LiveLend Loans
  • Dynamic interest rates
  • Products for Bad Credit
  • Same-day funding
  • Instant decision-making
  • Option to pay extra to reduce interest
  • No charges for early repayments
  • High customer satisfaction ratings
  • Soft-search facility available
  • High interest rates
  • Maximum loan amount caps at £12,000
  • Joint applications are unavailable


LiveLend, a brand under Chetwood Financial, is redefining the personal loan landscape with a forward-looking approach that benefits borrowers directly. Renowned for its creative offerings, LiveLend presents loans that adapt dynamically to the borrower's financial health, particularly their credit score, positioning it as a prime choice in the fierce loan market.


The Reward Loan Operation Details

The Reward Loan is LiveLend's flagship and a good illustration of how serious they are about being flexible and fair. The interest rates for this loan change right alongside real-time improvements in credit scores. For every 25-point increase in your credit score, LiveLend gives a 2% cut in interest that stays until at least 9.9%. This makes sure that improvements in financial health really translate to cash savings.

If your credit score drops, your interest rate stays the same, protecting your financial progress in times of adversity. This feature provides growth not just for financial reasons, but also a safety net that lets the borrower focus on improving their financial condition without the fear of penalties. Struggling with debt management? LiveLend's thoughtful approach works to get you back on your financial feet sooner. 

For more on how you can manage your debts better, read the article 'Debt Management Strategies: Getting Out of Debt Faster'.


Financial Agility and Loan Terms

LiveLend provides a personal loan from £1,000 to £12,000, repayable over 12 to 60 months, which means that borrowers can get solutions to minor home improvements or even massive debt consolidation. The interest rate charged, with a dynamic APR between 10.9% and 39.9%, varies but will reduce when there is positive improvement in one's credit score.

APR is significant because it heavily influences the borrowing cost. For those seeking to better understand how APRs affect the cost of a loan, we provide a helpful article 'What is APR and Why Does It Matter?'.


Applying for the Reward Loan: Purposes and Preliminary Credit Assessments

The Reward Loan supports different personal expenses, home renovation expenses, new vehicle purchase, and debt consolidation. It is, however, explicitly unavailable for investment in residential property purchases to ensure funds cater to personal and essential needs.

LiveLend carries out soft credit checking, meaning it will simply check eligibility without recording a search on the applicant's credit file. Such checks at the application's early stages are important so that no loan application has a negative impact on your credit health. 

At this point, LiveLend also provides a "real rate" at application, calculated in line with current credit data and the specifics of your application. This clarity lets you understand the costs of the loan before borrowing, builds trust, and confidence in the service of LiveLend.


Eligibility and Application Steps

To apply for a Reward Loan, you will need to:

  • Be at least 18 years old.
  • Permanently reside in the UK.
  • Have a pre-tax minimum annual income or pension of £12,000.
  • Have a good credit record.

The application process involves:

  1. Online eligibility check without impacting your credit score.
  2. Submission of personal and financial information in detail through the secure system provided by LiveLend.
  3. Quick decision-making by LiveLend, with the prospect of even being able to access a loan on the same day if the application is approved.


Customer Reviews

The feedback on Trustpilot for LiveLend as of May 2024 reflects high customer satisfaction, with 94% of reviews rating the service 5 stars. Customers particularly praise the competitive loan rates and the responsive customer support, emphasizing the efficiency of the loan management process and the flexibility of the loan terms.

However, some customers have noted challenges with rate adjustments not aligning perfectly with credit score improvements. There have also been instances of communication gaps, particularly regarding detailed explanations of loan terms and rate adjustments. LiveLend actively addresses such feedback, showing a commitment to transparency and continuous improvement by clarifying policies and engaging customers in further discussions to resolve any issues.



The innovative personal loan that LiveLend offers makes it an excellent choice, particularly for those borrowers working to improve their financial health. Though the maximum loan limit and the lack of joint loan products will be a hindrance to some, the unique APR adjusting tool and the lack of a laundry list of fees make LiveLend a serious competitor in the personal loan market. But remember, the choice is yours, to be detail-oriented and keep up your financial game. Stay tuned for more practical financial tips to keep your money management savvy.

This review is current as of May 2024 and gives an overview based on the current offerings in the market. It’s essential for potential borrowers to assess their financial situation and compare options to find the best fit for their needs.

Frequently asked questions

How does the Reward Loan from LiveLend work?

The Reward Loan adjusts its interest rate based on the borrower’s credit score improvements. For every 25-point increase in your credit score, LiveLend lowers the interest rate by 2%, continuing until it reaches a floor of 9.9%. This mechanism rewards borrowers for improving their financial health, ensuring that their progress in managing their credit effectively reduces their borrowing costs.

What happens if my credit score goes down? Will my interest rate increase?

No, if your credit score declines, your interest rate will not increase. LiveLend has designed this feature to protect borrowers from rate hikes during less favorable financial periods, thereby providing a stable and predictable loan cost throughout the term of the loan.

What are the eligibility criteria for a Reward Loan?

To qualify for a Reward Loan from LiveLend, you must:

  • Be at least 18 years old.
  • Reside permanently in the UK.
  • Have a minimum annual income or pension of £12,000 before taxes.
  • Maintain a good credit history.

Can I use the Reward Loan for any purpose?

The Reward Loan is available for a variety of personal uses, such as home renovations, buying a new car, or consolidating debts. However, it is not suitable for investment purposes or purchasing residential property.

How does applying for a Reward Loan affect my credit score?

LiveLend uses soft credit checks to determine eligibility for a Reward Loan, which do not impact your credit score. This preliminary check helps ensure that applying for a loan does not negatively affect your credit health.

What should I know about the loan terms and APR?

LiveLend offers loans ranging from £1,000 to £12,000 with repayment terms from 12 to 60 months. The APR varies between 10.9% and 39.9%, dynamically adjusting according to your credit score improvements. Understanding APR is crucial as it significantly impacts the total cost of borrowing.

How quick is the loan application process?

The application process is straightforward and quick:

  1. Conduct an eligibility check online that doesn’t affect your credit score.
  2. Provide personal and financial details through LiveLend’s secure online platform.
  3. Receive an instant decision on your application, with the possibility of accessing funds the same day if approved.