Many in the past have struggled to find lending and cover options that suit their needs and personal circumstances, unable to afford loans they’ve been mis-sold, while those with unique situations struggle to find reasonable cover options.
Short term lending has been a particularly controversial market, previous leaders in the industry often referred to as legal loan sharks, with interest rates often exceeding an eye-watering 1,000% APR.
However, with some of the most notorious lending giants, including the likes of Wonga, The Money Shop and QuickQuid, collapsing over the past few years, a gap has been left in the short term finance market – of which the startup Fund Ourselves is hoping to utilise for real change.
Fund Ourselves is a peer-to-peer lending platform, helping to meet the UK’s demand for short term finance. Through Fund Ourselves, borrowers can take out loans ranging from £100 to £500, with no early repayment fees and no hidden costs. Repayment periods stretch to 3 months, however, those confronted with financial difficulties may be offered an interest-free extension for a maximum period of 12 months.
Founder of the startup Nadeem Siam claims: “We want people to leave in a better financial position than when they started,”
“We are totally committed to provide smarter and simpler ways to deliver financial services, helping individuals to borrow or invest in a self-serving marketplace that is easy and safe to use. We believe we can empower people by disrupting the status quo with our Fintech products and change the way people go about their financial lives.”
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Moving on to the insurance industry, this area has also been the site for some exciting new startups, including Alfie Usher’s Forces Compare.
Forces Compare is a comparison website, helping those in the armed forces, as well as veterans, to find great deals on their insurance and finance options. The idea for it came as Usher, an ex-para, was adjusting to life back as a civilian, claiming:
“Whilst being the military, a lot is taken care of for you in terms of meals, accommodation and travel, but as soon as you start living off base and need insurance for your car, home or holidays, the costs really add up.”
“Because soldiers are often in different locations, they are considered a greater risk to insure (to some insurers) and therefore the costs for basic car insurance or travel insurance are exorbitantly high.”
Usher has partnered with insurers who will consider those who serve, as well as veterans, claiming the company has saved some soldiers “as much as £700 on their fully comp car insurance policies per annum.”
While Forces Compare was originally set up to help those who serve, or have served in the past, to find insurance and finance that better accommodates to their unique, military-led lifestyle, anyone in search of insurance and finance options can use the site.
