Lendable was founded in 2014 based on the principle that technology can simplify our lives and that getting a loan should not be a complicated or lengthy process. Their platform uses technology and data in order to make personal finance hassle-free and customer-friendly.
Lendable doesn’t believe in the need to fill in long forms, paper-based applications, long wait times, queueing in branches or being stuck on the phone to customer service helplines.
They have an online account system so their customers can manage their loans online and their customer service team is available seven days a week by email, telephone, text or live chat to help support the customers with any issues.
Lendable are authorised and regulated by the Financial Conduct Authority (FCA) and relevant fraud prevention and data protection services.
Lendable offers loans from £1,000 to £25,000 over terms from one year to five years at a personalised APR rate from between 6.0% and 49.9%. Lendable are a direct lender.
Lendable works with:
- Compare the Market
- Money Super Market
- Totally Money
- Trans Union
Lendable’s basic criteria for being offered a personal loan are:
- The customer does not have any CCJs
- The customer regularly gets paid at least £800.00 per month
- The customer has been living in the UK for at least 3 years
Lendable allows customers to see their rate before they apply, and this won’t affect the customer’s credit score.
To request a quote the customer will need to enter their details into Lendable’s short online form which should only take a few minutes to complete – this is the only form Lendable will ask the customer to complete during the service.
After the customer applies Lendable make an instant decision on whether or not they can provide the customer with a quote. If they can provide the customer with a quote, the customer will then need to send in the necessary documentation.
Lendable will then get in touch via email to let the customer know if their loan is being sent to them or if more information is required.
The Lendable quote can be viewed in the customer’s account at any time and will stay open for 14 days from the day the customer requested it, with the customer able to accept the Lendable quote at any point during this period of time.
Documents that need to be sent for the quote from Lendable can be uploaded to the customer’s Lendable account or emailed to the customer service team at Lendable. They do accept smartphone pictures as long as all the necessary details are visible.
When a personal loan is taken out with Lendable, a non-refundable loan fee is added to the loan amount. The customer will not have to pay this loan fee upfront, instead, it is paid via the monthly instalments set out in the Terms of the Loan Agreement.
The size of the loan fee and the interest due on this fee is taken into account when Lendable calculates the APR and the customer’s quote will detail exactly how much the loan fee is.
The first repayment of the loan will be taken out exactly one month from the day the loan is sent to the customer. The customer will have the option to select a different date which can be accessed when the customer enters their bank details.
A representative example given by Lendable states that assumed borrowing of £7,500 over 36 months at 28.6% APR representative has a monthly cost of £299.86. The total amount payable would therefore be £10,795.10 with an interest rate of 23.4% (fixed) and total fees of £440.
It is possible to take out further credit with Lendable – any supplementary credit would act as a separate loan and this is only possible after the customer is at a certain place in their repayment plan.
To make early repayments or pay in full, the customer can log in into their Lendable account where there is the option to make a repayment. Lendable charges no fees or penalty charges at any time for making overpayments or repaying the loan in full.
The monthly repayments that are laid out in the customer’s loan are fixed, meaning that Lendable is unable to reduce these payments over the course of the customer’s loan.
The customer is able to change their repayment date by getting in touch with Lendable directly through the email provided on their site.
If the customer wishes to cancel a loan, they have up to 14 days to change their mind and cancel the loan (only paying back the amount they were sent by Lendable, with no interest or fees attached).
Cancelling a loan can be done by getting in touch with Lendable through the email provided on their site.
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Lendable Reviews and Ratings
Lendable has very positive reviews across sites such as Trustpilot, Choose Wisely and Google Reviews. The number of reviews they have received is well into the thousands, giving an overwhelmingly positive representative view of the company.
Lendable does have a Facebook page linked to their website but it doesn’t appear to be active.
They also have a Twitter page linked to their website which has 430 followers.
Many of their customers found their service easy to use and quick to apply for with limited jargon and detailed clauses that could confusion. Lendable was praised for the efficiency of the payout once the loan was improved and the communication between the company for the remainder of the repayments.
Some customers reported frustration with the pre-approval of their loan only for it to be declined later in the process.
Trustpilot – 4.9/5 (Based on 8,998 reviews)
Choose Wisely – 5/5 (Based on 8,839 reviews)
Google Reviews – 4.9/5 (Based on 1,361 reviews)
- Fast approval times
- Fast payout times
- No early repayment fees
- Very positive customer reviews
- Not as experienced as some other companies
- No other financial services offered
- Rates are higher than some other financial companies
If you’re looking to compare offers on personal loans, then let HouseholdQuotes help you find the best loan available for you!
For more information on home improvement loans, read our guide.