Lendable loans review

Through its automated approval service, Lendable wants to be able to serve borrowers that mainstream lenders won't, and to undercut the banks on smaller loans that they don't deem worth their time.

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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 £1,000 to £25,000, 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 £800.00 or more per month/li>
  • 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


  • 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

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Representative example: £2,000 loan repayable over 36 months. 36 monthly payments of £77.60. Rate of interest 20.2% p.a. (fixed). Representative 25.8% APR. Total amount repayable £2,793.60.

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.

Is Lendable classed as a payday lender?

Lendable is not a payday lender as it charges lower rates and fees. According to the Independent.co.uk, Lendable claims it is competing against banks and credit unions, not payday loan companies.

Lendable customer reviews

Lendable has received overwhelmingly positive reviews from customers on review platforms such as TrustPilot. It has an “excellent” TrustPilot rating and currently has a rating of 4.9 out of 5, based on more than 11,300 reviews (updated May 2022). 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.

Lendable also has a credit card, targeting at a similar audience as its loans. Formerly known as the Level credit card, it has rebrands as the Zable card.

Frequently asked questions

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.

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