We have previously written a detailed overview of peer to peer lending in United Kingdom and featured the leading websites for online loans. Now check out these three websites we discovered for online loans.
Lendable – www.lendable.co.uk
Offering fast loans online, Lendable offers loans at interest rates starting at 10% APR. To secure a loan you need to fill out a thirty second form and an algorithm will evaluate your application within 30 seconds and make a loan offer to you. You can then choose to accept or reject the offer. You can expect to receive the money in your account within 24-48 hours.
Wonga – www.wonga.com
Founded by controversial Fintech Guru Errol Damelin, Wonga created a sensation when it was launched in Britain. Founded in 2006, Wonga created a sensation by approving loans at a speed that was unheard of previously in the consumer loans segement. Soon the company began doubling it’s portfolio every quarter.
By 2013, the company had a billion dollar valuation and was planning an IPO when it’s lending practices came under scrutiny from the press and politicians. Wonga was castigated as a PayDay Loan shark and forced to write off loans some of which were lent at interest rates as high 5000% per annum. While the company still gives loans, it’s growth is now subdued.
iwoca – www.iwoca.co.uk
Targeted at businesses , you can borrow amounts ranging form 1000 to 100,000 for meeting your cash flow and stock purchasing needs. The interest rate charged is however high and starts from 49% APR. The firm allows for early repayment of loans and you are charged interest only the funds borrowed. The platform has been able to lend close to pounds 250 million till date. iwoca provides loans under the EU loan guaranteed facility which is monitored by the European Investment Fund (EIF).