Lendable loans: At a glance
Lendable Personal Loan
1 to 5 years
£1,000 to £25,000
29.7%
No
Representative APR 29.7%. Based on a loan of £7,500 over 36 months at an interest rate of 24.4% p.a. (fixed). Monthly repayments of £303.27 and total fees of £440. Total amount payable £10,917.84. Maximum APR 49.9%.
- Must be aged 18 or over.
- Must be a UK resident.
- Must have a current account at a UK bank or building society.
- Must have an income of at least £800 per month
NerdWallet has partnered with Monevo who will check your eligibility.
Lendable offers unsecured bad credit loans that you can use to cover various costs. However, it also charges a fee as standard which will be automatically added to your loan balance.
You may be able to get a loan from Lendable if you don’t have a perfect credit history. But if you’ve had trouble with credit in the past, you should think extra carefully before applying for a loan. You are likely to face higher interest rates than someone with a better credit score, so it may be worth considering alternative options and trying to improve your credit score first.
» MORE: Best loans for bad credit
Lendable loans pros & cons
Pros
- You can get the money within two hours after your application is approved.
- You can choose your repayment date.
- There are multiple ways to get in touch.
Cons
- Lendable charges a non-refundable loan fee as standard.
- You can’t get a joint loan.
- Lendable may apply interest charges to pay off your loan early.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for a Lendable loan?
To qualify for a loan from Lendable, you need to meet the following requirements.
- You have lived in the UK for at least three years.
- You earn at least £800 per month.
Even if you meet these criteria, you aren’t guaranteed to get a Lendable loan. When you apply, Lendable will assess your overall financial situation to see if you can afford to take on a loan before deciding on your application. Lendable may also ask you for copies of supporting documents, which can be uploaded or sent via email.
Don’t apply for loans you are unlikely to get because unsuccessful applications will hurt your credit score.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
Frequently asked questions
Lendable is not a payday lender. It is an online lender that currently offers personal loans between £1,000 and £25,000. It also offers alternative products under different trading names: Zable, a credit card, and car financing with Autolend.
Lendable is authorised and regulated by the Financial Conduct Authority (FCA).