Just a little over a week after launching its latest equity crowdfunding round on Seedrs, Short-term peer-to-peer lending platform Welendus has successfully secured its initial £850,000 funding target. Founded in 2015, Welendus seeks to redefine the short-term lending market by launching a peer-to-peer short-term lending platform to help customers with short-term financial needs.
“We believe that short-term borrowers in the UK are underserved and do not get a good and fair service from lenders, whether it’s a payday loan, a short-term loan or an unarranged banking overdraft. Compellingly short term borrowing is at an all time high. This, alongside the bad practice in the sector and widespread customer mistreatment, has led to a huge need for change.”
Welendus is fully authorized by the FCA and claims it is helping financial inclusion while funneling the short-term lending returns back to the society. The lending platform’s features are as follows:
- Lower cost short-term loan APR starting from 205%, in comparison with up to 1,294% from current payday lenders
- No hidden costs or charges and no penalty fees
- Transparent, effective and friendly service
- No banking fees
- No early repayment fees
Speaking about the funding round’s success so far, Nadeem Siam, Founder and CEO of Welendus, stated:
“Thanks to you all, we’ve quickly reached and exceeded our target. But don’t worry if you haven’t clicked the “INVEST” button yet. We want you all to be part of Welendus so we will continue overfunding. We would also like to take this opportunity to thank all of you who have already invested. We are very excited and looking forward to having you on-board our very exciting journey to success.”
The funding round is set to close later this fall.
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