Lendo is the future of ethical lending

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Wonga appeared on the scene 10 years ago and since then it, and other payday loan companies, has come in for a fair amount of criticism due to annual interest rates that on occasion top 5,000%. Today, The Guardian reports that Wonga is facing its demise as it comes under pressure from claims management firms and regulators. The newspaper also revealed that Wonga’s investors had to rescue it at the weekend with a £10 million cash injection.

How did a lender, which only a few moments ago was poised to have a flotation that would have valued it at $1 billion come to be worth just $30 million? Wonga was touted as being “one of a new breed of digital innovators in the finance industry.” The answers are that apart from pressure from the Office for Fair Trading and the Financial Conduct Authority (FCA), it has also been hit by a surge in customer compensation claims. And the government’s ombudsman is encouraging borrowers to bring more claims. Although it is true that Wonga has been forced to cap its interest rates at 1,509%, this has done little to help the most vulnerable customers who have ended up in unmanageable debt.

A better deal with Lendo

Lendo, by contrast, is offering a responsible lending service in which customers are helped to avoid debt. Our platform provides loans against crypto provided as collateral for the loan. Furthermore, the FCA-regulated network of lenders that work with Lendo are offering a 60% loan-to-value of the crypto owned by the borrower, with the aim of ensuring that borrowers don’t over extend themselves.

One of the payday loan companies’ big claims is that a borrower can have their money in minutes, and Lendo can match that time claim thanks to being a blockchain-based platform. It can also make the loan without the need for time-consuming credit checks, and all because Lendo’s core product is based on the borrower providing collateral. Plus, interest rates will be considerably lower — there’s no 5,000% at Lendo.

And Lendo offers more

Lendo also offers an entire suite of services, including credit cards, a mobile wallet app, plus a merchant payment system and an exchange. It’s also borderless — you don’t have to be a UK resident to borrow from Lendo or use its other services, and it is supporting the work of regulators to ensure that the new fintech services put customer welfare at the heart of the rules.

Lendo is the future face of personal loans and it takes its responsibility to its customers seriously. You can find out everything you need to know about the Lendo platform at lendo.io . Please join our community –you’re under no obligation to use Lendo products if you sign up — and be part of a company that really is a new breed of innovator in the digital finance industry.

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A blockchain platform that will take banking to another level https://www.lendo.sg

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