Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
Nadeem Siam
July 27 2018

Welendus slams “extortionate rates” on emergency cash

Marc Shoffman Industry News, News Nadeem Siam, p2p, short-term loans, Welendus

WELENDUS has hit out at “extortionate interest rates” in the short-term loans market.

The peer-to-peer lender, which is aiming to shake up the short-term loans market with lower interest rates and no fees for borrowers, shows that finance from rivals such as a Wonga can cost 166 per cent more than a Welendus option.

Analysis by Welendus found that a £300 loan over 30 days would cost £27 on its platform, but £72 on Wonga.

It even works out cheaper than not-for-profit community finance groups such as StreetUK and Scotcash, Welendus said.

For example, a StreetUK loan would cost £135.86 and can only be borrowed over a minimum of 12 months.

Unlike other providers, Welendus also charges zero interest if loans are repaid on the same day.

“People are currently unhappy with the lack of affordable options when it comes to emergency cash, whether this be high overdraft fees or payday loans with extortionate interest rates,” said Nadeem Siam, chief executive of Welendus.

“Welendus was founded specifically to tackle this issue, and provide an ethical, affordable option in the marketplace.

“The unique technology we use not only allows investors to lend money to those in need in local communities, it also drastically reduces our overheads, meaning that loans are cheaper for borrowers ultimately resulting in lower interest rates, and fairer, more flexible loans.”

Read more: This time it’s personal: the state of consumer lending in P2P

CrowdProperty funds £925,000 project in under 10 minutes Ask the experts: Do you expect to see more P2P IPOs?

Related Posts

Woman hand MacBook Pro with social networking service Google

Industry News, News, Top 3

Google updates the FCA on its scam ad crackdown

up

Industry News, News, Top 3

ArchOver sees rise in enquiries

Rishi Sunak

Comment & Analysis, Industry News, News, Top 3

What the Budget 2021 could mean for P2P lending

Popular posts:

  • The House Crowd goes into administration
  • Sunak to announce stringent CBILS successor scheme
  • FCA warns The House Crowd investors against using…
  • Octopus Choice has permanently closed
  • Metro Bank plans to offer RateSetter lending through…
  • RateSetter confident of growing Metro Bank’s…
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by