Fund Ourselves provides short term loans "from the people to the people" – better known as peer-to-peer lending. Its platform matches borrowers in need of fast cash with investors looking for a return on their money.
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.
Calculate the cost of a Fund Ourselves loan
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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What is “peer-to-peer” lending?
Peer-to-peer (P2P) platforms aim to match creditworthy borrowers and trustworthy lenders who can borrow and lend short term money directly to one another. The theory goes that by cutting out the big bank in the middle, with all its overheads, online P2P platforms can provide better rates to both borrowers and investors alike.
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 is unlikely to lend to you. Check out our guide to short term loans for bad credit.
Fund Ourselves loans – the key features
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
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
Debit card
Additional repayment methods
Online payment
Repay early at any point
Parent company
PTP Funding Limited
FCA registration number
729238
How does Fund Ourselves work?
If you’re considering a Fund Ourselves loan, these are the main steps along the way:
Choose the amount you wish to borrow and the term you can afford to pay it back over.
Fill out the simple application form providing your personal, financial and employment details.
Fund Ourselves will perform its own credit check on you based on the information you have provided and will calculate a custom credit score.
Fund Ourselves will provide you with an instant decision, and if you have been approved before 10pm you can expect to receive the money in your bank account on the same day.
Loans are paid by debit card. Alternatively, you can make an early repayment via the Fund Ourselves website.
What are the eligibility requirements?
Fund Ourselves states that it will consider your application even if you have bad credit history. To be eligible you must also:
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.
Changing you loan: Additional borrowing options and early repayment
Repay early at any point
Repaying early can reduce overall interest
Multiple loans allowed at the same time
Phone number
0800 368 9553
Pros and cons
Pros
Quick access to funds. Fund Ourselves aims to transfer the money on the same day for applications approved before 10pm.
Flexible. Fund Ourselves doesn’t charge any upfront or hidden fees and will allow you to make early repayments with no penalty. Fund Ourselves will also give you up to 12 months in extensions without any late fees.
Poor credit scores considered. Fund Ourselves doesn’t limit applications to borrowers with spotless credit scores. However, the rates you could access will depend on your credit score and borrowing history.
Cons
High interest rates. As a short term loan, Fund Ourselves loans come with a high interest rate. Make sure you exhaust other options before turning to a short term loan.
No soft credit check. Fund Ourselves doesn’t have a soft search eligibility check which means the lender will do an in-depth or hard check of your credit report, which could impact your credit score.
Should I take out a short term loan?
If you’ve found yourself in financial difficulty of some kind, then a short term loan could offer a quick, temporary fix. BUT, it’s a really expensive form of borrowing, and what’s more, even the lenders themselves normally admit that their loans simply 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 your self 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.
Did you know?
In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They 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.
Fund Ourselves customer reviews
Fund Ourselves has high ratings on Trustpilot. With over 2,800 reviews (updated January 2024), Fund Ourselves has been rated 4.2 stars which Trustpilot calls ‘Great’.
Customers highlight its excellent customer service and quick access to funds.
Fund Ourselves customer support
You can contact Fund Ourselves at 0800 368 9553 or alternatively email them at hello@fundourselves.com.
Frequently asked questions
No. The platform is anonymous for both investors and borrowers. Fund Ourselves displays investors and borrowers only as reference numbers.
You may get one loan extension of up to 12 months, subject to status and affordability. Your loan interest will be recalculated over the new term, and the interest rate will be the same. Late repayment may mean extra costs and may affect your credit rating.
You will be assessed on:
The loan amount you apply for
The repayment term you apply for
You current financial circumstances
Specific credit data gathered from credit reference agencies
No. The cost of your loan is included in the loan interest.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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