|Loan type||Unsecured personal Loan|
|Loan amounts available||£1,000 – £25,000|
|Loan terms available||12 – 60 months (1 – 5 years)|
|Age eligibility requirements||Minimum 18 years old|
|Access for lower credit scores||Some chance of approval – no IVA or CCJ statuses accepted|
|Chance of acceptance available||Yes|
|Loan pay out time after approval||1-2 hours|
|Early repayment options||Yes|
Who is Lendable?
Lendable is a personal finance company built on simplicity, speed and transparency. They take pride in working quickly with customers to get exactly what they need as soon as they can. With a new customer approved every 30 seconds, they’re well versed in personal loans.
How much can I borrow with a Lendable personal loan?
Lendable offer personal loans across a range of amounts from £1,000 up to £25,000, and have a wide range of repayment schedules. You may be able to choose anywhere from 12 months up to 5 years, though the specific amounts and repayment plans made available to you will depend on your credit score and personal circumstances.
What interest rate will I get from Lendable?
Any interest rate you’re offered from Lendable for a personal loan will be dependent on your personal circumstances and your credit score. A healthy credit score may make you eligible for a lower APR, which could make your monthly repayments lower.
If you have had challenges making repayments in the past, or haven’t borrowed money before so have a smaller history, you may find that the rates offered to you are a bit higher. This is because you may seem a riskier person to lend to.
Think you could do with giving your credit score a nudge in the right direction? Check out our top tips for improving your credit score.
What can I use a Lendable personal loan for?
When taking a personal loan out, you can plan to use it for a whole range of purposes. These can range from renovating your home to upgrading your car or funding a wedding. Popular uses of personal loans include:
Who is eligible for a Lendable personal loan?
Your eligibility for a personal loan will depend on your credit score and personal circumstances. Lenders will use these to help assess how risky it would be to lend money to you, and offers may change to reflect that. Lendable do also have some eligibility criteria of their own, and to qualify for a loan you will need to:
- Have a credit history clear of CCJs or IVAs
- Have a regular income of at least £800 per month
- Be a UK resident for at least the past 3 years.
How quickly do Lendable pay out their loans?
Lendable take pride in working quickly for their customers. As a result, they aim to make payouts within one hour of the agreement being signed and approved. Due to the process being simpler than other types of loans, personal loans are often a lot quicker to underwrite and approve, and there is less paperwork involved.
Can I repay a personal loan early?
Yes, with Lendable you can make early repayments or extra repayments towards the balance of the loan at any time. There are no hidden fees to do so. This means that if you find that your financial circumstances change, you may be able to save money on interest.
Are there any added benefits to a Lendable personal loan?
Lendable have a number of great reasons to choose them for a personal loan:
- Fast pay out of funds, with the average time being one hour from signed approval
- Options to overpay or repay your loan early without fees
What should I consider before taking out a Lendable personal loan?
As with any form of borrowing, you should only apply for and agree to borrow amounts that you are confident you can afford to repay.
- You may need to provide proof of identity
- You may need to verify your bank details
- Your loan offer will be subject to final lender and fraud checks
- Lendable may reach out to you if they need to check details or ask any further questions about your application
- Missed repayments can negatively affect your credit score
How do I check my eligibility for Lendable personal loans?
Here at Aro, we can help you check your eligibility for personal loans with a soft check that doesn’t harm your credit score. Fill in your details and we’ll check your personal loan options with over 50 other UK lenders in minutes.
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