Lendable loans review January 2022

Lendable P2P loans for fair credit

Lendable provides a speedy peer-to-peer lending service to individuals who don’t have model credit histories.

• Fast, flexible loans of £1,000-£20,000 over 1-5 years
• Check your rate and eligibility with no effect on credit score
• Loans for UK residents aged 18+ earning £800pcm or more

Representative Example: Assumed borrowing of £7,500.00 over 36 months at 27.9% APR representative. Monthly cost of £297.66. Total amount repayable of £10,715.68. Interest rate of 22.7% p.a. (fixed) and total fees of £440.00.

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Is Lendable a peer-to-peer service?

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:

1. 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.
2. Soft credit check. This won’t affect your credit rating.
3. 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.
4. 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

Compare loans for fair credit

How much do you need to borrow? £

5000

How long do you need to borrow for?

2

years

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Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
118 118 Money Personal Loan					Check eligibility View details	Representative example: Borrow £2,000.00 over 2 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £2,967.36 in monthly repayments of £123.64.	Compare	loading Fetching your data...
Fintern Fintern Personal Loan					View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 18.8% p.a. (fixed). Representative APR 18.8% and total payable £12,897.72 in monthly repayments of £358.27.	Compare	loading Fetching your data...

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Lendable customer reviews

Lendable has received overwhelmingly positive reviews from customers, according to review platforms like Feefo and TrustPilot. It currently has a rating of 4.9 out of 5 on Feefo, based on more than 100 reviews, as well as an “excellent” TrustPilot rating, with a score of 4.9 out of 5, based on more than 8,200 reviews (both updated 23 December 2020). Most customers praised the professional service, quick and easy application process and fast funding, but some reported delays in getting verified.

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

• Can I change my repayment amount

  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.

• When will I get a decision?

  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.

• What is a soft search?

  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.

• Can I change my repayment day?

  Yes. You can change your repayment date to a day that is more convenient for you by emailing Lendable at contact@lendable.co.uk.

• Will Lendable affect my credit score?

  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.