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.
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.
There are several features to know about before taking out any loan, and Lendable is no different:
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:
Ensure you can repay the loan before borrowing, as failure to make repayments can incur large fees.
Application is quick and simple. The steps of the application go as follows:
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.
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.
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 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.
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.
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