Welendus outlines its disruptive vision at LendIt Europe 2016


What’s disruptive about Welendus?

For borrowers, Welendus is disruptive in the following ways:

  • Payday loan APR down to 113% down from 1261% and 1575% as current payday lenders charge here in the UK.
  • No penalty fees, instead we will use data aggregation to learn about our borrower after a loan is issued and will offer to extend their loans automatically if we think they cannot pay.
  • No fake legal letters and customer harassment, as current payday lenders practice.
  • No banking penalty fees, as we will not charge you if there’s not enough funds in your account. This again is achieved using data aggregation.
  • No early repayment fees.
  • First payday lending app in the UK.

For investors, Welendus will make it possible to invest in short-term and payday loans for the first time. We are able to offer this due to the short-term nature of the loans:

  • Higher return of up to 15% + bonus.
  • Short-term investment flexibility, meaning there will be no 2 or 3-year investment commitment.

What is the advantage of P2P lending?


As a startup sponsor Welendus was in good company at LendIt Europe 2016!

“The main advantage here is that for the first time payday and short-term borrowers will be able to borrow from people, and not institutions, at a much lower rate”, says Founder and CEO Nadeem Siam.

“Given customer discontent with existing institutional payday lenders here in the UK, the P2P element of Welendus will hugely add value for customers. This is certainly something you get when speaking with borrowers who take out these kind of loans.

“The P2P element will allow Welendus to cover the majority of the population and all demographics bringing together the short-term borrowers from one side, and the savers and investors from the other,” he adds.


The FCA, innovation and Welendus

For analysis of how the UK body charged with regulating the P2P industry, the Financial Conduct Authority (FCA), is supporting innovation in fintech in general, and P2P lending in particular, please see my recent analysis in the Lending Times.

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