Through its automated approval service, Lendable wants to be able to serve borrowers that mainstream lenders won't, and to undercut the banks on smaller loans that they don't deem worth their time.
Considering a Lendable loan? With Lendable, you may benefit from same-day funding facilities and there's a chance of approval even with a fair credit score. However, it's important to be aware of the relatively higher APR compared to competitors and the somewhat limited loan terms. As you explore your options, weigh these factors and compare with other alternatives before making a decision.
Pros
Instant decisions
Same-day funding facility
You may be eligible if you have bad or fair credit scores
Cons
Limited loan terms
Relatively high APR
There's a loan fee to pay
Representative Example: Assumed borrowing of £7,500.00 over 36 months at 33.8% APR representative. Monthly cost of £316.09. Total amount repayable of £11,379.16. Interest rate of 28% p.a.(fixed) and total fees of £400.00.
P2P loans cut out the institutional middle man, allowing borrowers and lenders to interact and perform transactions directly. While institutions like banks or traditional lenders may rely on your credit score and other credentials to decide whether you are eligible for a loan, peer-to-peer loan companies give lenders a chance to decide case by case whether they will lend their money.
Lendable would probably say it isn’t a P2P service. Although it’s possible for “institutional investors” to invest in its loans, Joe Public can’t as yet.
The key features of Lendable loans
There are several features to know about before taking out any loan, and Lendable is no different:
Repayment instalments are non-negotiable once you have agreed on the amount, except if you wish to make early repayments or pay off the loan in full.
Loan amounts range from £1,000 to £25,000, and lengths are from 1-5 years.
Rates are dependant on the amount and length of the loan, and are additionally tailored to the individual borrower.
Rates and fees are reasonable compared with some payday loan companies.
Am I eligible for a Lendable loan?
You should think carefully before taking out any loan and make sure you can meet their repayment terms, and you must meet the following criteria:
Aged 18 or over
Earn at least £800.00 or more per month
UK resident, and have lived in the UK for at least 3 years
Have a current account with a UK building society or bank
Have no county court judgements and have never filed for bankruptcy
If you have an incredibly poor credit rating, you may be refused a loan
Ensure you can repay the loan before borrowing, as failure to make repayments can incur large fees.
How do I apply?
Application is quick and simple. The steps of the application go as follows:
Request a quote. To get your quote you must fill in a form detailing your loan amount, the repayment term and the reason for borrowing. You must also give your name, address, contact details and employment status, along with your income.
Soft credit check. This won’t affect your credit rating.
Quote. Lendable decides instantly whether it can offer you a quote, at which point you must review the terms, rates and repayment and decide whether the loan is for you.
Approval. If your loan is approved, you should receive your money within hours, depending on weekends, evenings and bank holidays.
Lendable states that the loan transfer is “pretty much immediate but can take up to two hours”. The transfer may take longer in the evening, on weekends and on bank holidays.
Pros and cons of Lendable loans
Pros
Transfer speeds. Once you have been approved for a loan the money will usually be transferred to you within two hours.
Available with bad credit. Even if you have a poor credit rating you can still get a loan, just make sure you are trying to improve your financial situation.
Custom loans. You decide how much you need and for how long you need it.
Cons
Admin fee. Lendable charges you for using its services.
Lack of choice. There is only one type of loan available from Lendable.
Is Lendable classed as a payday lender?
Lendable is not a payday lender as it charges lower rates and fees. According to the Independent.co.uk, Lendable claims it is competing against banks and credit unions, not payday loan companies.
Lendable customer reviews
In our independent 2024 customer satisfaction survey, 79% of Lendable’s users said they’d recommend the brand to a friend. Most customers praised the professional service, quick and easy application process and fast funding, but some reported delays in getting verified. Here’s what some of those Lendable customers had to say:
“I currently have two personal loans with this company and one that I have paid in full. I have been using Lendable for about five years now and I have never had a problem with them. Lendable interest rates vary but they are reasonable. I would have no hesitation in recommending them.”
“Quick and simple service. Lendable made a decision quickly and paid my loan straight into my bank account.”
Lendable has received overwhelmingly positive reviews from customers on review platforms such as TrustPilot. It has an “excellent” TrustPilot rating and currently has a rating of 4.9 out of 5, based on more than 45,000 reviews (updated March 2024).
The bottom line
Lendable prides itself on offering a quick and simple personal loans platform. If you think you’re likely to repay your loan back early then Lendable may be worth considering as it currently doesn’t charge any fees or penalties for making overpayments or repaying your loan in full.
Lendable also has a credit card, targeting at a similar audience as its loans. Formerly known as the Level credit card, it has rebrands as the Zable card.
Frequently asked questions
It’s not possible to reduce your monthly repayment amount. However, Lendable allows you to increase your monthly repayments (meaning your loan gets paid off quicker) by making extra repayments towards your loan.
Once you’ve applied for a Lendable loan, your application will be reviewed with the decisions team. Once approved, funds can be in your account in 2 hours.
A soft search allows you to receive as many quotes as you like without leaving a footprint on your credit file. This stops you from applying for the wrong products and harming your credit score, which would make it harder to be accepted for the right loan in the future. You can then choose which individual quote is right for you and you can proceed with that application.
Yes. You can change your repayment date to a day that is more convenient for you by emailing Lendable at contact@lendable.co.uk.
No. Unlike most lenders, Lendable only performs a soft credit search, meaning that requesting a quote from Lendable will have no effect on your credit score.
Martin Kissinger is the founder and CEO of Lendable. The idea for business was inspired by Lendico, a peer-to-peer lending business he set up for Rocket Internet in Germany around 2012.
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Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio
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