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Post by Butch Cassidy on Dec 7, 2017 12:41:25 GMT
I will start a thread for new P2P site Welendus, similar model to RS & Zopa, to help generate posting interest before hopefully being granted it's own sub board, below is copied the soft launch e-mail from nsiam (Founder & CEO);
"I am pleased to announce that we have launched Welendus Beta for investors last Friday (1/12/17). You can now visit our website (www.welendus.com) to create an account and start your investment journey with us. In order to control the lending activities during the beta stage, we have created an invite only token based system. After creating an account, we will email you your unique access token to start adding investments from early next week. Really exciting!
Please note that we have opened the investment door but we are not accepting any loan applications at this stage. We will start accepting borrowers as soon as we raise sufficient lending capital to operate the lending activities efficiently.
I am also pleased to announce that we are now overfunding on Seedrs after exceeding our target in under 24 hours form launching our campaign. You can view our campaign by visiting (https://www.seedrs.com/welendus5)."
Note that tokens will be sent on a first come first served basis in a controlled manner.
Hope this helps and hope you will enjoy our new website.
DISCLAIMER: I have an equity stake via the recent Seedrs round & plan an initial small lender deposit to trial the platform as it grows.
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Post by buttchopf23 on Dec 7, 2017 19:05:32 GMT
I received my token and I too have a small equity stake and will start lending with a small amount.
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Post by nsiam on Dec 9, 2017 11:01:52 GMT
Thanks Butch Cassidy for the great initiative starting this thread.
We will keep an eye on this thread to hear your feedback and thoughts on how to improve our offering for our lenders.
I am pleased to hear that Butch Cassidy and Buttchopf23 are shareholders and customers at the same time. Hope you will enjoy your experience using Welendus.
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Post by Butch Cassidy on Dec 9, 2017 11:45:42 GMT
Thanks Butch Cassidy for the great initiative starting this thread. We will keep an eye on this thread to hear your feedback and thoughts on how to improve our offering for our lenders. I am pleased to hear that Butch Cassidy and Buttchopf23 are shareholders and customers at the same time. Hope you will enjoy your experience using Welendus. Perhaps it would be helpful to the wider audience if you could set out your vision for the platform & any relevant timescales for platform progress, such as when active lending will be commenced etc as the more posting interest that can be generated the sooner you can be promoted to having your own sub board (100+ posts would be a reasonable initial target for consideration).
Happy to confirm that I too have received my token, made a small deposit & had my account verified - the process only took a couple of days & was simple to complete, looking forward to further developments.
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Post by nsiam on Dec 9, 2017 12:27:52 GMT
For the time scale, we will be looking to start accepting loan applications in the next couple of weeks with the aim to complete the soft launch period by the end of March. During the soft launch, we would like you hear your feedback and thoughts of what additional features/functionalities you may need. And what feature you like/dislike in Welendus.
Glad to hear you received a token and created an account. Did you start creating an account before receiving the token or after receiving the token? The signup process should be as quick as few minutes (or seconds) if you have the token in hand.
The investment steps for investors/lenders are as follow; 1. Create an account + Make an investment (these 2 are separated with the token stage during the soft launch to control the volumes) 2. Wait for funds to reach our client money account (max 7 days but will be reduced to 3 days very soon) 3. Once the funds are received you will have the option to select the return you would like to lend at. At this stage, you can divide the investment into tranches and allocate different rate to each tranche (min £100 per tranche). 4. Your investment will be put in the lending queue to be lent out. All investment will be automatically allocated using our Trademarks (AutoDiversify & AutoMatch) 5. You will get notified when an investment is made or repaid.
One very important feature we have is the full automation of the full journey for the ease of use.
Hope the above explains the journey and what you can expect.
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Post by nsiam on Dec 9, 2017 13:17:05 GMT
In addition to the points above, it is worth mentioning that all lenders will be covered by our provisional fund for their principal investment (subject to T&C as per our website).
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elliotn
Member of DD Central
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Post by elliotn on Dec 9, 2017 13:50:23 GMT
For deposits will there be an aim to move from bacs to fps?
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Post by nsiam on Dec 9, 2017 14:51:53 GMT
We are actually not using bacs at all. We are accepting debit card payment for free.
We will add an additional free fast payment option soon as well.
Best, Nadeem
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Post by nsiam on Dec 9, 2017 15:36:15 GMT
- Minimum investment is £100
- Free deposit
- Free withdrawal
- Lending can be 1-1 or 1-many depending on availability and to satisfy the auto-diversification, AutoDiversify (TM), process.
- Lenders choose their own return/risk (5% to 15%) and our AutoMatch (TM) feature will automatically match the lender to the borrower and issue the loan.
- We take no fees from the lender. Our fees is included in the borrower interest rate.
- Since the investment will be in short-term loans, this will give lender the short-term investment flexibility (i.e. no long term 2, 3 or 5 year commitments)
- Provisional fund protection for all lenders (principal only subject to T&C as per our website)
The above is a high level summary of Welendus offering. Plus, IFISA to follow early in 2018.
Will be great to hear your feedback on Welendus offering.
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Liz
Member of DD Central
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Post by Liz on Dec 9, 2017 16:57:50 GMT
- Minimum investment is £100
- Free deposit
- Free withdrawal
- Lending can be 1-1 or 1-many depending on availability and to satisfy the auto-diversification, AutoDiversify (TM), process.
- Lenders choose their own return/risk (5% to 15%) and our AutoMatch (TM) feature will automatically match the lender to the borrower and issue the loan.
- We take no fees from the lender. Our fees is included in the borrower interest rate.
- Since the investment will be in short-term loans, this will give lender the short-term investment flexibility (i.e. no long term 2, 3 or 5 year commitments)
- Provisional fund protection for all lenders (principal only subject to T&C as per our website)
The above is a high level summary of Welendus offering. Plus, IFISA to follow early in 2018.
Will be great to hear your feedback on Welendus offering.
Why would I lend at 5%, when I can earn 15% with the same PF protection? "Representative example Borrow£200 for 30 days Interest rate237% pa (fixed) One repaymentof £238.84 Representative 766.51% APR" Looks like we will be lending to sub-prime borrowers!
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Post by nsiam on Dec 9, 2017 17:06:47 GMT
With regards to the range in the return, we are giving the lenders the choice of return/risk and leaving it for them to use it as they would prefer.
The 5% return will lend to a maximum of 5% risk and the 15% return will lent to a maximum of 15% risk. The risk is calculated and accounted for. In addition, the provisional fund is in place and will aim to reimburse the lender for the principal lost in the event of default.
With regards to the APR, it looks high because of the compounded nature of the APR formula and the short-term nature of the loan itself.
Hope this answers your questions.
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Post by df on Dec 9, 2017 17:24:52 GMT
- Minimum investment is £100
- Free deposit
- Free withdrawal
- Lending can be 1-1 or 1-many depending on availability and to satisfy the auto-diversification, AutoDiversify (TM), process.
- Lenders choose their own return/risk (5% to 15%) and our AutoMatch (TM) feature will automatically match the lender to the borrower and issue the loan.
- We take no fees from the lender. Our fees is included in the borrower interest rate.
- Since the investment will be in short-term loans, this will give lender the short-term investment flexibility (i.e. no long term 2, 3 or 5 year commitments)
- Provisional fund protection for all lenders (principal only subject to T&C as per our website)
The above is a high level summary of Welendus offering. Plus, IFISA to follow early in 2018.
Will be great to hear your feedback on Welendus offering.
Hi Nadeem, I like the offering and would be interested to give it a try. What will be the typical terms, 1 month to 1 year?. If it is more than 1 month, will the interest be paid monthly? Will investors have a choice of term? Is there any type of secondary market or will investors have to stick to each loan until the end of term?
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kaya
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Post by kaya on Dec 9, 2017 17:28:22 GMT
Thus could be a winning concept, but why should investors hand over cash at this stage? What is the incentive, taking into account the risk of investing in/through an untested company?
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Post by nsiam on Dec 9, 2017 19:27:49 GMT
- Minimum investment is £100
- Free deposit
- Free withdrawal
- Lending can be 1-1 or 1-many depending on availability and to satisfy the auto-diversification, AutoDiversify (TM), process.
- Lenders choose their own return/risk (5% to 15%) and our AutoMatch (TM) feature will automatically match the lender to the borrower and issue the loan.
- We take no fees from the lender. Our fees is included in the borrower interest rate.
- Since the investment will be in short-term loans, this will give lender the short-term investment flexibility (i.e. no long term 2, 3 or 5 year commitments)
- Provisional fund protection for all lenders (principal only subject to T&C as per our website)
The above is a high level summary of Welendus offering. Plus, IFISA to follow early in 2018.
Will be great to hear your feedback on Welendus offering.
Hi Nadeem, I like the offering and would be interested to give it a try. What will be the typical terms, 1 month to 1 year?. If it is more than 1 month, will the interest be paid monthly? Will investors have a choice of term? Is there any type of secondary market or will investors have to stick to each loan until the end of term? What will be the typical terms, 1 month to 1 year? - Loans are from 3 weeks to 3 months with the option to extend to up to 12 monthsIf it is more than 1 month, will the interest be paid monthly? - Interest paid on repaymentWill investors have a choice of term? - NoIs there any type of secondary market or will investors have to stick to each loan until the end of term? - Yes, you can sell out in the secondary market but no interest will be earned.
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kermie
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Post by kermie on Dec 9, 2017 19:31:13 GMT
Quite - the soft launch is all a bit too "soft" for me. I understand that Welendus have some some "off-line" trials to prove their model - I'd have liked to have seen these visible on the site before lenders are asked to cough up. For that reason, I have only dipped the smallest possible toe. Call me old fashioned, but I much prefer to actually see some loans to lend in before stumping up some money!
I am hopeful, however, that once Welendus get over their initial cautiousness and get some "real" loans under their belt, this could prove interesting.
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