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Published 30 April 2024
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Lendable Loans Review: Bad Credit Loans Pros, Cons & Features

Lendable offers unsecured bad credit loans that you can use for a range of purposes. It may consider applicants with less-than-perfect credit scores.

Many or all of the products and brands we promote and feature including our ‘Partner Spotlights’ are from our partners who compensate us. However, this does not influence our editorial opinion found in articles, reviews and our ‘Best’ tables. Our opinion is our own. Read more on our methodology here.

Lendable loans: At a glance

You can borrow between £1,000 and £25,000 from Lendable, and you may be eligible for a loan even if you don’t have the best credit history. While Lendable can’t offer you a loan if you have a county court judgment (CCJ), for example, it may still consider your application if you have a less-than-perfect credit score.

Lendable could be an option if you need the money relatively quickly. Once it approves a loan application, it aims to transfer the funds to your account within a couple of hours.

Unlike many lenders, Lendable charges a non-refundable fee with every loan. It is taken into account in calculating the annual percentage rate (APR), added to your loan amount and paid off through your monthly repayments.

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. Missing payments will make an already bad credit score worse.

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Lendable Personal Loan

4 NerdWallet's ratings

1 to 5 years

£1,000 to £25,000

34.8%

No

Representative APR 34.8%. Based on a loan of £7,500 over 36 months at an interest rate of 30.1% p.a. (fixed). Monthly repayments of £319 and total fees of £360.00. Total amount payable £11,497. 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. Check your eligibility with this lender and from a range of loan providers without affecting your credit score.

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. 

Important information: Neither the review or star ratings considered lending rates, and therefore does not reflect how much it costs to borrow from these lenders. Loans for bad credit consumers can come with very high interest rates. Always check and compare a lender’s rates against others on the market when considering a bad credit loan. The rate you are offered will be dependent on your circumstances, loan amount and term, and may differ from the advertised rate. If you have poor credit, only borrow if it is necessary and you can comfortably afford repayments.

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.

The pros and cons featured here are chosen by us based on a combination of our expert opinions from our research of the bad credit loans market and an exclusive survey of UK consumers conducted on behalf of NerdWallet UK in February 2023 to identify the features of bad credit loans that people feel are most important. They are not the only product features and restrictions that you should consider. You should align them to your personal circumstances. Information was correct at the time of publication but may have changed since. Rates have NOT been considered in our review of this product.

Lendable loans overview

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.

If you do decide to get a loan, you could receive the money in your account within two hours. 

Amount borrowable£1,000 to £25,000
Term lengthOne to five years
Time to get a decisionInstant
Time to receive funds once approvedWithin two hours
Customer supportPhone, email

You could also consider using a loans eligibility service to conduct a soft search across multiple lenders to give you your likelihood of a successful application against several different loans, without affecting your credit score. But check how many lenders the service you use checks and that it only uses soft searches.

Where Lendable loans stand out

You can borrow up to £25,000

Lendable can offer loans of up to £25,000, which is more than other lenders that also consider applicants with patchier credit histories. While there are lenders that can offer larger loan amounts, these typically have stricter eligibility criteria and require you to have a good or excellent credit score, for example. But, remember you should only ever borrow the amount you need, even if you are eligible to get a bigger loan.

You could get your money within two hours 

After your application has been approved, Lendable aims to transfer the money to your account within two hours, although it could take longer. This is a relatively quick turnaround and it means you shouldn’t be left waiting for days before you can spend the money.

You can choose your repayment date 

When you apply for a loan from Lendable, you have the option to choose the date that your payments leave your account. This means you can pick a date that suits you, such as the day after you get paid. Keep in mind changing your payment date could affect how much interest is charged depending on how this is calculated for your loan.

Where Lendable loans fall short

Lendable charges a loan fee 

Lendable is one of the few lenders that charge a fee as standard. This is non-refundable and is added to your loan amount, to be repaid through your monthly payments. The size of the fee will depend on your situation. The loan fee and the interest due on it are taken into account in calculating the annual percentage rate (APR) you’re offered.

This means you can still compare the total cost of a Lendable loan, including the interest charges and this fee, with loans from other lenders by looking at the APR.

Lendable doesn’t offer joint loans 

Lendable can only offer loans to individuals, not joint loans. This means you can’t submit a joint application with a family member or friend, for example.

Lendable charges interest to settle your loan early

Like many lenders, Lendable may apply several days’ interest charges if you want to pay off your loan early before the end of the term. Depending on how long you have left on your agreement, clearing your debt early is still likely to save you money on interest, even with these charges.

What type of loans does Lendable offer?

Bad credit loans

If your credit score isn’t good, you may still be eligible for a loan from Lendable. However, it will depend on just how bad your credit history is and other factors, such as your income and employment status. Be aware that applying for loans you are unlikely to get can result in an unsuccessful application that will harm your credit rating, making it harder to borrow money in the future.

And, even if you are eligible for a loan, it’s still worth considering whether borrowing money is the best option for you. Bad credit loans are seen as riskier and come with higher interest rates than standard loans.

Another course of action, such as improving your credit score or seeking professional advice, could be more suitable.

Because of Lendable’s non-refundable loan fee, the interest rate alone won’t reflect the total cost of borrowing from Lendable. This is where the annual percentage rate (APR) comes in handy. The APR takes into account the cost of the interest rate and any fees, giving you one figure to show the total cost of the loan. This allows you to compare the cost of a Lendable loan with other personal loans on a like-for-like basis.

Joint loans

Lendable doesn’t offer joint loans. You can only apply for a loan as an individual.

If you want to apply for a loan with someone else, such as your partner or a family member, you need to find a different lender.

Am I eligible for a Lendable loan?

To qualify for a loan from Lendable, you need to meet the following requirements.

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. 

Lendable loan features review

Lendable loans offer some flexibility as you can choose your repayment date and make extra payments to clear your debt faster.

Making payments

Once you have the loan, you repay it in monthly instalments over the agreed term. These payments will pay off the amount you borrowed including the standard loan fee plus any interest charges.

You can choose the date that your first payment goes out when you apply for the loan. Some lenders automatically set your first payment date to one month after your application is approved, but Lendable gives you the option to pick a different day.

By logging on to your online account or contacting Lendable directly, you can also change your repayment date during the loan term. This can give you some flexibility if your original payment date is no longer convenient for you. Keep in mind, however, that changing the repayment date of a loan could change how much interest you pay depending on how this is calculated for your loan.

Overpayments

Lendable won’t charge you if you want to make an overpayment on your loan. You can say how much you want to pay towards your loan on your online account, and Lendable will take this amount via direct debit from your bank account.

Making an extra payment on your loan will help you to clear your debt faster, as well as meaning you pay less interest overall. Before making overpayments, always check the terms of your loan as there may be limits on how much you can overpay.

Paying off a loan early

If you’re in a position to do so, you can choose to pay off your Lendable loan in full before the end of the term. However, Lendable, like many lenders, may charge up to 28 or 58 days’ interest if you want to pay off your loan early, depending on your remaining loan term. You can go to your online account or contact Lendable if you want to settle your loan early.

» MORE: Paying off a loan early

Additional borrowing

If you have an existing loan with Lendable and want to borrow more, you would need to take out a separate loan. Lendable will assess your circumstances and your application to decide whether you could afford to take on this extra borrowing.

You will only be eligible to take out another loan if Lendable thinks you have managed your existing loan effectively and made a certain number of repayments on time, for example.

Any new loan application will be based on your circumstances at that point in time, including affordability. You can usually choose to clear the debt of your old loan with the new loan to keep to one monthly repayment, but if your new loan has a higher interest rate or you extend the term it will cost you more in the long run.

Customer support

As an online lender, Lendable doesn’t offer face-to-face support. However, you can talk to Lendable’s customer service team via phone or email. 

When you have a loan with Lendable, you will also get an online account that you can use to manage your loan, such as changing your repayment date or making an extra payment.

Customer ratings

Lendable has an ‘Excellent’ rating on Trustpilot, based on over 48,000 customer reviews.

Lendable also has a 63% customer experience rating in Fairer Finance’s ranking of personal loan providers. 

This information is correct as of 29 April 2024.

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:

Frequently asked questions

Is Lendable a payday lender?

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.

Is Lendable safe?

Lendable is authorised and regulated by the Financial Conduct Authority (FCA).

Review methodology

At NerdWallet UK, we base our reviews and our ‘Best’ pages on the results of surveys we undertook about what was important to people who use these products. This allows us to look at products impartially of any commercial arrangements we have and fairly rate the products on the same set of criteria.

Best means our ‘Best’ and is based only on what products we have aligned to our surveys, which form the basis of our reviews and ratings. This means that there will be other products on the market that we have not included in our ‘Best’ pages. Best does not mean it’s best for you, nor does it mean the ‘cheapest’.

Our reviews may display lenders’ rates. This additional information has not been included in our evaluations but is still very important when choosing a product. Rates offered can depend on circumstances, amount and term. Always check details before proceeding with any financial product.

Product details reflect the information that was available at that time but may have changed since. We strive to give you a review on as many products as possible, but there will be products not included on the market. The review is our opinion, but it does not constitute advice, recommendation or suitability for your financial circumstances.

You can view our full review methodology here.

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