Fintech company Fund Ourselves has announced a move to new offices in Waterloo. The office is located near the London Eye, and has come as the business prepares to scale up. Fund Ourselves also has an office based in Surrey, which helps to manage operations and customer service.
Fund Ourselves is a fintech start-up, specialising in P2P finance. It helps people to both invest and borrow through the company’s portal.
Fund Ourselves offers customers the chance to invest, lending money to borrowers and earning between 5% – 15% interest. It also offers borrowers loans of anything from £50 – £500 with no early repayment charges. There are no hidden costs with these loans, and borrowers can take one out for over three months.
The loans offered through Fund Ourselves are often used by people who need access to finance for unexpected bills. The company is on a mission to provide affordable short term loans, wanting to meet the UK’s demand for short term finance as the number of payday lenders fall.
Wonga, one of the most prolific of these payday loan providers, fell into administration after a government clampdown in regulations, and a surge of compensation claims from borrowers who were mis-sold loans by the provider.
Fund Ourselves aims to fill in the gap left by these fallen lenders, wanting to meet the demands of the near 3 million borrowers in the UK looking for payday loans. The company offer interest rates below the 0.8% (per day) market price cap, with flexible repayment options available.
Fund Ourselves also enables people to invest in both short- and medium-term loans – their analytics portal is easy to use, and will allow people to invest in anything from £100 onwards.
There are two types of accounts available for investors, these being a normal account and an Innovative Finance ISA. Whilst both accounts fundamentally work the same, an Innovative Finance ISA will allow investors to earn tax-free interest up to £20,000 limit.
As the company moves into their new London office, it hopes to continue its work in providing short term finance alternatives to pay day loan borrowers, helping to promote fairness and affordability throughout the sector.