How does peer-to-peer lending work?
Based on your requirements and details provided to Fund Ourselves, if successful, you are matched with a lending investor via their platform. From there the process is handled in much the same way as a traditional loan.
How much can you loan?
Fund Ourselves allow customers to borrow between £100 and £1,500.
What sort of rates are available?
Fund Ourselves have an advertised APR of 1,310.4% APR.
Borrowing £300 for a 106 day period at a representative APR of 1,310.4% APR and an annual interest rate of 176% p.a. (fixed) would require you to pay £113.24 for 4 months. This would mean paying back a total of £452.97.
How quickly do the loans have to be repaid?
Customers have the choice to repay between 4 to 6 months depending on the amount requested to borrow. Subject to status and affordability there is also the additional option to extend the loan period to 12 months. Be aware that extending the loan may lead to higher repayments due to the APR.
Can the loan be repaid early?
Yes, and there are no early repayment fees or hidden costs involved.
How does the Fund Ourselves application process work?
Before applying for a Fund Ourselves loan you should ensure that you are:
- 18-years-old or older
- A current UK resident
- Have regular income
- In possession of an active UK bank account
- Able to demonstrate a good credit score
Customers apply for a loan online and will receive a decision within 5 minutes. If you have a poor credit rating you are unlikely to be successful with an application.
How soon do Fund Ourselves pay out the money?
Funds can be transferred within one hour to your bank account if you are approved. This is available 24 hours a day 7 days a week using their automated processes.
Is there any contact between the investors and borrowers?
No, Fund Ourselves deal with both parties separately. You will not know the investors name but will be given a reference number.
How can you contact Fund Ourselves?
Call the Fund Ourselves customer service team on 0800 368 9553 or email hello@fundourselves.com.
Are Fund Ourselves active on social media?
Twitter: @fundourselves
Facebook: Homepage
Can customers use an app or online account?
There is no app available, although successful applicants will be given access to an online account where they can see their outstanding balance and make payments.
How do customers rate Fund Ourselves?
Fund Ourselves customer reviews can be found on Trust Pilot. As of November 2023 they have a rating of 'Excellent' (4.1/5) based on 2,685 reviews.
Are Fund Ourselves authorised and regulated by anyone?
Fund Ourselves are authorised and regulated by the Financial Conduct Authority (FCA) and have been since 10/10/2017. They have been trading as Fund Ourselves since 2019, after previously being known as WeLendUs since 2015. You can see full details on the FCA register.
Fund Ourselves summary
Fund Ourselves are a peer-to-peer lender who bring together investors and borrowers looking for relatively short-term loans. Customers can loan between £100 and £1,500, with the representative APR set at 1,310.4%.
Loans can be paid back between 4 and 6 months, or extended up to 12 months if customers meet affordability requirements. Please note your interest will be recalculated if you apply for an extension.
If successful, money is transferred within one hour of approval, but before applying applicants must be:
- 18 or over
- A UK resident
- Receiving a regular income
- The owner of an active UK bank account
- Able to show a good credit score
Fund Ourselves have positive customer ratings on Trust Pilot of 4.1/5 based on 2,685 reviews. This is correct as of November 2023.
The company is authorised and regulated by the FCA and customers will have access to an online account.