Lendable loans calculator and review

Our verdict

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.

Maximum loan

£25,000

Product fee

N/A

Early redemption fee

Yes

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One simple form to compare lenders
Good or bad credit histories considered
Including Santander, HSBC and M&S Bank

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Is Lendable a peer-to-peer service?

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 2025 customer satisfaction survey, 70% 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. Here’s what some of those Lendable customers had to say:

“Their application process was very simple and straightforward and I had my decision within minutes. Their APR is also very reasonable.”

“It was easy to apply for, easy to understand, easy to manage and I don’t have any bother with it.”

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

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Your reviews

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All user-submitted reviews must meet our review guidelines. These set out our standards and expectations, including that the review is from by a genuine user of the relevant product or service and that it is honest, authentic and respectful. We explicitly prohibit fake or otherwise misleading reviews and we check all submissions, but we make no guarantee as to the authenticity of any published review or reviewer. Some reviews may be submitted (regardless of sentiment) in exchange for entry into any competition(s) for which we are the promoter.

10 of 52 reviews

★★★★★ Kevin (Birmingham) 3 months ago