Lending Stream Review 2021 – Is it Recommended?

Are you searching for short-term financing, but need slightly longer repayment terms than the best payday loans typically offer? If so, it might be worth checking out Lending Stream, not least because you can borrow the funds for up to 6 months.

The UK-based platform facilitates loans between £50 and £800 if you’re a first-time borrower, and up to £1,500 for repeat customers.

Moreover, the lender claims that in some cases, the funds could be deposited into your bank account within 90 seconds of approval. On the flip side, be prepared to pay a significant amount of interest on the loan. In some cases, this can exceed 1,000% APR.

If you’re keen to find out whether the loan provider is right for you, be sure to read our comprehensive Lending Stream Review. We cover the ins and outs of what you need to know – such as APR rates, how much you can borrow, loan terms, late payment fees, and more.

What is Lending Stream?

Lending Stream is an online loan provider that offers short-term financing. The platform claims to offer an alternative to payday loans by providing repayment terms of up to 6 months. This is somewhat unusual in the payday loan space, not least because lenders usually ask for the loan to be settled in full on your next salary date. With that being said, Lending Stream is hugely expensive in the APR department.

Depending on your creditworthiness and financial standing, you could pay up to 1,721% APR at Lending Stream. This is a monumental amount of interest, especially if utilizing the full 6-month term. On the flip side, the lender does not charge any early repayment fees, meaning that you have the option of repaying the loan off early and thus – reduce the overall interest that you pay.

 

Nevertheless, the lender allows you to borrow from just £50, up to a maximum of £800. If you’ve previously taken out a loan with Lending Stream and you repaid the funds on time, this extends to £1,500. The minimum eligibility requirements are fairly low, with the lender requiring a monthly income of just £400 or more, alongside a fully-fledged UK bank account and debit card.

Finally, the actual application process itself is super-fast. Everything can be completed via your mobile or desktop device, and you should receive a decision within a few minutes of submitting the application. If you’re approved on the spot, you could receive the loan funds in just 90 seconds.

How to Apply for a Loan with Lending Stream

Lending Stream operates much the same as any other payday loan company active in the UK. In a similar nature to the likes of Satsuma Loans and Cash Float Loans, Lending Stream allows you to complete the entire loan application process via its website.

With that being said, if you need some help with the application process, be sure to follow the step-by-step guide outlined below.

Step 1: Visit the Lending Stream Website

First and foremost, you’ll need to head over to the Lending Stream homepage and click on ‘APPLY NOW’.

Step 2: Choose Your Funding Amount

You now need to choose how much you wish to borrow. Don’t forget, first-time applicants can borrow between £50 and £800.

Step 3: Enter Your Personal Information

As is the case with all online loan providers, Lending Stream will need to collect some personal information from you. This includes your full name, home address, date of birth, marital status, and the number of dependents you are responsible for. You’ll also need to provide your email address and mobile number.

Step 4: Employment Details

One o the main metrics that Lending Stream will base its decision on is your income. As such, you’ll need to enter your employment status, your income after tax, and the frequency in which you get paid.

Furthermore, you’ll also be asked to input your monthly expenses. This will include your monthly rent/mortgage payments, and what debt obligations you currently have outstanding.

Step 5: Review Financing Decision

Once you have submitted the application form, Lending Stream will then cross-reference your information with its third-party sources. If the lender is able to verify your information, and it feels you have the financial means to afford a loan, you will see your pre-approval offer on-screen. This will include the amount you can borrow and the respective APR rates.

If you’re happy with the terms offered, you will need to sign a digital loan agreement. Just make sure you read through the loan agreement thoroughly before signing it.

Step 6: Enter Bank Account Details & Wait for Funds

Finally, you will now need to enter your bank account details, as well as the number found on your debit card. Regarding the former, this is the account that Lending Steam will pay the loan fund in to. Once approved, this could be in less than 90 seconds.

The reason that you are required to enter your debit card credentials is that the lender will want to validate that you are the true owner of the stated bank account.

What Happens Once my Lending Stream Loan is Funded?

Once the loan funds have arrived in your bank account, you will enter into a legally binding agreement with Lending Stream. As per the terms outlined in the digital loan agreement, you will need to make your repayments on the same date of each month. The monthly repayments will include the applicable interest. In terms of making the payment, you have two options.

The most common payment option is to set up an automatic payment, meaning that Lending Stram will take the funds from your debit card each month until the loan is repaid in full. Alternatively, you can make manual payments via your Lending Stream account. We would strongly suggest choosing the former, as you’ll avoid the risk of forgetting to make the repayment.

How Quickly Will I Receive my Lending Stream Loan?

Once the loan has been approved by Lending Stream, the funds will be transferred into your bank account automatically. As per the platform itself, funding takes less than 90 seconds. However, this won’t always be the case, especially if the lender requires more information from you.

For example, if Lending Stream needs to validate your income, you’ll likely be asked to email copies of your recent payslips. Simimilaliy, you might be asked to upload a copy of your passport or driver’s license in order to verify your identity.

What Types of Loans Does Lending Stream Offer?

Here’s what you can loan products you’ll have access to at Lending Stream.

✔️ Payday Loans

Payday loans are a form of short-term financing. They allow you to borrow a small amount of money, and you’ll likely be asked to repay the funds when you next get paid. Not only are payday loan companies usually targeted to those with bad credit, but the underlying APR rates can exceed 1,000%.

As such, they should always be a last resort. With that said, financing at Lending Stream is slightly different from traditional payday loans, not least because you have up to 6 months to repay the funds.

How Much Interest Does Lending Stream Charge?

One of the first questions that you should be asking before taking out a payday loan is how much it’s going to cost you in interest. After all, the APR rates attached to payday loans are typically sky-high.  The specific rate will vary from borrower-to-borrower, so there’s no one-size-fits-all answer to how much you’ll end up paying.

Nevertheless, here’s what Lending Stream will look at when deciding how much interest to charge you.

❓The amount you need to borrow

❓How long you need to borrow the funds for

❓Whether you have previously borrowed funds from the lender

❓What debts you currently have outstanding

❓Your current income after tax

❓Your employment status

❓How often you get paid

Although you won’t know your APR rate until you apply, Lending stream does give an example loan agreement.

💸If you were to borrow £200 – based on a representative rate of 1,333%, you would end up paying £386.61 back if the loan was over 6 months. This amounts to six equal payments of £64.44 – which illustrates a total interest charge of £186.61. Lending Stream notes that this rate is offered to more than 51% of its applicants.

💸On top of the APR rate, you also need to consider whether or not your loan comes with any additional fees. While there are no fees for applying, nor for paying the loan off early, you will be charged a £15 late payment fee.

Eligibility Criteria for Lending Stream 

What Happens if I Miss a Payment?

If you happen to miss a payment, Lending Stream will likely charge you a late payment fee. The lender notes that this cannot exceed £15. While the financial penalty of missing a payment is capped, it is important to remember that Lending Stream could report this to the main three credit bureaus. If it does, the missed payment could have a negative impact on your credit score.

Customer Service at Lending Stream

Need to speak with a member of the Lending Stream customer service team? Support is available on the following channels:

📱Phone: 0203 365 0133

📧 Email: [email protected]

💬 Live Chat: Yes

The customer service team works 7 days per week during the following hours:

⏱️ Monday-Friday: 08:00 – 20:00

⏱️ Saturday: 08:00 – 20:00

⏱️ Sunday: 08:00 – 20:00

Lending Stream: The Verdict

In summary, Lending Stream has both its pros and cons. On the one hand, the online lender makes the loan application process super-easy. By filling out a few questions about your personal and financial standing, the lender should be able to give you an instant decision. If you are pre-approved – and you’re happy with the terms offered, you could have the funds deposited in your bank account in less than 90 seconds.

On the other hand, it is important to note that the APR rates charged by Lending Stream are sky-high. In fact, it’s likely that you’ll pay well over 1,000% APR. With loan term ranging from 60 days to six months, a payday loan with Lending Stream could become very costly. With that said, you’ve got nothing to lose by finding out what APR rates the lender is willing to offer you by completing the initial application form.

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