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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.
Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.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.
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.
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.
Payday loans, and high-cost, short-term credit 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.
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.
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.
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.
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.
We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.
