LiveLend personal loans review 2024

LiveLend offers fast online loans of £1,000 to £12,000 to be repaid over 12 months to 60 months. Unusually, if your credit score improves during the loan, then your rate could too.

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LiveLend

What is LiveLend?

LiveLend is a direct lender (not a broker) that was set up in March 2016 with the stated aim of providing simple and fast personal loans arranged entirely online. You can manage your loan easily, including speaking to an advisor over instant messaging, through your online account. LiveLend is a trading name of Chetwood Financial Ltd.

LiveLend loan calculator

Name Product Finder score Finder score Customer rating Loan amounts Loan terms Loan rate type Link
LiveLend personal loan
LiveLend personal loan
Finder score
★★★★★
3.0
★★★★★
Not yet rated
£1,000 to £12,000
12 months to 60 months
Fixed
View details
Representative Example: 25.7% APR Representative based on a loan of £5,000.00, repayable over 42 months at an interest of 25.7% pa (fixed). Monthly repayment of £174.65. Total amount payable £7,335.28. Representative APR applies to loans from £1,000.00 to £12,000.00, for terms of 12-60 months.
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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.

How does LiveLend compare against other lenders?

Table: sorted by representative APR, promoted deals first
1 - 6 of 41
Name Product Finder score Total Payable Monthly Repayment Representative APR Link
HSBC Premier Personal Loan
4.5
★★★★★
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.4% p.a. (fixed). Representative APR 6.4% and total payable £10,987.56 in monthly repayments of £305.21.
Novuna Personal Loan
4.5
★★★★★
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 7.4% p.a. (fixed). Representative APR 7.4% and total payable £11,142.00 in monthly repayments of £309.50.
My Community Bank Personal Loan
4.5
★★★★★
Check eligibility
View details
Representative example: Borrow £5,000 over 48 months at a rate of 24.9% pa (fixed). Representative APR 27.9% and total payable £7,939.24 in monthly repayments of £165.40.
Admiral Personal Loan
4.0
★★★★★
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 16.9% p.a. (fixed). Representative APR 16.9% and total payable £12,606.12 in monthly repayments of £350.17.
M&S Bank Personal Loan
4.0
★★★★★
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 6.2% p.a. (fixed). Representative APR 6.2% and total payable £10,956.96 in monthly repayments of £304.36.
Fluro (formerly Lending Works) Personal Loan
4.0
★★★★★
Check eligibility
View details
Representative example: Assumed borrowing of £7,500.00 over 48 months at 17.9% APR representative. Monthly cost of £214.79. Total amount repayable of £10,309.78. Interest rate of 16.6% p.a.(fixed) and total fees of £150.00. Available for loan amounts between £5,000 - £25,000.
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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.

LiveLend loans overview

LiveLend won’t charge you a fee for taking out your loan, repaying it early or even if you miss a repayment (but missing a payment will mean you’ll pay more in interest and will hurt your credit score).

LiveLend’s “Reward Loan” is a pretty original concept. Throughout the term of your loan, LiveLend will check your credit score every three months, and if it improves significantly, then your interest rate will too – automatically. These credit checks won’t affect your credit score, and the good news is that it doesn’t work the other way – in other words, if your score gets worse, your rate doesn’t go up.

We spoke to LiveLend to find out how it’s different

Key features of LiveLend personal loans.

The biggest advantage of taking out a LiveLend personal loan is that your loan rate may be reduced if your credit score improves. LiveLend also has no fees on your loan at all meaning you can overpay without penalty to clear your debt sooner. Other features include easy same day access to funds once you’ve been approved and a wide range of choices for your repayment terms.

Loan amounts£1,000 to £12,000
Loan terms12 months to 60 months
Loan rate typeFixed
Same-day funding available
Instant decisions in most cases
Soft-search facility available
Overpay without penalty

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

Bear in mind, however, that lenders are only obliged to award their advertised representative APR to 51% of customers – the other 49% could pay more.

Pros and cons of LiveLend loans

Pros

  • Flexible loan amounts and terms
  • Same day funds and instant decisions available
  • No ongoing or additional fees
  • Potential reduction in interest rate if credit score improves

Cons

  • No repayment holidays
  • Can’t change repayment date until 12 months

Am I eligible for a LiveLend personal loan?

You should only apply for a LiveLend personal loan if you’re certain you can meet the repayment terms. You must also:

  • Be aged 18 or over
  • Be a UK resident
  • Be employed, self-employed or retired with a pension
  • Have an income of at least £12,000 per year (before tax)
  • Have a visible credit history and a good track record of repaying debt

LiveLend does not offer joint applications, guarantor loans or loans to businesses.

How can I apply?

Use the online loan calculator to choose the loan amount you want over your desired repayment term, then click “Get my quote”. You will be given a quote in just 2 minutes.

LiveLend will retrieve your quote in a way that won’t impact your credit score. The rest of the application will take around three minutes and once approved, you can expect the money in your bank account in under four hours.

Livelend customer reviews

LiveLend has received overwhelmingly positive reviews from customers according to review site TrustPilot. It currently has an “excellent” TrustPilot rating, with a score of 4.5 out of 5, based on more than 3,800 reviews (updated August 2023). Many customers praised the quick and easy application process, and fast funding once their loan had been approved.

Our verdict

If approved, Livelend lets you take a proactive approach to your loans by giving you the chance to improve your interest rate as your credit score increases.

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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