Finding a reliable, fast and transparent loan can seem like a daunting task. With so many options available on the market, it’s normal to have doubts about which institution offers the best conditions and the safest process. If you live in the UK and are looking for a simple, straightforward personal loan with fast approval, Lendable could be the ideal choice.
In this guide, we’ve gathered all the essential information about Lendable loans. Here, you’ll learn how it works, what the advantages and disadvantages are, what it can be used for, how the credit analysis is done, and much more. Let’s get started!
Why do we recommend Lendable lending?
We recommend Lendable for a few very straightforward reasons. The company presents itself as a modern and efficient platform that focuses on simplicity, agility and transparency as the main pillars of its operations. But let’s delve a little deeper into these points.
100% digital and paperless process: the entire application process is done online. There are no physical forms, queues or need to send documents by post. This makes everything faster and more practical.
Same-day deposit: After approval, the requested amount is usually transferred to the customer’s account within a few hours. For those in a hurry, this is a significant advantage.
Simulation without impact on your credit: before even confirming the request, you can simulate the loan to see what rate will be offered. And the best part: this does not affect your credit score.
High trust ratings: With over 75,000 reviews on Trustpilot and an average of 5 stars, Lendable earns the trust of its customers by offering a consistent and secure experience.
Official regulation: the company is authorized and regulated by the Financial Conduct Authority (FCA), which guarantees greater legal security and compliance with British laws.
What can I use the loan for?
One of the great advantages of a personal loan is the freedom to use it. At Lendable, this is no different. You can use the approved amount in whatever way makes the most sense for your life, as long as you follow the terms of the contract. Here are some situations in which this type of credit can be useful:
Pay off or consolidate debts: consolidating several debts into one can help reduce interest and make monthly financial control easier. You can use the loan to pay off credit cards, financing and other debts.
Renovating or making improvements to your home: if you need to invest in repairs, updates or improvements to your property, a loan can be a good way to finance the work without having to rely on long-term bank financing.
Buying a car or motorcycle: even if you have part of the amount available, the loan can complement the purchase of a new or used vehicle.
Cover emergencies and unforeseen events: medical expenses, last-minute repairs or any other type of unexpected expense can be quickly covered with the amount obtained.
Investing in education or career: If you are thinking about taking a course, participating in training or starting a business, a loan can help make your plans possible.
Planning a special occasion: weddings, trips, birthday parties or other celebrations can be financed with this credit, ensuring that everything goes as you imagined.
Advantages and disadvantages of borrowing
Before you apply, it’s essential to understand the pros and cons of this choice. Below, we’ve clearly outlined what you can expect from a Lendable loan.
Advantages of Lendable Loan
Simplicity: The company’s website is easy to use, and the entire process is intuitive and quick. You don’t need intermediaries or physical agencies to apply.
Speed in releasing funds: the money can be deposited into your account on the same day it is approved, which is ideal for urgent situations.
Total transparency: when you run the simulation, you can see all the fees involved, the final amount and the monthly installments, without any fine print or unpleasant surprises.
Variety of profiles accepted: even those who do not have “perfect credit” can be accepted. The company works with different credit ranges.
Initial consultation without impacting your score: you can see your rate without compromising your credit score, which is great for comparing offers safely.
Regulation and security: As we mentioned, Lendable is regulated by the FCA, which guarantees greater security for you as a consumer.
Service rated positively: thousands of British customers have already used the service and recommend it based on their own experience.
Disadvantages of Lendable Loan
Loan fee included: a contracting fee is added to the total loan amount, which may increase the final amount to be paid.
Higher interest rates for limited credit profiles: If your credit history is weak, the interest rate can be high, reaching up to 49.9% APR.
Limited amounts: The minimum amount is £1,000 and the maximum is £25,000. Those who need a larger loan may need to look for other options.
Fixed repayment term: the loan has terms between 1 and 5 years, which may not suit those looking for smaller installments with longer terms.
How is credit analysis done at Lendable?
Credit analysis is an essential step in determining whether you will be approved, how much you can borrow, and what the rate will be. At Lendable, this assessment is based on clear and objective criteria. Here’s how it works:
Initial check with no impact on your score: in the first stage, a light check is carried out, which evaluates your profile and presents you with an offer without harming your credit score.
Complete analysis if you accept the proposal: if you go ahead and accept the loan, a more in-depth inquiry (hard check) will be carried out, which may be recorded in your credit history.
What is analyzed: The company considers your credit history, monthly income, financial stability, length of residence in the UK (minimum three years) and other relevant information.
Credit bands used: Depending on your score, you will be placed in a band that determines the rate and amount of the installment. The bands include: Great, Good, Fair and Limited.
Is there a maximum and minimum loan amount for Lendable?
Yes. Lendable works with a well-defined range for personal loans, both in terms of amount and term. See the details:
Minimum loan amount: £1,000
Maximum loan amount: £25,000
Available terms: 1 to 5 years
Annual Interest Rate (APR): ranges from 9.9% to 49.9%, depending on your profile
The loan is fixed, meaning you know exactly how much you will pay each month until the end of the contract. This gives you more predictability and security when planning your finances.
Representative example from the website: A loan of £7,500 to be repaid over 36 months, with monthly instalments of £303.27. The annual interest rate is 24.4% (fixed) and the representative APR is 29.7%. The total amount to be repaid, including the loan fee, is £10,917.84.
Want to apply? Learn how to get a loan from Lendable right here
Now that you know all the details about Lendable loans, you can make a more informed decision. If you are considering this option to resolve a financial issue or to support a personal project, know that the process is simple and straightforward.
Lendable has developed an intuitive platform that allows you to simulate, compare and apply for loans safely and quickly. You don’t need to leave your home or deal with complicated bureaucracy.
Want to know if you’re eligible and how much you can borrow? Just click the button below.
