What is Lending Stream?
Lending Stream is the perfect place if you are looking for short-term loans. This is a prominent lender known for providing money at competitive interest rates. Since 2008, they have helped millions of borrowers. It believes in helping people financially not in earning profits, which is why they provide payday loan alternatives. While other lenders provide two-week repayment period for such loans, the direct lender allows you to pay back money in six months. The maximum disbursal limit is £800 if you are a new customer, however, this amount doubles if you are a returning borrower.
The lender is part of GAIN Credit LLC, which is a sub-division of GAIN Credit, Inc, and they launched a sister company in 2015, known as Drafty that follows a different approach of lending. Drafty offers credit lines instead of loans, which means, you can apply to utilise it exactly and when you need it without reapplying.
Why Will You Choose Lending Stream?
Lending Stream may seem a perfect place to apply for small loans as they carefully consider whether a loan fits to your financial situation. The lender aims to help you finance your needs when you are running out of money, not to make it a lucrative business. Even if you apply for loans with bad credit, the lender will analyse your credit needs and affordability.
Liverpool, London, Birmingham, Leeds, Bristol, Glasgow and everywhere in the UK, the direct lending company has its presence. People, who want to approach it, can connect to it through its website or app. Whether you require money for purchasing a new car or a used one or for paying the utility bills or other household expenses, this lender has multiple lending options to offer.
Another important thing that comes in favour of the direct lender that is, most of the youngsters are its borrowers. At an average age of 32, both males and females find comfortable here to apply for any sort of loan according to their financial concerns.
Types of Loans Lending Stream Offers
Lending Stream does not provide payday loans as they think they can offer you a better alternative. The lender thinks that if you need a big amount of money, you will struggle to repay it just in two weeks. Instead, it offers loans that the borrower can pay over six months. Equal monthly instalments make the debt more manageable. However, you can pay the whole of the debt in lump sum if you wish.
The direct lender provides various types of short-term loans so that you can finance your unforeseen expenses. Here they are:
Quick loans – These loans allow you to borrow a few hundred pounds only without any credit check and also no guarantor required. Such loans are aimed at financing small unforeseen expenses.
3 Month loans – As the name suggests, you will pay off what you owe over an extended period. Since you are to reimburse the debt in instalments, you can borrow a large amount of money.
Unsecured loans – These loans let you borrow money by not pledging security. There is no fear of losing your security if you fail to pay back your debt.
Short-term loans – Lending Stream also offers short-term loans depending on how quickly you need them, how long you need them and how your credit score is. You can also apply for these loans even if your credit history is less-than-perfect. The lender provides these loans with installment feature. You will pay off the debt over six months.
Bad credit loans – The lender also provides loans to people with poor credit history as they believe that a bad credit rating is not always the result of irresponsible borrowing. The lender will not only consider your credit file but also your current circumstances and repayment potential.
Pros and Cons of Applying for Loans at Lending Stream:
Applying for loans at Lending Stream will never be a hassle because of simple and straightforward application, but at the same time, there are a few concerns of the borrowers following benefits encourage as many borrowers as possible to take out the loan.
- All short-term loans come with low interest rates. You will get the loan at competitive interest rates even if your credit score is disappointing.
- All loans are manageable as the lender allows you to repay the debt in equal monthly instalments.
- The lender is best suited to those people, who need money fast and it claims that loans are offered within 90 seconds.
- It also offers loans with no impact of borrowers’ bad credit ratings and gives approval on the basis of their repayment capacity.
- You will be given two repayment choices and lender will never impose the repayment plan on you. The choice is all yours; either the lender will take out money on a certain date or you can make individual payments from your account by using a website.
- The rates of interest have been found comparatively higher than other direct lenders in the UK.
- Some reviews about the company have also revealed that making the repayment arrangements during any change in the financial circumstances is quite tough.
- Lending Stream tends to contact borrowers on regular basis if they miss the repayments. It means that there is more likely chance of taking legal action.
Is Lending Stream different from other Direct Lenders?
Lower interest rates and longer repayment period are most commonly features that attract a large number of people, but this is not the only loan company that provides this facility. If you go in depth, you will find other lenders are a bit more flexible.
For instance, Bad Credits History (BCH) also provides instalment loans of which term vary from three months to 12 months depending on your reimbursement capacity and the loan amount. You will get customised loan deals so that you get money as per your affordability. In fact, you do not need to go under a credit check if your credit score is less-than-stellar.
More or less, all lenders follow the same approach, but you choose the one who provides most affordable deals.
Lending Stream provides short-term loans on basis of your financial circumstances so there is no risk of falling in debt.
- The application procedure is simple and very quick. I got money within a couple of hours as I put in the application. Installments have made it manageable, however, I feel that longer repayment period can cost you much more interest.
- I choose this company because they provide payday loans in instalments. I don’t need to pay back the whole of the loan in two-week period. Lending Stream considered my financial situation before disbursing money and I could settle the debt on time.
Is Lending Stream a legitimate lender?
Yes, Lending Stream is a legitimate lender and providing loans under the strict rules and regulations of the Financial Conduct Authority (FCA). All the loans carry such terms and conditions that would not put any extra burden on the borrowers.
How do I contact Lending Stream?
The direct lender has provided the facility of both by phone and through email. It always welcomes borrowers to inform it regarding any changes in the repayment or any other confusion.
Does Lending Stream perform credit checks?
Lending Stream runs a credit check to get an idea about your repayment history. Even if your credit rating is poor, your credit report will be analysed. The lender peruses the report to find out whether it is worth lending you or not. Before disbursing money, the lender will take into account your credit needs, credit score and financial status.
Does Lending Stream affect your credit?
There will be no affect on your credit rating. Instead, the direct lender helps you build your credit rating as loans are repaid in equal monthly instalments. If you pay off a small loan in lump sum, the lender will not have an idea about your credibility. They can trust that you will pay back the money only when you pay instalments on the due date. If you continue to pay each installment on time, the lender will report it to credit reference agencies and your credit score will go up.
What loan fees do you charge?
Lending Stream does not charge any fees for application and prepayment. You will pay late payment fees only when you miss your repayment. The lender will charge more than £15 in total when you fall behind repayments. Note that this could be either a single charge or spread across a few smaller charges.
How much money can you borrowed if you are approved?
If you have been applying to Lending Stream the first time, you can borrow between £50 and s£800. However, you can apply for £1500 if you have successfully applied for the loan in the past. The lender does not guarantee that you will get what you quote even if your application is approved. You are likely to get a lower amount depending on your financial circumstances.