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.
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?
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 money do you need to borrow?
How long do you need to borrow over?
We compare payday/short-term loans from
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:
- 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:
- 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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