Lendable Loans
  • Products for Bad Credit
  • Flexible repayment terms
  • Payment holidays
  • Same-day funding
  • Rapid Decision-Making
  • Fixed monthly payments
  • Option to pay extra to reduce interest
  • No charges for early repayments
  • High interest rates
  • Joint applications are unavailable

Lendable, part of the Fintern Limited group, is reshaping the lending experience in the UK's financial sector. Their approach simplifies access to credit, focusing on a more customer-friendly process.

What sets this fintech company apart is its comprehensive evaluation of an individual's financial health. Lendable looks beyond just credit scores, considering a broader range of financial factors. This strategy is key to their mission of democratizing credit access, particularly benefiting those with less-than-perfect credit histories.

To understand the real impact of their approach, let's delve into customer reviews and explore their firsthand experiences with Lendable.

Customer Reviews and Ratings

Lendable Loans has a significant number of customer reviews on Trustpilot. As of the latest update (of December 2023), they have 41,112 reviews with an excellent rating of 4.9.

The breakdown of the ratings is as follows:

Star RatingPercentageInterpretation
5-star96%Majority are highly satisfied
4-star3%Satisfied, but not to the highest degree
3-star<1%Service viewed as average
2-star<1%Service rated below average
1-star<1%Minimal dissatisfaction

To better understand the customer experience with Lendable, let's look at some key points of feedback, both positive and negative:

Positive Feedback Highlights:

  1. Quick and hassle-free loan process
  2. Responsive and understanding customer support
  3. Transparent and clear terms

Negative Feedback Highlights:

  1. Costliness of service
  2. Limited loan options

These reviews emphasize Lendable's dedication to customer satisfaction and showcase the real-world impact of their financial solutions. For specific testimonials, visit Lendable's Trustpilot page.

Key Features of Lendable Personal Loans 

Lendable isn't just another lending company. It's a movement to redefine how creditworthiness is assessed. By considering factors like disposable income, spending habits, and overall financial stability, Lendable offers a more nuanced and equitable approach to lending.

Let's review the key features of Lendable Personal Loans:

Interest RatesPersonalized, ranging from 9.9% to 49.9%
Loan Amounts£1,000 to £25,000
Loan Terms1 to 5 years
Decision SpeedSame-day decisions and funding
Customer Support7-day, comprehensive support system

Whether consolidating debts, renovating a home, or funding a dream wedding, Lendable's personalized loans are tailored to fit diverse financial scenarios, with APRs dependent on individual circumstances.

To fully understand the value of Lendable's personal loans, let's explore a real-world scenario that puts these features into context.

Representative Scenario: Understanding Costs and Terms

Imagine borrowing £7,500 for 36 months at a 31.6% APR. This means you would make monthly payments of £309.32, resulting in a total repayment of £11,135.56. 

Such scenarios highlight the importance of comprehending the full financial impact of a loan before committing to it.

Repayment Flexibility: Designed for Convenience

Lendable's repayment structure is built around the borrower's convenience, offering fixed monthly instalments and the freedom to make early repayments, reducing the overall interest. 

Additionally, Lendable maintains transparency with its fees. While there's a charge for missed payments and an administrative fee included in monthly repayments, borrowers benefit from clear terms and no hidden costs.

Eligibility Simplified

Lendable's criteria are straightforward, ensuring fair access to loans. They focus on regular income, absence of CCJs, and a stable UK residency history, making the loan process inclusive and accessible.

Step-by-Step Application Process 

From application to fund disbursement, Lendable prides itself on efficiency. Their technology-driven platform ensures a seamless experience, making personal finance hassle-free and customer-friendly.

Here is a step-by-step guide on how to apply:

  1. Online Eligibility Check: Quick and non-intrusive.
  2. Detailed Application: Streamlined and digital.
  3. Swift Approval: Minimal waiting, maximum efficiency.
  4. Fund Transfer: Typically within hours of approval.
  5. Loan Management: Intuitive online tools for easy tracking. 

Lendable's Collaborative Approach to Accessibility

Furthermore, it's noteworthy that Lendable extends its reach and improves accessibility through partnerships with several prominent platforms:

These partnerships not only make Lendable's loans more accessible but also provide various channels for comparing and applying for loans, ensuring you find the best fit for your financial needs.

Concluding Thoughts: Is Lendable the Right Choice?

Lendable empowers individuals with its cutting-edge technology, data analytics, and commitment to responsible lending. Despite certain drawbacks like high interest rates and the unavailability of joint applications, Lendable continues to stand out as an attractive choice for clients.

Please Note: This content is based on information as of January 2024. For the latest updates and specific terms, we recommend contacting Lendable directly by visiting their website.