IDosh and The Lending Well Closed

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A recent posting reported on the closure of both FLM Quick and PoundAccess. From running some further checks, it turns out that there has been a few other casualties. This time it is IDosh and The Lending Well that have closed that each launched recently in 2012. To start with IDosh, there is still some mystery surrounding their swift exit. This brand was presented well and they had picked up a fair amount of popularity. When checking their site a basic hosting page showed up. From checking their social pages there hadn’t been any interactions since late 2012 that looks to have been the time that they became inactive. There is no official IDosh closed notice and so I will keep an eye out for any developments there.

With The Lending Well an official notice was sent out to all lenders in late March 2013. When I say lenders, The Lending Well is of course a P2P company whereby a large pool of people come together to invest their cash for a generous return. Although this system has worked very well with Zopa, the concept in the payday loan industry has not worked out for The Lending Well. They noted that their problems stemmed around the quality of borrowers within this market. They note that they will be coming back again with a new brand, although this will not be in the payday loan sector. It may be the case that further lenders have ceased trading and so I will be running some further checks.