Launched in 2014, Lendable provides a speedy peer-to-peer lending service to individuals who don’t have model credit histories. Read our review of Lendable and find out if it offers the right loan for you.
Finding yourself in financial difficulty is stressful, but despite the urge to reach for the fastest solution, you’re likely to find a better deal if you spend some time comparing loans to find the right one for you.
Lendable is a peer-to-peer platform offering loans for times when you need some extra help. Here we cover the process, criteria and features of a Lendable loan.
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What are peer-to-peer loans?
Peer-to-peer 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.
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
Pros
- 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.
Cons
- 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.
The bottom line
Lendable prides itself on offering a quick and simple peer-to-peer 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
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