Fund Ourselves Loans | www.fundourselves.com Reviews
About Fund Ourselves Loans
Fund Ourselves is the 2019 rebrand of WeLendUs that was formed by Nadeem Siam and Tuomas Hietanen back in 2018. The company itself had been under development for some years as you can trace PTP Funding Ltd back to 2015. This is a P2P (Peer-to-peer) lending platform whereby all loans are funded by a pool of investors. Any qualifying member of the public can do this. As far as subprime goes, this type of product hasn’t historically worked out. The Lending Well opened in 2012 and couldn’t make it work, whilst PiggyBank did the same before switching to lend themselves (they recently entered administration). The Fund Ourselves loans project however looks to have broken the cycle.
The available loan sums were previously £50 to £500. There has been an overhaul on this with £100 to £800 being accessible to new applicants and £1500 max being open to return customers. The terms granted are determined by how much is selected. The options run as £100-£750 (4m), £760-£1250 (5m) and £1260-£1500 (6m). Pricing gets a little complicated as variable interest is charged depending on credit status. The calculator shown displayed an approx cost for a £300 4 month loan at £130.23. At the 6 month point you’d need at least £1260 to get this. Since we usually compare at £300 we’ll x5 and use the top £1500 sum that would equate to £904.33.
It’s a shame really that they don’t allow any amount and term to be matched. Perhaps this could change in the future as they have already made a few key product changes. In general, mainstream P2P platforms tend to generate a return of around 4% to 5%. Lenders on this platform are promised to earn between 5% and 15% each year and they’re protected by the Provision Fund. Greater opportunity should be there now that £1500 is available to borrow. There are no late fees charged for borrowers. There are standard working hours in place here across Monday to Friday. However, they have automation in place that enables payouts around the clock for existing customers.
Address: 10 York Road, London, SE1 7ND
Brand: Fund Ourselves (aka: FundOurselves)
Company: Fund Ourselves Ltd
Contact (📧): firstname.lastname@example.org
Contact (☎): 0800 368 9553
FCA Licence: 729238
Launched: 2018 (was WeLendUs)
Opening Hours: Mon/Fri (9am-5pm)
Related Brands: Non
Site Address: www.fundourselves.com
Site Rank (Alexa.com Global): #968,726
Amounts Available: £100 to £800 (£1500 on reloans)
Late Payment Fee: £0
Login Provided: Yes
Pricing: £130.23 /300 (4m) & £904.33 /£1500 (6m)
*Variable interest charged based on determined risk
Repayment Terms: 4 to 6 months (any month between)
Feefo: Not listed
Reviews: Not listed
Trustpilot: 88% (570+ count)
Rivals & Similar Lenders Like Fund Ourselves
There are no similar lenders like Fund Ourselves on the P2P short term side. As a potential investor you’d be advised to check out the likes of Lending Works, RateSetter and Zopa to seek out money making opportunities. The company in focus is still relatively fresh on the scene, but they have been progressing well across the past year and are now competitively matched against Drafty, Fast Loan UK, Lending Stream and QuidMarket based on Alexa traffic stats. One product limitation at hand is that only a single term can be picked out at application. There are some firms that offer greater flexibility noting the likes of Fair Finance, Kabayan Finance etc.
Last Check @ www.fundourselves.com: May 4th, 2021
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