Fund Ourselves Loans – Overview And Alternatives

What is Fund Ourselves?

Fund Ourselves provides peer-to-peer lending. This means that, instead of borrowing from a bank, the loans are funded by ordinary people who want to invest their money.

However, applying and borrowing through Fund Ourselves works the same as for normal loans. There is never any direct contact between the borrowers and the investors. Customers only deal with Fund Ourselves.

The investors who provide the money for Fund Ourselves to lend out receive interest on their money from the people who have borrowed it. They can receive interest of up to 15% per year.

Is Fund Ourselves a legitimate company?

Yes, Fund Ourselves is authorised and regulated by the Financial Conduct Authority (FCA). They have positive reviews on Trustpilot with a rating of ‘Great’ as of August 2022.

How much can you borrow with Fund Ourselves?

Fund Ourselves specialise in short-term loans and smaller amounts. Customers can apply to borrow up to £1,500.

What are the repayment terms for Fund Ourselves loans?

The minimum loan duration Fund Ourselves offers is 21 days. But standard repayment terms are four to six months. For loans of £750 and under the standard term is 4 months, and for loans over £1,250 it is six months.

Loans can be repaid early, and this may enable customers to save on interest. It’s also possible to apply for a loan extension of up to 12 months, although this would be subject to a further credit check and would mean paying more interest overall.

How quickly do you receive your Fund Ourselves loan?

Fund Ourselves will transfer the money to your bank account the same day if your application has been completed and approved by 10pm. If the application is completed and approved after this time, the money will be transferred during the next working day.

Who can apply for a Fund Ourselves loan?

To apply for a loan with Fund Ourselves you must:

• Be a UK resident aged 18 or over
• Be employed and earn a regular salary
• Have a bank account, mobile phone, and email address

Fund Ourselves will consider people with a bad credit history if the company is comfortable that you can afford to repay your loan. However, it will not accept people subject to County Court Judgements (CCJs), Individual Voluntary Arrangements (IVAs) or bankruptcy.

How do you apply for a Fund Ourselves loan?

Loan applications are made online.

You have to provide your contact details, bank account and debit card details, and information about your employment. You also need to provide information about your income and outgoings so that the company can assess whether you can afford to repay the loan.

How much interest does Fund Ourselves charge?

Interest rates vary but Fund Ourselves quotes the maximum interest rate as 0.8% each day.

Based on the representative example they display on their website, if you borrow £300 for 106 days (about 4 months), you will have to pay back £452.97. This would be paid in four monthly instalments of £113.24.

The APR in this example would be based on their representative APR which is 1310.4%. APR stands for Annual Percentage Rate and is the total cost of your borrowing over a year, including interest and other charges.

How are repayments made to a Fund Ourselves loan?

Repayments are made as equal monthly instalments. When you make the loan application, you’ll agree for Fund Ourselves to take the repayments from your account automatically each month.

How do you manage a Fund Ourselves loan?

Fund Ourselves allows customers to manage accounts through the company’s website. Customers can view their payments and outstanding balance. They can also make additional payments, which can be done at no extra cost and might save on interest.

Fund Ourselves also have a call centre which customers can reach on 0800 368 9553.

Are there alternatives to a Fund Ourselves Loan?

Fund Ourselves offers loans to people who might be turned down by mainstream lenders. The interest rate you pay may therefore be higher than advertised elsewhere. There are a number of other specialist lenders who also provide loans to people who find it hard to access credit from traditional banks.

Little Loans offers customers the ability to find flexible, transparent loans from a range of specialist UK lenders for amounts ranging from £100 to £10,000. You can apply online for an instant decision and, if approved by one of our lenders, the cash can be sent to your bank account within minutes.

The Little Loans free loan eligibility checker allows you to see whether you are likely to be accepted before you apply, without affecting your credit score. Representative 79.5% APR.