Fund Ourselves and WeLendUs are the trading names for Fund Ourselves Ltd, a fintech company authorised and regulated by the Financial Conduct Authority (FCA). A peer-to-peer lender, it offers short term loans of £100 to £1,500 to be repaid over terms of 4 months.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Peer-to-peer (P2P) platforms work by matching those who want to borrow money with those who have cash to lend. It’s a way of borrowing money without going through the banks, with the idea that as overheads are lower, better rates can be achieved for both borrowers and investors.
The Money Platform is another short term lender using a peer-to-peer model.
Although payday/short term lenders are typically relatively open-minded when it comes to bad credit, P2P lenders tend to exercise greater caution. If you have bad credit, Fund Ourselves says you may still be considered – but keep in mind there’s no guarantee you’ll be accepted. Check out our guide to short term loans for bad credit.
| Product Name | Fund Ourselves (Welendus) Short Term Loan |
|---|---|
| Available Amounts | £100 to £1,500 |
| Representative APR | 1,310.4% |
| New customer maximum | £800 |
| Loan terms | 4 months to 6 months |
| Soft search eligibility check |  |
| Instant decision in most cases | |
| Funding speed | Fund Ourselves aims to transfer the money on the same day for applications approved before 10pm. |
| Repayment period options | Monthly |
| Default repayment method | CPA |
| Additional repayment methods | Online payment |
| Repay early at any point | |
| Parent company | PTP Funding Limited |
| FCA registration number | 729238 |
If you’re considering a Fund Ourselves loan, these are the main steps along the way:
A CPA is a recurring payment where you give a company permission to take money from your account on a regular basis. CPAs differ from direct debits because the company can take money from your account whenever it wishes and take payments of different amounts without consulting you. Most short-term loan companies use CPAs to collect your repayments. However, you can cancel this at any point by either contacting your provider or bank.
Fund Ourselves states that it will consider your application even if you have bad credit history. Overall eligibility criteria includes the following:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Applicant with CCJs | You must not have had any recent CCJs, IVAs or bankruptcy |
| Additional eligibility notes | You must have a valid UK bank account. You must be Employed and have regular income. |
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Multiple loans allowed at the same time | |
| Phone number | 0800 368 9553 |
In 2015 the FCA capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
It additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Never borrow from a lender that isn’t regulated by the FCA. The FCA register will show you which companies are regulated if you’re not sure. Fund Ourselves is one of the regulated companies listed.”
Fund Ourselves has high ratings on Trustpilot. With over 2,800 reviews (updated April 2024), Fund Ourselves scores 4.1 out of 5 stars, giving it a ‘Great’ rating.
Customers highlight its excellent customer service and quick access to funds.
You can contact Fund Ourselves at 0800 368 9553 or alternatively email them at hello@fundourselves.com.
If you’ve found yourself in financial difficulty of some kind, then a short term loan from Fund Ourselves could offer a quick, temporary fix. BUT, it’s a really expensive form of borrowing and short-term loans aren’t the answer for longer-term or regular borrowing, or for people with serious debt problems.
So before you apply for a short term loan from lenders like Fund Ourselves, it’s crucial to take a moment to ask yourself a few things: Is the expenditure you’re planning absolutely essential? Can it be deferred? Have you thought about alternatives to short term loans? If you’re struggling to pay a bill, then could you try talking to your utility provider to work out a payment plan?
You can find lots of useful information about managing debt and alternatives to short term loans at the government’s moneyadviceservice.org.uk.
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