LiveLend personal loans review July 2021

LiveLend offers fast online loans of £1,000 to £12,000 to be repaid over 1 to 5 years. Unusually, if your credit score improves during the loan, then your rate could too.

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How does LiveLend compare against other fair credit lenders?

Table: sorted by representative APR, promoted deals first
Name Product Total Payable Monthly Repayment Representative APR Link
118 118 Money Personal Loan
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Representative example: Borrow £2,000.00 over 2 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £2,967.36 in monthly repayments of £123.64.

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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.

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 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.

  • Spread your loan over 12 to 60 months. Choose a loan term to suit your circumstances.
  • Borrow £1,000 to £12,000. The amount you can borrow will be determined by your credit score and how much you can afford.
  • Get a quick quote. LiveLend will give you a decision on a loan in just two minutes.
  • Get the funds fast. Once you’ve been approved, you can expect the money in your bank account in less than 4 hours.
  • “Dynamic” rates. If your credit score improves sufficiently while you’re paying back the loan, your loan rate will be reduced. If your score gets worse, your rate won’t go up, however.
  • No arrangement fee. LiveLend won’t charge a fee for arranging your loan.
  • Online account management. Make a payment, view your balance, speak to an advisor over live chat, or apply to borrow more from your online account.
  • Repay your loan early at any time. If you repay early, you will pay back both the outstanding capital and any accrued interest. Unlike many personal loan providers, LiveLend will not charge you a fee for early repayment.
  • No late fees. LiveLend will not charge you even if you are late making a repayment. However, missing a payment will lead to added interest and will affect your credit rating.

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.

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 over 18.
  • 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 two 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 4.9 out of 5, based on more than 3,700 reviews (updated 9 April 2021). Many customers praised the quick and easy application process, and fast funding once their loan had been approved.

Frequently asked questions

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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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