the savings to our lenders for market-beating returns of 11.5% (avr.) - interest and capital, each month.
No other platform in the UK is offering rates this good to lenders while allowing them to give someone a genuinely affordable loan. Borrowers get to tell their own story, in their own words - and no longer have to rely on Credit Cards, Overdrafts and buy now, pay later credit to put their finances in a better place.
Social lending marketplaces with open-banking credit scoring have already seen massive success overseas - Plend wants to be the first to offer it in the UK.
“Trad credit scoring isn't fit for purpose. You shouldn't be penalised for how many times you've moved house, for not updating your electoral register, or for mistakes you made five or six years ago.”
— James, CTO