What loans does Lendable offer?
Lendable says it offers ‘fast loans at fair rates’. Our guide looks at what the company provides to help you decide whether it might be the right borrowing solution for you
Who is Lendable?
Lendable is a UK-based online lending platform founded in 2014. Based in London, it offers personal loans through a paperless, digital process.
By leveraging technology and data, Lendable aims to provide quick and straightforward loan applications, with funds often available on the same day.
The company is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of CIFAS, the UK's leading fraud prevention service.
What types of loans does Lendable offer?
Lendable offers unsecured personal loans to UK residents, providing quick access to funds for various purposes. Whether you’re looking to purchase a car or make home improvements, you can choose how you use the money.
There are just a few exceptions, such as not using it for gambling. The Lendable platform is designed for speed and efficiency, often delivering instant decisions and same-day funding upon approval.
You can borrow between £1,000 and 25,000 with Lendable, with terms ranging from one to five years. This represents a typical sum and repayment period for lenders that offer unsecured loans in the UK.
Lendable loans aren’t intended to be used for short-term credit. So they don’t offer loan terms of less than 12 months.
While you could still pay your loan off early, it’s worth considering that unlike some other lenders, Lendable charges a non-refundable loan fee that will not be returned.
Lendable outlines two key criteria potential customers should be aware of:
You regularly get paid at least £800 per month
You have been living in the UK for at least three years
Lendable has its own eligibility checker, which can perform a soft search on your finances and give you the likelihood of approval before you apply. This helps you avoid being turned away with a mark left on your credit rating.
Lendable says that once approved, the money should be in your account pretty much immediately, but can take up to two hours and sometimes longer during evenings, weekends and bank holidays.
Lendable charges a one-off loan fee that covers costs associated with the loan, including set-up and servicing. The fee is added to the amount that customers borrow. It means that while they won’t have to find the money upfront, the fee will accrue interest over the term of the loan.
Lendable doesn’t state any fees for missed payments, but you should check the specific terms of any contract before signing. Missed payments will be added to the end of your loan term, which may extend your loan term and could lead to additional interest. Frequent missed payments could also damage your credit file.
How much can I borrow with Lendable?
Can I take out a loan for less than one year?
What is the eligibility criteria?
How quickly will I receive the money?
Are there any fees or charges?
What costs are included in the Annual Percentage Rate (APR) of my loan?
The APR tells you the rate of interest you will pay each year for your loan and includes both the interest rate of your loan and your loan fee amount.
You should be told the exact APR and the total cost of the loan before you sign the agreement.
Can I top up my Lendable loan?
You cannot top up an existing loan, but if you've maintained a good repayment record and meet their eligibility criteria, you may qualify for a second loan. You can't have more than two separate loans from Lendable at the same time.
Why compare loans with MoneySuperMarket?
MoneySuperMarket allows you to compare loan options from prominent UK providers across the market. Our eligibility checker evaluates your credit profile to show loans you're likely to be approved for, without impacting your credit score.
We display key loan details upfront, such as potential interest rates and terms, and you can sort by overall cost and approval likelihood, ensuring you secure the most favorable loan for your financial goals.
