Welendus short-term loans review

Welendus 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.

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Welendus

Welendus is a trading name of PTP Funding Limited, a fintech company authorised and regulated by the Financial Conduct Authority (FCA). A peer-to-peer lender, it offers short-term loans of £50 to £500 to be repaid over terms of 21 days to 3 months.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.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.

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.

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, Welendus is unlikely to lend to you. Check out our guide to short-term loans for bad credit

How do Welendus loans compare?

Table: promoted deals, sorted by total payable

If you’ve used the Welendus site to get a quote and want to know if you’re getting a fair deal, find out how much a comparable loan might cost you from some popular lenders:

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available Amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Moneyboat Short Term Loan
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
QuidMarket Short Term Loan
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Sunny Loan
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

Welendus loans – the key features

  • Borrow from other individuals. Welendus offers “peer-to-peer” lending where borrowers borrow from people looking to invest.
  • Borrow £50-£500. Choose an affordable loan amount to suit your needs.
  • Repay over 21 days to 3 months. Spreading the cost of your loan can make for more manageable instalments, but don’t forget that as a general rule of thumb, the longer you borrow for, the more you pay in interest.
  • Fixed, high interest rates. The rate that you are offered will be based on the available funds at the time, and also on your credit history and current circumstances. You can check the estimated cost of your loan on the “Apply for a Loan” page. The rate that you are offered will be fixed for the duration of the loan, so you’ll know in advance how much the loan will cost each month and overall.
  • Simple online application. Apply for a loan in around 5 minutes and receive an instant decision.
  • Quick money transfer. If you are approved for a loan before 10pm, you can expect the money in your bank account on the same day.
  • No early or late repayment fees. Welendus will not charge you if you are early or late with your repayments, however extra interest will be charged if you take longer to repay your loan.

How does it work?

If you’re considering a Welendus loan, these are the main steps along the way:

  1. Choose the amount you wish to borrow and the term you can afford to pay it back over.
  2. Fill out the simple application form providing your personal, financial and employment details.
  3. Welendus will perform its own credit check on you based on the information you have provided and will calculate a custom credit score.
  4. Welendus 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.
  5. Loans are paid by debit card. Alternatively, you can make an early repayment via the Welendus website.

What are the eligibility requirements?

Welendus states that if you have bad credit history, you will not be eligible for a loan. You must also:

  • Be 18 or over
  • Be a UK citizen
  • Have a UK bank account and debit card

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, 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.

Frequently Asked Questions

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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.

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