Lending Stream is an online lender that started in 2008. They don’t have any physical office and offer loans to people within the UK. They offer an alternative to payday loans. Lending Stream understands the issue with payday loans when you borrow with payday loans; you must pay that amount in full.
They understand that it isn’t always possible to do that so the loans they offer although are short term and low cost can be returned over 6 months rather than a few weeks.
The loans they give can range from £50 to £1,500 and the longer the time period you apply for, the larger the interest rates you get. Although it is an expensive way to borrow money with their maximum apr as high as 1333%, they still have flexibility in their payments, unlike other companies.
If you are a new customer, you can only apply for up to £800 but get up to £1500 you are a recurring customer. They are a part of the GAIN Credit LLC, which is a subdivision of GAIN Credit, Inc.
Lending Stream launched another credit service in 2015 called Drafty. They give credit lines instead of loans which mean you will have credit available to you as you wish, whenever you want.
The company believes that short term lending is a good thing for people who need immediate cash and could use a little help and just because you are taking out a loan does not mean that you have bad credit or are bad with money.
Types Of Loans
Lending Stream has other loans available instead of payday loans. These include quick loans, short term loans and bad credit loans. These types of loans are in turn branches of payday loans.
- Quick Loans
Quick loans are the easiest lower amount of loans that you can repay over a period of 60 days minimum. Leading stream does not provide any loans repayment less than 60 days. If you are in need of some quick cash, quick loans are better suited for you.
When applying for quick loans make sure you are dealing with a reputable lender check for their FCA approval to prevent fraud. Check the amount and loan period. Don’t forget to read the entire agreement and its clauses before signing it. Also, make sure you can afford the repayments you don’t want to take a loan and then be unable to pay it back.
- Loans For People With Bad Credit
Bad credit loans are also available. While there is no specific bad credit loan out there that the term applies is that you may be able to get a loan even if you don’t have the best credit rating.
However, with bad credit loans, you will have to pay a much higher interest rate. Bad credit applies to your history of repayments with bad credit means that you have had a good history which makes you a higher risk to give a loan to. So by agreeing to pay higher interest on the loan, you are eligible to get one.
- Short Term Lending
Short term loans are generally referred to as the loans you take for less than a year although they don’t have any set time frame. These are usually emergency loans as more luxury loans for holidays etc. are set more long term. Short term loans are also high-cost loans and they do have a high-interest rate as compared to more longer ones.
These types of loans are also not designed for occasional use as they can get pretty expensive quickly; they are best for a rainy day when you need help. If you don’t miss payments and keep regular with the loan, they can benefit you overall; however overuse, and irresponsible use of these loans can hurt your financial standing.
How To Apply
Since they are an online based company, unfortunately, you cannot physically go to one of their offices to apply for a loan you can only do so online on their website or through their app.
They were developed by the same people who first developed the fraud detection system which protected 2.5 billion credit cards from being stolen worldwide. So they realise you are more than just a number for them, they use their deep analytics and software to bet each individual application when making approvals so make sure we only lend you what you can afford.
They have a simple 4 step application, apply, verify, offer and confirm. Firstly, you will provide them with your personal information such as your name, addresses, employment details, as well as your monthly expenses.
When all the information they need has been provided then the second step to verify takes place. This may take a little bit of time as they must run background checks on you and check from credit reference agencies and fraud agencies to prevent fraud and money laundering.
Will They Speak To My Employer?
They might even call your employer to confirm your position there. Your employment can also be confirmed through a payslip. They can make a call to as well to ask for more documentation if needed to confirm your information.
After that, you will move on to the third process is “the offer”. Considering your personal circumstance and your financial situation Lending Stream will make you an offer on the amount of loan they can offer to for the time period.
You can accept that loan offer and move on to the last step or you may not, up until that you are under no obligation to acquire a loan from them. Leaving at that point also will not hurt your credit score you can leave it at that point safely.
If you do accept their offer then the last step on confirmation will take place where a representative might call to confirm your loan, you will be sent the loan agreement with the amount you would have to pay monthly. After this is done the loan will be streamed to you via bank transfer within a few minutes, and you can use it as you will.
After you receive the loan you will be charged daily interest on the outstanding loan balance which is 248% fixed. The repayments can be made through 3 methods.
You can either nominate a bank account from which Lending Stream takes out monthly payments through CPA (continuous payment authority) they do send you a reminder each month so the payment does come as a surprise to you this is beneficial to you if you cannot make the time to send the money each month or are just forgetful.
If you are not comfortable with allowing them access to your account, you can also make monthly payments through your account or by using the app you will have to make the payment each month and can also make overpayments if you want to save some of the interest charged.
While these are the most popular ways you can, if wanted also to write a cheque all you have to do for that is set up a direct debit or call customer service, and they will guide you through the process.
Eligibilities To Apply
- You must be a UK resident. The loans they offer is only available to those living there. This makes the payments easier, and they don’t have to abide but any international laws.
- You need to be at least 18 years old; this assures that you are an adult and will be able to afford the repayments after the loan has been taken.
- Be employed, earning at least £400 a month. This will prove that you will have enough money to make the repayments and keep your monthly expenses in check
- You will also require a valid debit card and a bank account to send and receive the money from.
- Lending Stream available for 24-hours a day, 7 days a week, and 365 days a year. Since they are not a physical office, they are not closed any day, and you can apply any time you want.
- It is a quick and easy application process with no paperwork unlike the other bank loans you may apply to. They just take your information on the website, and you will be done within minutes.
- You can apply in the privacy of your own home; you don’t have to get dressed and go to a bank and sit there while they go through your assets. You can just sit at home comfortably and apply.
- You don’t need the best credit score to apply for the loans. They understand the need for finances and approve your application based on many factors not just your credit score.
- They have incredibly fast decision times as well as the money transfer time. Usually, the money is in your account within the hour.
- The interest rate is quite high especially compared to most banks which have secured loans which a much lower interest rate.
- The costs can add up fairly quickly once you start adding the interest rate and the apr. If you miss a payment or 2, the amount can end up being quite hefty.
How do they make approval decisions?
They cannot guarantee that you will get approved for a loan or the amount of loan you will be eligible to borrow. They look at each application using a special credit scoring system, and they do an affordability analysis along with that. This combines to affect the approval of your loan.
If you make your repayments on time and don’t miss out on any payments, they will let you apply for higher amounts of loans the next time you apply. The process is quite easy. You just apply for the loan and sat while they assess your application. If you are eligible and get approved they stream the money to you in about 90 seconds.
How do I contact them?
They have an intricate and detailed page on their website which you can specify if you are a customer or not, the type of issue you have, a complaint, a request, a question or a request and then fill in your details.
They will then get back to you with an answer. If that is too much of a hassle, you can even call them at 0203 365 0133 or email them at [email protected] for any questions.
Lending Stream aims to help you as quickly as possible, but the response might be subjected to delays due to working hours or public holidays.
Can I change my loan repayment date?
Yes, you can. You can request a change of the repayment date of your loan by contacting them through the contact page or by calling them on the number 0203 365 0133.
You can request it online as well logging in to your online account and going on the page with ‘My Info’ you then click on the ‘change pay dates’ option where you can change the date for all your pay dates for the loan or by only updating the next pay date. It is also important that you keep the details for your existing pay date with you when applying for a new one.
How does continuous payment authority (CPA) work?
Continuous payment authority works as a way of collecting the repayments from your bank account that is connected to your debit card automatically. You do give permission for it when you are applying for the loan.
CPA is an easier way of money collected and reduces the chance of you missing the payments. You can, however, cancel CPA at the time you want; you will just need to arrange another way to make the payments, like online payments or making a payment over the phone you can contact them to find an alternative way for you to pay if you choose to cancel CPA.