Updated
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.
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:
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
| Product Name | Welendus Short Term Loan |
|---|---|
| Available Amounts | £50 to £500 |
| New customer maximum | £500 |
| Loan terms | 21 days to 3 months |
| Soft search eligibility check | |
| Instant decision in most cases | |
| Funding speed | Welendus aims to transfer the money on the same day for applications approved before 10 pm. |
| 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 |
| Link | More Info |
If you’re considering a Welendus loan, these are the main steps along the way:
Welendus states that if you have bad credit history, you will not be eligible for a loan. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Additional eligibility notes | You must have a valid UK bank account. You must have a good credit score. |
| Link | More Info |
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Option to extend loan term | |
| Phone number | 0800 368 9553 |
| Link | More Info |
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 Welendus, 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.
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.
Alternatively, here are some other loan companies like Welendus (Fund Ourselves):
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.
