Welendus

No reviews for Welendus

618% Representative

Will lend between: £50 - £500

Over: 1 - 3 Months

Representative example: If you borrow £200 over 30 days at a Representative rate of 618.0% APR and an annual interest rate of 237.00% (fixed), you would pay 1 monthly instalments of £238.84. The total charge for credit will be £38.84 and the total amount payable will be £238.84.

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No reviews for Welendus

Our review of Welendus

London-based Welendus are a fairly new lender but offer a really great service for borrowers. For suitable customers, they can offer an extension of up to 12 months. This may seem like an attractive option but you will have to pay more interest in the long run, so the loan will become more expensive.

On the other hand, if you are able to repay your loan early or make partial payments then you can do this easily on your Welendus account section free of charge. This will mean you pay less for your loan overall. This type of loan is not a long-term solution but does offer a competitive APR so could be a good option if you have good credit and you need money quick.

As with any high-cost short-term product the usual warning applies. If you have any doubt whether you can afford to repay your loan on time and in full, then don’t apply. By missing or being late with repayments, you will not only harm your credit file but could be subject to many fees, which can soon make things very expensive.

Overall verdict: Despite their lack of reviews online, Welendus are a good option for anyone with a good credit file who is looking to borrow a small amount. Benefits such as deciding your repayment dates and not charging repayment fees can make Welendus stand out from other lenders. Their APR is fairly cheap but I would still recommend shopping around to find the best option for your needs. 

Written by: Alex

Highlights

  • Flexible payment dates available.
  • Extensions are available, subject to status and affordability
  • Money can arrive into your account on the day of application
  • There are no early repayment fees

Minimum criteria

  • You must be aged at least 18
  • You need to be a resident of the UK
  • You must have a valid UK bank account
  • You must have a good credit score

Fees

  • Maximum APR 618%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £0

Welendus Customer Question & Answers

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About Welendus

Welendus are a peer-to-peer lender so customers can invest in Welendus is a peer-to-peer lending platform that handles direct lending between people who invest money and those who would like to borrow. They offer loans from £50 to £500, with the representative APR ranging from 458.5% to 541%, depending on the loan term. Customers can choose to pay back their loan over 21 days, one, two or three months but there is the option to extend to 12 months, subject to status and affordability. There are no early repayment fees or hidden costs.

The application is completed online and once approved it only takes five minutes to complete and an instant decision is made. Once approved, the money will be in your account the same day of application, if customers apply before 6pm. When paying back the loan, you can select the dates each month for the repayment to take place. Customers with bad credit are not able to apply.

Investors and borrowers are not known to each other by name but through a reference number. Welendus have their own credit checking process that may differ from other services but will also check with other credit checking agencies.

Company information

Registration number: 09550128

welendus.com

08003689553

Welendus

FCA registration

Reference No: 729238

Trading names: Welendus

Place of business: 30b Wilds Rents, London, SE1 4QG

Data protection registration

Registration No: ZA284582

Data controller: PTP Funding Limited

Address: 30b Wilds Rents, London, SE1 4QG

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