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.
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Important information: You should always refer to your loan agreement for exact repayment amounts, as they may vary from our results.
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Lending Stream loans overview
With a traditional payday loan, you would borrow for a very short period and make a single repayment on your payday. Lending Stream believes that if you need to borrow hundreds of pounds right now, you may struggle to pay it back in just a few weeks. So with a Lending Stream loan, borrowers can spread the cost over 12 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 can also pay back a Lending Stream loan early and save on interest.
Key features of a Lending Stream short term loan
Product Name
Lending Stream Instalment Loan
Available Amounts
£50 to £1,500
Representative APR
1,333%
Loan terms
6 months to 12 months
Maximum APR
1,721%
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
What can I do with the Lending Stream app?
Lending Stream app overview
Available free in the App Store or Google Play. Log in using the account created when you applied for your loan.
Track the status of your loans
Access your live outstanding balances on the move to stay in control.
Make payments on the go
See when future payments will be taken or even make payments ahead of time, without penalty.
Apply for a new loan
Fast, simple application process for short-term, high-interest loans.
How does a short term loan from Lending Stream work?
Lending Steam offers instalment loans that are paid back in monthly chunks for 12 months, which borrowers may find easier to manage than a single-repayment payday loan.
To secure a loan with Lending Stream, you’ll need to apply online. Once Lending Stream has considered your circumstances and completed its credit and affordability checks, it lets you know online if your application was successful.
Once accepted, your loan is streamed to you within minutes. From then on, you’ll be charged daily interest on your outstanding loan balance. You can repay your loan in monthly instalments or make individual payments online.
Why does Lending Stream want access to my internet banking?
Lending Steam now uses open banking as part of its approval process. This means that to say “yes”, Lending Stream looks at more than just your credit score – evaluating your day-to-day banking transactions to decide if a loan would be affordable for you and to estimate the level of risk involved in lending to you.
What are the different repayment options?
There are 2 main ways to make repayments on your Lending Stream loan:
Lending Stream takes out the agreed amount from your nominated account each month. This will happen on a specified date, and you’ll get a reminder so it’s not a surprise. Lending Stream uses a continuous payment authority (CPA) to do this.
You make individual payments through your account. You can do this either on the Lending Stream site or through the Lending Stream app. You can also make overpayments using this method, which could save you money in interest.
In addition to the methods above, you can pay by cheque, set up a direct debit or call customer services (0203 808 4440) to make a payment.
Lending Stream loan costs
Lending Stream loans have a representative APR of 1,333%, but the actual cost of your loan is based on 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 your repayment size.
If you fail to make a repayment on time, you’ll also be charged a late payment fee of up to £12. If you continue to miss payments, you may be charged additional fees, but the total amount of all fees will not exceed £12.
Pros and cons of Satsuma loans
Pros
Easy to apply
Quick funding
Cons
Late payment fee
Limited loan terms
Lending Stream customer reviews
Lending Stream has received positive reviews from customers, according to review platform Trustpilot. It currently has a Trustpilot rating of 4.8 out of 5, based on over 18,700 reviews (updated February 2024).
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.
What are the eligibility requirements?
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
How do I apply for a loan from Lending Stream?
Choose the size of your loan.
Fill out your personal details.
Wait for your individual situation to be analysed, including through affordability and credit checks.
Receive your online decision.
Accept your loan offer.
Wait for your cash to be streamed to you.
Can I make changes to my Lending Stream loan?
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 808 4440
Our verdict
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 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, 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.
Frequently Asked Questions
Your address, a valid email and telephone number, your income and outgoings, employer details and bank account information.
Lending Stream will notify you online or via email on the status of your application.
Usually within minutes of approval, but it may depend on your bank’s policies and procedures.
If you are experiencing any issues, do not hesitate to contact Lending Stream either by email at info@lendingstream.co.uk, by phone on 0203 808 4440 or through the online contact form on their website. Alternatively, if you are still dissatisfied, you can contact the Financial Ombudsman Service (FOS) to deal with your case.
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.
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.
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.
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