Lendable Review | www.lendable.co.uk
Address: 8A Great Newport Street, London, WC2H 7JA.
Branding: Lendable. AKA: Lend Able.
FCA Licence: 664541.
From: Lendable Ltd.
Related: No companies.
Available: Monday to Friday. Times not disclosed.
Bad Credit Considered: Fair-to-good score required.
Manage: Lendable login provided via www.lendable.co.uk.
Offers: Personal loans.
Sums: £1000 to £15,000 (new and returning).
Terms: 12 to 60 months.
£56, £68 or £92 /£1000 (12)
£104, £128 or £176 /£1000 (24)
£524, £632 or £944 /£10,000 (12)
£1016, £1232 or £1856 /£10,000 (24)
Notes: There are 3 tiers of interest that includes Excellent, Good and Fair. The APRs are the same for smaller and larger amounts that spans as 9.9%, 12.1% and 18.4%. No opening times are displayed and so Monday to Friday would be likely during standard working hours. If you do apply during the times that they are operating you can benefit from an instant decision and same day funding. Unlike mainstream peer-to-peer companies, there is no ability to invest. Instead they seek institutional, sophisticated or HNW investors (high net worth). Returns for them are unknown, but they would likely be higher than usual since near-prime audiences are catered.
– Amounts: £15k is the top loan sum. Unlike most rival services, there is no waiting delay to get your hands on the cash.
– Efficiency: The smooth borrowing process is noteworthy. It is just a shame that no info is shared on their opening hours. The ability to receive significant sums on the same day as a first time applicant is a key USP here. Elsewhere, you’ll usually have to borrow from your bank that is out of the question for most due to tight lending criteria.
– Eligibility: Are P2P loans for bad credit available here? Their most expensive tier is packaged as Fair. There is a further reference of less-than-perfect credit being accepted and their team addressed targeting near-prime audiences in a press article. With a lower score our guess would be that you’d have a higher chance of qualifying here than at any other P2P firm. It is notable that they accept those at the age of just 18 that isn’t common in this sector. In general, they are probably looking at those with no track record or just a few missed payments. You can’t imagine them (or anyone else) giving someone with a poor track record a loan at just 18.4%.
– Pricing: 9.9% for £1000 over a single year is one of the best rates that you will find on the market. You will however need to have an A1 score to get this rate. Even 18.4% in the bottom tier is good value. It was surprising to see that they charge the same rates for larger sums that isn’t usually the case, especially with the banks. As a result, they don’t compare quite so well at £10,000.
– Owner previously traded as Feather Media Ltd. The brand actually started out as Alphalend although this was in the same 2014 year.