LiveLend personal loans review 2024

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

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Name	Product	Finder score	Finder score	Customer rating	Loan amounts	Loan terms	Loan rate type	Link
LiveLend personal loan		Finder score ★★★★★	3.0 ★★★★★	Not yet rated	£1,000 to £12,000	12 months to 60 months	Fixed	View details Compare	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.	loading Fetching your data...

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How does LiveLend compare against other lenders?

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How much do you need to borrow?
£

5000

How long do you need to borrow for?

2

years

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Name	Product	Finder score	Total Payable	Monthly Repayment	Representative APR	Link
HSBC Premier Personal Loan Finder Award		4.5 ★★★★★				Check eligibility View details Compare	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.	loading Fetching your data...
Novuna Personal Loan		4.5 ★★★★★				Check eligibility View details Compare	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.	loading Fetching your data...
My Community Bank Personal Loan		4.5 ★★★★★				Check eligibility View details Compare	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.	loading Fetching your data...
Admiral Personal Loan		4.0 ★★★★★				Check eligibility View details Compare	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.	loading Fetching your data...
M&S Bank Personal Loan		4.0 ★★★★★				Check eligibility View details Compare	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.	loading Fetching your data...
Fluro (formerly Lending Works) Personal Loan		4.0 ★★★★★				Check eligibility View details Compare	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.	loading Fetching your data...

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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.

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

• What is a ‘soft search’?

  LiveLend use soft searches, also known as ‘quotation’ searches, to work out whether you are likely to be approved. Soft searches are different from credit application searches, which happen when you actually apply for a product. Too many credit application searches in a short space of time can damage your credit score.

  A soft search, on the other hand, will let you know whether you’re eligible for the loan before you apply. It takes the guesswork out of applying for credit and protects your score. You can get your quote by using the loan calculator on the LiveLend website and clicking ‘Get my quote.’

• Will I need to provide more information after my online application?

  For a small number of customers, LiveLend will need a little more information to make sure you can afford to repay the loan. If this is the case, an advisor will contact you directly to discuss your loan application and any additional information they might need.

• Why might LiveLend decline my application?

  LiveLend will use the information you provide on your application form as well as details gathered from credit reference agencies to reach its decision. It will consider several factors including:

  • Your employment status. For example, if you are unemployed or have been in your job for a short time
  • Be a UK resident
  • Your residential status. For example, if you have lived at your address for a short time
  • Your payment history for other loans or credit card repayments
  • Your current level of borrowing and existing commitments
  • Any information it already holds about you

• I already have a loan with LiveLend, can I borrow more?

  Once you’ve had your loan for a while, LiveLend can review your eligibility to borrow more. If it thinks you might be able to borrow more, this option will be available to you when you’re logged into your account. You can check your eligibility regularly by logging into your account. This won’t impact your credit score.

• How do I change my repayment date for my loan?

  You can’t change the repayment date within the first 12 months of your loan with LiveLend. If it is absolutely necessary to do so, however, then you can contact LiveLend via their website.

• What if I change my mind?

  If your circumstances change and you decide you don’t want the loan anymore, you are free to cancel it within 14 days of signing off on it. The easiest way to do this is go online; log in to your account, click ‘Manage’, ‘Close my loan’ and finally click ‘Withdraw from my agreement’. Remember that, if you do this you’re obliged to refund your loan within 30 days starting from the day after you gave notice – failure to do this will mean you’ll become liable for your loan’s full balance, plus interest.

Written by

Chris Lilly

Head of publishing

Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full bio

Chris's expertise

Chris has written 612 Finder guides across topics including:

• Loans & credit cards
• Building credit
• Financial health