Financial Times: An Antidote to Wonga
We were recently featured in the Financial Times, as they put it, "An Antidote to Wonga”!
While payday loan companies exploit the most vulnerable and big banks take advantage of borrowers chasing the wealthy with glamorous investment products, we concentrate on consolidation, providing strong returns and education along the way for those people who deserve it most – the UK’s middle income families. We aim to help UK’s middle-income families and individuals achieve financial success, by encouraging them to take control of their personal finances.
We are a financial services company that provides a platform of mutually beneficial products and financial education for both borrower and investors. "Our investors are able to earn a 4-6% return on their money, while the best deal we offer our borrowers is a 7% annual percentage rate", said Frank Mukahanana, our founder and CEO.
Apart from consolidation with a lower rate loan that enable borrowers to pay off their money owed faster, we provide our borrowers with free access to financial education and advice. We do not just stop there. We go on to work with our borrowers until they become investors once their loan is repaid, using the money that they formerly used solely to make repayments.
Our borrowers' loans are financed through money invested by our investors who want to bypass the bank and earn decent returns while helping families and individuals take control of their finances. Our investors can grow their nest egg safely in the knowledge that their investments are spread across at least five borrowers. We also have a Provision Fund which holds 1.5% of our total loan book.
Visit our borrower page at https://www.quidcycle.com/borrow
Visit our investor page at https://www.quidcycle.com/invest. Your capital is at risk through peer-to-peer lending.
More details on the FT news, click here.