The P2P lending platform said the income account would work in a similar way to its growth account and automatically invests users’ funds across all the loans available on LendingCrowd’s loan market.

The key difference is that LendingCrowd will transfer investors’ interest payments to their main self-select account, which users can then withdraw – with no fees – while capital repayments will be automatically reinvested.

The income account is available now for existing growth account and growth Isa investors.

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LendingCrowd added that the income account would also be available as an Isa, which will sit alongside its existing growth and self-select Innovative Finance Isas.

“We know that savvy investors value choice when it comes to putting their hard-earned cash to work,” said LendingCrowd.

“Whether you’re looking for a quick and simple way to automatically invest in a diversified portfolio of asset-backed loans or want to hand-pick from the range of credit-assessed small businesses on our platform, we have the Isa option for you.”

To find out more about the LendingCrowd income account and income Isa, visit the website.