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.
Lending Stream short term loans review
Lending Stream offers short-term loans that you pay back over 6 months, designed as an alternative to traditional "payday" loans.
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, however the good news is that you can pay back a Lending Stream loan early and save on interest.
Compare Lending Stream loans against services from a range of lenders
As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
We compare payday/short-term loans from
What can I do with the Lending Stream app?
Key features of a Lending Stream short-term loan:
|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|
|Repay early at any point|
|Parent company||GAIN Credit|
|FCA registration number||689378|
|Go to site|
Is high-cost, short-term borrowing a good idea?
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.
How does a short term loan from Lending Stream work?
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.
Did you know?In 2015 the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
It additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
What are the eligibility requirements?
|Min. income||£400 a month|
|Additional eligibility notes||You must have an active bank account and valid debit card|
How do I apply for a loan from Lending Stream?
- Choose the size of your loan.
- Fill out your personal details.
- Your individual situation will be analysed, including through affordability and credit checks.
- Receive your online decision.
- Accept your loan offer.
- Your cash will be streamed to you.
What are the different repayment options?
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.
What is a continuous payment authority (CPA)?A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA’s differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. Most payday loan companies will use CPA’s to collect your repayments, however you can cancel this at any point by either consulting with your provider or your bank.
Changing you loan: Additional borrowing options and early repayment
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|
|Go to site|
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