Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
With a traditional payday loan, you would borrow for a very short period of time, and make a single repayment on your payday. Lending Stream believes that if you need to borrow hundreds of pounds right now, you may well struggle to pay it back in just a few weeks’ time. So with a Lending Stream loan borrowers can spread the cost of the loan over 6 months – making 6 smaller monthly payments, with each payment paying off part of the capital (the original amount borrowed) as well as the interest accrued so far.
This means that you’ll pay more in interest overall, but you also have the option of paying back a Lending Stream loan early and saving on interest.
| Product Name | Lending Stream Instalment Loan |
|---|---|
| Available Amounts | £50 to £1,500 |
| New customer maximum | £800 |
| Loan terms | 6 months |
| Soft search eligibility check | |
| Employer contacted during application | |
| Funding speed | Lending Stream says that in most cases, the loan will be streamed to your bank within minutes of approval but it may depend on your bank’s policies and procedures. |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Additional repayment methods | Online payment,Phone payment,Direct debit |
| Repay early at any point | |
| Parent company | GAIN Credit |
| FCA registration number | 689378 |
| Link | Go to site |
Available free in the App Store or Google Play. Login using the account created when you applied for your loan.
Access your live outstanding balances on the move to stay in control.
See when future payments will be taken or even make payments ahead of time, without penalty.
Fast, simple application process for short-term, high-interest loans.
Lending Steam offers instalment loans which are paid back in monthly chunks for 6 months, which borrowers may find easier to manage than a single-repayment payday loan.
To secure a loan with Lending Stream, firstly you’ll need to apply online. Once Lending Stream has considered your circumstances and completed its credit and affordability checks, it will let you know if your application was successful or not online.
Once accepted, your loan will be streamed to you within minutes. From then on you’ll be charged daily interest on your outstanding loan balance. You can repay your loan either in monthly instalments or you can make individual payments online.
There are two main ways to make repayments on your Lending Stream loan:
In addition to the methods above, you can pay by cheque, set up a direct debit or call customer services (0203 365 0133) to make a payment.
Lending Stream loans have a representative APR of 1333%, but the actual cost of your loan will be based on how the length of your loan term and the amount you borrow. The longer the loan term, the more you’ll pay in interest, but the smaller the size of your repayments.
Loan amount: £200
Loan term: 6 months (with monthly repayments)
Interest rate: 292% p.a.
Representative APR: 1,333%
Total cost: £386.61
If you fail to make a repayment on time, you’ll also be charged a late payment fee of up to £15. If you continue to miss payments, you may be charged additional fees, but the total amount of all fees will not exceed £15.
Lending Stream has received positive reviews from customers, according to review platforms like Trustpilot and reviews.io. It currently has a Trustpilot rating of 4.4 out of 5, based on over 16,000 reviews, and a rating of 4.79 out of 5 on reviews.io, based on more than 24,800 reviews (updated 26 October 2020).
Many customers believed the application process was simple and straightforward, and funding was quick. However, some customers raised issues with the complaints system and poor communication from Lending Stream.
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Min. income | £400 a month |
| Additional eligibility notes | You must have an active bank account and valid debit card |
| Link | Go to site |
Lending Stream allows customers to apply for more than one short-term loan. However, it can not guarantee this will be accepted. Remember, short-term loans are an expensive way to borrow and should not be used for sustained borrowing over longer periods.
| Option to change repayment date | |
|---|---|
| Repay early at any point | |
| Repaying early can reduce overall interest | |
| Multiple loans allowed at the same time | |
| Phone number | 0203 365 0133 |
| Link | Go to site |
Payday loans, and high-cost, short-term credit from companies such as Lending Stream generally are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Considering a short term loan from Lending Stream? Use our calculator to work out how much it could cost you plus how much you could save by repaying early.
Lending Stream is a popular provider of fast short-term loans online. But it isn’t alone: Here are some UK lenders offering a similar service to Lending Stream.
