Welendus

FAQ

Frequently asked questions

FAQ

Frequently asked questions

General

  • How does Welendus work?
    Welendus aims to provide people to people lending. People borrow directly from other individuals who wish to invest, this is also called peer-to-peer lending. Welendus is the peer-to-peer lending platform that handles the borrowing and lending between people. In order to provide a wider access to loan options we do allow a certain level of fully vetted and approved institutional funding.
  • How is Welendus regulated?
    Welendus is the trading name of PTP Funding Ltd which is authorised and regulated by the Financial Conduct Authority (Ref. 729238). Our service is not covered by the Financial Services Compensation Scheme (FSCS). We are also regulated by the Information Comissioner's Office (Ref. ZA284582).
  • Where can I find your Terms and Conditions?
    You can find our Terms and Conditions here
  • How do I contact Welendus?
    You can contact Welendus by email at hello@welendus.com
  • How do I make a complaint?
    Please see our complaints policy for further information. Our complaints handling process follows best practice in accordance with FCA guidelines.
  • Are my details safe with Welendus?
    Yes, we adopt a very high standard and ensure that we follow best practice to protect your data. Upon registration you must provide us with a username, email address, password or any other piece of information as part of our security procedures, you must treat such information as confidential. For further details please see our Terms and Conditions here
    If you know or suspect that anyone, other than you, knows your user identification code or password, you should contact us immediately at hello@welendus.com.
    You may also change your password from the user interface after trying a wrong one. We don’t have your passwords, but we can generate you a new one.
  • How do you know if borrowers will pay back?
    We do cooperate with credit reference agencies. We don’t accept borrowers with bad credit history. If borrower doesn't pay back the loan is declared as bad debt and bad credit history will affect borrower’s ability to make any contracts in his/her life.

Lending

  • Why should I choose Welendus?
    Welendus is shaking up the peer-to-peer lending market, allowing savers and investors the opportunity to invest easily for the first time. We are providing a higher return, with the benefit of short term flexibility, in a huge market that is ready for disruption.
    You can invest for as little as £100 as we want all of you to be part of our investor community, and expect returns of up to 15 per cent. Investments have no upper limit.
    Our platform is fully automated, all you have to do is to choose your interest rate and your risk appetite. We will match you with matching borrowers when they become available.
  • Who can lend at Welendus?
    To be an investor on our site you must meet the following criteria
    a. You must be an individual, LLP, limited company or public body;
    b. If you are lending in your capacity as an individual you must be 18 years old or over;
    c. If you are lending in your capacity as an individual you must be a permanent resident of the UK (excluding the Channel Islands and the Isle of Man);
    d. If you are a limited company, you must be registered with Companies House and be incorporated within the United Kingdom (excluding the Channel Islands and the Isle of Man);
    e. If you are an LLP, you must have a permanent place of business in the UK (excluding the Channel Islands and the Isle of Man) and be registered with Companies House;
    f. if you are a public body, you must be registered or formed with the relevant authority in the UK (excluding the Channel Islands and Isle of Man);
    g. you must have, and maintain, a valid UK bank or building society account;
    h. Please ensure that the information we hold is up-to-date.
  • How is my investment protected?
    Welendus includes a Provision Investors' Fund fee which is included in the loan interest. This will be used to maintain and operate an account for cases of bad debt. It's not a guarantee however, we aim to reimburse all our lenders for their principal losses. Subject to fund availability.
    We are not covered by the Financial Services Compensation Scheme.
    Our Auto-Diversify™ will divide your investment across multiple borrowers. A single borrower cannot gain more than 10% of your investment.
  • Who will I be lending my money to?
    Our borrowers go through a robust and thorough credit assesment to limit instances of non-repayments.
    Auto-Match™ is where you select an interest rate for a portion of your loan that you wish to lend. Your investments are then (together with the loan portion and allocated interest rate preference) placed in a queue waiting to be automatically matched (using our credit analysis) to borrowers who have requested funds.
  • How do I sign up for an account?
    Registration is easy and takes just a couple of minutes. There are no fees payable to set up a Welendus investor account.
    If you no longer want to be a registered user of our site and provided you have no active loan agreements, you can let us know and we will close your account.
  • Will the borrower know who I am?
    The platform is anonymous for both investors and borrowers. We display investors and borrowers as reference numbers.
  • How do I gain access to the proceeeds of the loan and the interest accrued?
    You will receive the loan amount invested plus the base return rate at the end of the loan’s term. You can’t terminate existing loans. But you may choose your investment to not be used for new loans and withdraw it (and the interest) when it’s available. Or you may choose to move your interest to a new investment when it exceeds the minimum limit of an investment (£10).
  • How much can I lend and for how long?
    You can invest as little as £100 as we want all of you to be part of our investor community. There is no upper limit. Also there is no limits on duration, feel free to keep your investments at our platform for years. Expect returns of up to 15% per year, for investments active on the platform and continuously lent out over a 12 month period. You can earn up to 15% p.a. if you choose the 15% return assuming no defaults and continued lending over a 12 month period. Actual return may vary depending on queue time and loan defaults.
  • Can businesses lend through Welendus?
    Yes, if you are a limited company, you must be registered with Companies House and be incorporated within the United Kingdom (excluding the Channel Islands and the Isle of Man).
    If you are an LLP, you must have a permanent place of business in the UK (excluding the Channel Islands and the Isle of Man) and be registered with Companies House.
  • Which borrower loan should I invest in and which interest rate should I select?
    There is only one way to lend money on our site, by selecting an interest rate for each portion of loan you have asked us to Auto-Match™.
    Auto-Match™ is where you select an interest rate for a portion of your loan that you wish to lend. You are then (together with the loan portion, and your interest rate preference) placed in a queue waiting to be automatically matched (using our credit analysis) to a borrower.
    The interest rate you select will determine where you fall in our investor queue. You’ll only be able to invest up to 10% of your total investor account against each loan.
    The lower the interest rate the higher up the investor queue you will be.
    We give each borrower a risk band classification at the time a borrower request is processed. This is calculated by their credit history and other details. Your investment will not be available to borrowers that are over your selected credit risk appetite. The provision of a risk band classification is intended to be informative only and an investor must form their own opinion regarding the interest rate you wish to select.
  • How do I withdraw funds from the Welendus platform?
    If your funds are confirmed you can withdraw your funds by logging into your Welendus account and following the below steps:
    1. Select the ‘Manage Investments’ tab which is located towards the top of the page.
    2. The ‘Manage Investments’ page will present an option to ‘Withdraw Investments’ by way of a tab towards the bottom of the page. When the ‘Withdraw Investments’ button has been selected a option will be presented to withdraw the funds.
    3. Tick the box which refers to the funds to be withdrawn and then select the ‘Create Withdraw Request’ button.
    4. A pop-up will be presented titled ‘Make a withdrawal request’. Please do not tick the ‘Reinvest’ box and simply select the ‘Create Request’ button. Once selected a pop up should appear confirming that your request has been completed.
    Note that if you have live loans they will be sold to other investors subject to availability.
    If your funds are not confirmed please contact customer services by emailing hello@welendus.com
    You can check the status of your funds in your Welendus’s Account Homepage.

Borrowing

  • Why should I borrow from Welendus?
    Our aim is to help people looking for a short-term loan borrow from other people at a cheap rate, and with no hidden costs or charges.
    We will offer these short-term loans through an easy-to-use platform, to provide you with a trustworthy service you deserve.
  • Who can borrow from Welendus?
    Loans are subject to status and affordability. Loan rates will depend on your credit profile. Loans are available to 18's and over only. You have to be individual and a legal entity having an address and a bank account in United Kingdom. We will do credit check and calculate our own credit score for you. Our custom credit score may differ from other services.
  • How much money can I borrow and for how long?
    Welendus offer loans ranging in value from £50 to £500. Use the slider on the ‘Apply for a loan’ page to set the loan amount you require. The minimum loan duration is 21 days. You can choose a maximum of 3 repayments spread over 3 consecutive months. You may have only one loan at a time on our platform.
  • How much will the loan cost?
    The cost of the loan will vary based on the available funds, credit results and affordability. You can check the estimated cost from our Apply for a Loan-page. You can estimate the loan costs from our calculator, and after inputting your data we will give you a final offer and possibility to accept or reject a loan.
  • How long does it take to apply for a loan from Welendus?
    It takes about 5 minutes to apply for a loan, there is an instant decision. We aim to transfer the money on the same day for applications approved before 10 p.m. Please note that money may take longer to appear in your account subject to your bank's capability. We will ask you typically 25-35 small input fields of data, and we will fetch rest of your data based on the answers you give us.
  • How will I know if I am eligible for a loan?
    It takes about 5 minutes to apply for a loan, there is an instant decision. If you have bad credit history, you are not eligible for a loan.
  • Will the investor know who I am?
    The platform is anonymous for both investors and borrowers. We display investors and borrowers as reference numbers.
  • How does Welendus carry out credit approval?
    You will be assessed and offered an interest rate based on your
    (i) loan amount request,
    (ii) term for repayment,
    (iii) affordability results and status;
    (iv) specific credit data gathered from credit reference agencies.
  • Do I have to pay anything when applying for a loan?
    There is nothing to pay when you apply for a loan and no hidden fees or charges. The loan cost is all included in the loan interest.
  • How long does it take to get the money into my bank account?
    We aim to transfer the money on the same day for applications approved before 10 p.m. Please note that money may take longer to appear in your account subject to your bank's capability.
  • How do I repay my loan?
    When you set up your loan you can select the date each month for the repayment to take place. Loans are paid by debit card. Or you can also make an early repayment from our website.
  • Can I pay off my loan early?
    You can pay off your loan early, and with the benefit that there are no early repayment fees. You may also save on interest compared to what you agreed in your loan contract as you will only pay back a maximum of 0.8% interest per day.
  • What happens if have trouble repaying my loan?
    You may get one loan extension of up to 12 months. Subject to status and affordability. Your loan interest will be recalculated. The loan interest rate will be the same.
    Late repayment may mean extra costs and may affect your credit rating. Welendus short-term loans should not be used to pay existing debt.
  • Why are all the short term-lender annual percentage rate (APR) interest so high?
    When comparing loans do not focus blindly on APR: you also have to focus on how much interest you will pay as actual pounds and is it affordable for you.
    APR is calculated by FCA official formula. It has division by time range. If the loan duration is less than a year, the divisor goes exponentially up. That explains the exponential difference of APRs.
    The interest provided by Welendus is comparatively low, and therefore we will provide you with a very competitive APR among short-term lenders.