kaya
Member of DD Central
Posts: 1,150
Likes: 718
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Post by kaya on Dec 11, 2017 9:34:07 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. I do have to ask... was the initiative of your two introducers purely a happy coincidence, when all was ready to begin accepting deposits? No offence intended anyone, life is full of coincidences, just asking.
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Post by nsiam on Dec 11, 2017 9:45:31 GMT
Hi, I did learn about this post by coincidence while searching the forum with the keyword Welendus. I do so regularly to check just in case anyone has any comments or questions about Welendus.
I do not know who Butch Cassidy and Buttchopf23 are. But as they mentioned, they invested in our Seedrs campaign (current or previous) so they probably knew about opening the investment door through the shareholder announcements we do.
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Post by munchydave on Dec 11, 2017 14:37:19 GMT
Like munchydave here p2pindependentforum.com/post/233707 and here p2pindependentforum.com/post/233711 ..... .... I find the sign-up procedure somewhat confusing, and was nervous about handing out card details and pressing an 'invest' button, or inputting an investment amount, when there was no indication if my card would be charged. No mention of 'tokens' anywhere except here, or clear indication of when your account will be debited. I don't like queues anyway, and can't see anything to get too excited about. Will wait and see. It may be that it's just me, but I don't understand what the hell they are talking about. Just got an access code to stop me going on about it. What do I do with the access code? and anyway cannot get back onto my account now as I cancelled it in some panic after I put in card details and could not be sure if they had taken money or not. Removed all reference of this site from my computer and will keep a close eye on my bank to see if any money has been taken. Sorry Welendus but please remove all reference of my application and card details from your datebase. OK I take it all back for the moment. The level of support from the platform was excellent so now up and running with a small investment to test the waters. Looking at the rates welendus are charging borrowers they should be able to match all defaults investors may get so it looks good to me.
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Post by buttchopf23 on Dec 11, 2017 14:50:49 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. I do have to ask... was the initiative of your two introducers purely a happy coincidence, when all was ready to begin accepting deposits? No offence intended anyone, life is full of coincidences, just asking. kaya I just jumped in when I saw this thread as I invested in Welendus equity. You can see that I was active in the equity thread long before this one came up. I was just excited that the platform that I invested in finally launched. Sorry for any confusion.
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Post by Butch Cassidy on Dec 11, 2017 16:07:04 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. I do have to ask... was the initiative of your two introducers purely a happy coincidence, when all was ready to begin accepting deposits? No offence intended anyone, life is full of coincidences, just asking. I invested in the Seedrs equity round & saw that the only Welendus thread on this forum was on the General Equity Discussions board so I asked mrclondon (in his admin role) whether a sub board could be created & I was told that if anyone started a thread & could justify the posting interest (with 100+ posts) it would be considered, so as no one had done so I did it myself. No conspiracy here & I have no other previous connections with either the platform or nsiam, although saying that I am open to receiving any, preferably cash based, introductory bonus that maybe offered for the potential sign up spin offs
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j1
Posts: 61
Likes: 20
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Post by j1 on Dec 11, 2017 16:42:40 GMT
Would it be fair to say you are aiming to be a P2P version of wonga?
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Post by munchydave on Dec 11, 2017 17:00:57 GMT
Would it be fair to say you are aiming to be a P2P version of wonga? Exactly what i was thinking. This has the potential to be the best P2P available today. 15% is not high interest on this type of loan where due to the short term borrowers pay much more. If they play fair with lenders and borrowers alike and there is a good supply of loans all will be winners. I believe an IFISA is on the cards next year so that would be even better.
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j1
Posts: 61
Likes: 20
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Post by j1 on Dec 11, 2017 17:14:17 GMT
I have a moral issue with payday loans that I need to wrestle with.
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Post by sayyestocress on Dec 11, 2017 18:36:58 GMT
Would it be fair to say you are aiming to be a P2P version of wonga? I think the idea is to service the same clientelle but not rip them off with aprs in the thousands of percent. Time will tell if there is enough margin in what they charge for them and us to make some money, whilst hopefully not getting the borrowers into debt that spirals out of control.
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Post by munchydave on Dec 11, 2017 18:39:59 GMT
I have a moral issue with payday loans that I need to wrestle with. Yes me too, and if this was wonga, charging some stupid interest rate in the thousands of % and sucking people into loans they cannot afford racking up massive debts, and lending even more to cover the debt, then I will be out. However if borrowers who are just in need of a small cash advance to cover an emergency expense, that they can pay back in a few weeks, and welendus protect the borrowers in the same way they will hopefully protect the interests of investors then getting a loan from welendus can be far better than some loan shark. I would be happy to invest in that.
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Post by df on Dec 11, 2017 19:14:41 GMT
It may be that it's just me, but I don't understand what the hell they are talking about. Just got an access code to stop me going on about it. What do I do with the access code? and anyway cannot get back onto my account now as I cancelled it in some panic after I put in card details and could not be sure if they had taken money or not. Removed all reference of this site from my computer and will keep a close eye on my bank to see if any money has been taken. Sorry Welendus but please remove all reference of my application and card details from your datebase. OK I take it all back for the moment. The level of support from the platform was excellent so now up and running with a small investment to test the waters. Looking at the rates welendus are charging borrowers they should be able to match all defaults investors may get so it looks good to me. Certainly worth testing IMO. I particularly like their commitment to secure lenders' principal. Short term loans for this type and simplicity of investment process are also appealing to me. It remains to be seen what the queues are going to be like when the borrowing starts, but I hope not too long.
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Post by df on Dec 11, 2017 19:32:54 GMT
Hi df, we will send you a token soon so you can continue the process.
The direct debit was a typo which I corrected just now. We only accept debit card payment (for free) as this stage which is faster and more agile than direct debit.
Later we will also add a feature to pay directly via your bank app. But this will follow later.
Hi Nadeem, Sorry for asking too many questions, but I have one more regarding the wide range of rates to lenders. As far as I understand, the borrower's rate is fixed. If this is correct, what difference will it make to me investing at 5% or 15%? Just need a bit of guideline on making a decision at what rate to invest.
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Post by nsiam on Dec 11, 2017 19:44:07 GMT
I have a moral issue with payday loans that I need to wrestle with. One of the main reasons why I started Welendus in the first place is to provider borrowers with an alternative to Wonga and the likes. The market and the need for short-term loans is there and will only keep on growing. If we did not provide an alternative, these customers will keep on using the bad product and even worth, the growing black market. When we developed Welendus, we developed it on a fresh blanc piece of paper with the borrower and the lenders in mind. For a starter, Welendus is cheaper for the borrower and more flexible. In addition, we work with the borrower (with technology) to help with the repayment instead of having a for-profit penalising structure like Wonga and the likes. Again, we need to provide an alternative for the growing population in need for such loans. This includes a lot of employed professionals in good jobs (including nurses and teachers for example) but just cannot afford an emergency or an unplanned necessity. You have to look at our deck to see the market size and the need out there.
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Post by nsiam on Dec 11, 2017 19:51:14 GMT
Hi df, we will send you a token soon so you can continue the process.
The direct debit was a typo which I corrected just now. We only accept debit card payment (for free) as this stage which is faster and more agile than direct debit.
Later we will also add a feature to pay directly via your bank app. But this will follow later.
Hi Nadeem, Sorry for asking too many questions, but I have one more regarding the wide range of rates to lenders. As far as I understand, the borrower's rate is fixed. If this is correct, what difference will it make to me investing at 5% or 15%? Just need a bit of guideline on making a decision at what rate to invest. Hi df, The rate for the borrower is not fixed but will vary depending on the risk they introduce to the lender as well as the lenders requested return. We have no one size fits and lower risk borrower will be offered lower rate than higher risk borrowers. With regards to making to your first investment, you can divide it into potions and set different rate for each portion. Yes, this is something you can do using Welendus.
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Post by df on Dec 11, 2017 20:27:05 GMT
Hi Nadeem, Sorry for asking too many questions, but I have one more regarding the wide range of rates to lenders. As far as I understand, the borrower's rate is fixed. If this is correct, what difference will it make to me investing at 5% or 15%? Just need a bit of guideline on making a decision at what rate to invest. Hi df, The rate for the borrower is not fixed but will vary depending on the risk they introduce to the lender as well as the lenders requested return. We have no one size fits and lower risk borrower will be offered lower rate that higher risk borrowers. With regards to making to your first investment, you can divide it into potions and set different rate for each portion. Yes, this is something you can do using Welendus. I'm not sure how the risk can be properly assessed in "5 minutes application / instant decision". Will borrower's rate depend on the amount and term length? What will happen if majority of lenders set up their rates at higher end (can see that happening ) and most borrowers are assessed at lower risk? Yes, I was considering to split my investment into portions and monitor the process, but it would be good to know the grading criteria for borrower.
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