What is peer to peer lending?
1 of 5 | Please select an answer.
It’s where some people invest money and it’s lent out to others.
It’s just like putting your money in a bank.
It’s basically a riskier ISA.
Will you definitely get all your money back?
2 of 5 | Please select an answer.
There’s a chance I might not get my investment back.
Definitely, plus interest and more.
I might not get the returns promised, but it’s guaranteed that I’ll get all my money back.
If anything goes wrong, will the government compensate you for your investment?
3 of 5 | Please select an answer.
It depends on the amount.
Yes - I can get everything back.
No - Peer to peer lending is not protected by the government’s Financial Services Compensation Scheme (FSCS)
How will you get your returns?
4 of 5 | Please select an answer.
I get all my money back plus interest after six months.
Borrowers should at least pay me interest on a monthly basis, but not necessarily repay the money I’ve lent them (ie the ‘principal’).
It just gets added to my Chip account by magic.
How soon can you withdraw your money?
5 of 5 | Please select an answer.
It works just like the money in my Chip account.
If my money has been lent out, I have to wait until borrowers fully repay their loans before I can get my money back.
Any time I want.
Please confirm your phone number
...and lastly 🤝