Do you know the potential advantages of using AutoLend?
Did you know that AutoLend is one of Blend’s key Unique Selling Points? AutoLend is an easy way for our lenders to click, sit and collect any interest due on their loans. It ensures lenders get a priority access to our loans by being able to lend automatically based on their set of unique lending criteria.
The AutoLend feature enables lenders to choose their specific lending criteria including the amount they would like to lend, and the ‘robot’ does the rest. Users are able to select their interest rate and term using a slider, as well as other key loan features to ensure they build a peer to peer loan portfolio that matches their risk profile.
‘AutoLend makes sure I am in on every deal, it’s a convenient function but is also about having faith in Blend’s due diligence on loans’
– Blend Network AutoLend user
Furthermore, using AutoLend is a way to ensure our lenders don’t miss out on any loan. The double-digit loans on offer at Blend Thus, by using AutoLend, users can ensure that they automatically get a piece of the loan without having to rush to their dashboard once the loan has been listed.
Here’s how AutoLend works: Upon logging into your account, you will need to deposit money into your Blend account and click AutoLend on your dashboard. This will prompt you to select your lending criteria. Blend will then automatically lend the selected amount to each new loan matching your criteria for as long as there is cash available in your Blend account.
AutoLend will turn off automatically once the available cash in your Blend account drops below the amount you selected to lend on each loan. You will then receive a notification and you will be able to turn AutoLend back on by topping up your Blend account.
Once AutoLend has been deactivated, Blend will no longer automatically lend money from your account to new loan listings. If AutoLend has turned off automatically because the available cash in your Blend account has dropped below the amount you selected to lend on each loan, you can turn it back on by topping up your Blend account and setting AutoLend on under the AutoLend tab in your dashboard.
To get the most out of AutoLend, we recommend you make sure to have transferred enough money within your risk appetite to your Blend account, so you don’t miss out on our great double-digit loans.
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*Capital at Risk