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.
Traditional payday loans were designed so that you would borrow for a very short period and make a single repayment on your next payday. However, 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.
As a result, with a Lending Stream loan, borrowers can spread the cost over 6 months – making 6 or 12 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 you’ll pay more in interest overall, but it’s also possible to pay back a Lending Stream loan early and save on interest.
| Product Name | Lending Stream Instalment Loan |
|---|---|
| Available Amounts | £50 to £1,500 |
| Representative APR | 1,271% |
| Loan terms | 6 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 |
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Fast, simple application process for short-term, high-interest loans.
Lending Steam offers instalment loans that 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, 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 can be sent to your bank account in as little as 90 seconds. 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.
Lending Steam now uses open banking as part of its approval process. 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.
There are 2 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 808 4440) to make a payment.
Short term loans can be a very expensive way to borrow and are generally best avoided. But if you must use one, borrow as little as possible and always aim to pay the funds back quickly to keep interest charges to a minimum.”
Lending Stream loans have a representative APR of 1,271%, 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 monthly repayments will be.
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 £12. Late payments can have a negative impact on your credit score.
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 18,900 reviews (updated April 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.
| 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 |
Lending Stream allows customers to apply for more than one short term loan. However, it cannot guarantee your application 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 |
Payday loans and high-cost, short-term credit from companies such as Lending Stream are generally 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 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, 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 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.