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.
Welendus (now called Fund Ourselves) 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.
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 £50 to £500 to be repaid over terms of 21 days to 3 months.
How do Welendus loans compare?
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:
We compare payday/short-term loans from
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
Welendus loans – the key features
|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|
How does it work?
If you’re considering a Welendus 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.
- Welendus will perform its own credit check on you based on the information you have provided and will calculate a custom credit score.
- 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.
- 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:
|Additional eligibility notes||You must have a valid UK bank account. |
You must have a good credit score.
Changing you loan: Additional borrowing options and early repayment
|Repay early at any point|
|Repaying early can reduce overall interest|
|Option to extend loan term|
|Phone number||0800 368 9553|
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 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.
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.
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