P2P loans cut out the institutional middle man, allowing borrowers and lenders to interact and perform transactions directly. While institutions like banks or traditional lenders may rely on your credit score and other credentials to decide whether you are eligible for a loan, peer-to-peer loan companies give lenders a chance to decide case by case whether they will lend their money.
Lendable would probably say it isn’t a P2P service. Although it’s possible for “institutional investors” to invest in its loans, Joe Public can’t as yet.
The key features of Lendable loans
There are several features to know about before taking out any loan, and Lendable is no different:
Repayment instalments are non-negotiable once you have agreed on the amount, except if you wish to make early repayments or pay off the loan in full.
Loan amounts range from £1000 to £20,000, and lengths are from 1-5 years.
Rates are dependant on the amount and length of the loan, and are additionally tailored to the individual borrower.
A fee of £30 applies if you miss a payment, and there’s an admin fee for using Lendable’s service which is added to your monthly repayments.
Rates and fees are reasonable compared with some payday loan companies.
Am I eligible for a Lendable loan?
You should think carefully before taking out any loan and make sure you can meet their repayment terms, and you must meet the following criteria:
Aged 18 or over
Earn at least £800 a month
UK resident, and have lived in the UK for at least 3 years
Have a current account with a UK building society or bank
Have no county court judgements and have never filed for bankruptcy
If you have an incredibly poor credit rating, you may be refused a loan
Ensure you can repay the loan before borrowing, as failure to make repayments can incur large fees.
How do I apply?
Application is quick and simple. The steps of the application go as follows:
Request a quote. To get your quote you must fill in a form detailing your loan amount, the repayment term and the reason for borrowing. You must also give your name, address, contact details and employment status, along with your income.
Soft credit check. This won’t affect your credit rating.
Quote. Lendable decides instantly whether it can offer you a quote, at which point you must review the terms, rates and repayment and decide whether the loan is for you.
Approval. If your loan is approved, you should receive your money within hours, depending on weekends, evenings and bank holidays.
Lendable states that the loan transfer is “pretty much immediate but can take up to two hours”. The transfer may take longer in the evening, on weekends and on bank holidays.
Pros and cons of Lendable loans
Transfer speeds. Once you have been approved for a loan the money will usually be transferred to you within two hours.
Available with bad credit. Even if you have a poor credit rating you can still get a loan, just make sure you are trying to improve your financial situation.
Custom loans. You decide how much you need and for how long you need it.
Missed payments fee. If you miss a payment you will be charged £30. If you continue to miss payments, the terms of the loan can be changed.
Admin fee. Lendable charges you for using its services.
Lack of choice. There is only one type of loan available from Lendable.
Compare loans for fair credit
Table: sorted by representative APR, promoted deals first
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
The bottom line
Lendable prides itself on offering a quick and simple personal loans platform. If you think you’re likely to repay your loan back early then Lendable may be worth considering as it currently doesn’t charge any fees or penalties for making overpayments or repaying your loan in full.
Frequently asked questions
It’s not possible to reduce your monthly repayment amount. However, Lendable allows you to increase your monthly repayments (meaning your loan gets paid off quicker) by making extra repayments towards your loan.
Once you’ve applied for a Lendable loan, your application will be reviewed with the decisions team. Once approved, funds can be in your account in 2 hours.
A soft search allows you to receive as many quotes as you like without leaving a footprint on your credit file. This stops you from applying for the wrong products and harming your credit score, which would make it harder to be accepted for the right loan in the future. You can then choose which individual quote is right for you and you can proceed with that application.
Yes. You can change your repayment date to a day that is more convenient for you by emailing Lendable at firstname.lastname@example.org.
No. Unlike most lenders, Lendable only performs a soft credit search, meaning that requesting a quote from Lendable will have no effect on your credit score.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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