Rhiannon PhilpsMany 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) or Debt Relief Order (DRO), 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 to only 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.
NerdWallet has partnered with Monevo. Check your eligibility from a range of loan providers without affecting your credit score, including:
This loans eligibility service is powered by Monevo. The data you supply is directly submitted to Monevo and is used to retrieve loan quotes from Monevo’s panel of lenders, other loans are available in the UK loans market that are not included in this service. By using their loans eligibility service you are agreeing to Monevo’s terms and conditions and privacy policy which can be found at Monevo.co.uk. Neither Monevo or Nerdwallet Ltd carry out credit repair services. Late repayment can cause you serious money problems.
Lendable Personal Loan
-
Representative APR34.8%
-
Representative ExampleRepresentative 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%.
-
Available amounts£1,000 to £25,000
-
Available Terms1 to 5 years
-
Joint LoansNo
- 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
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 is an online loans platform that was founded in 2014. It offers unsecured bad credit loans between £1,000 and £25,000 that you can use to cover a variety of costs, including special occasions, emergency repairs, or a new car. You can borrow over terms of one to five years.
However, Lendable 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 length | One to five years |
| Time to receive funds | Within two hours |
| Need to have an account with the provider | No |
| Customer support | Phone, email |
| Trustpilot rating | 4.9 (25 October 2023) |
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
Lendable provides loans ranging from £1,000 to £25,000. You can choose to repay the loan over terms of one to five years.
If you take out a loan from Lendable, you need to pay a non-refundable loan fee as well as the usual interest charges. You don’t need to pay this fee upfront. Instead, it will be added to your loan and you will repay it through your monthly payments.
Because of this 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
If your credit score isn’t in a good place, 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. Bad credit loans are seen as riskier and come with higher interest rates than standard loans.
It’s important not to apply for loans you are unlikely to get because unsuccessful applications 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. Another course of action, such as improving your credit score or seeking professional advice, could be more suitable.
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.
- You have lived in the UK for at least three years.
- You earn at least £800 per month.
- You have no county court judgments (CCJs) or Debt Relief Orders (DROs).
Lendable may consider offering you a loan if you have a historical IVA (Individual Voluntary Arrangement), but the decision will depend on the rest of your credit history and finances.
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.
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. Read on to find out more about these features.
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. Being able to choose your repayment date is considered an important feature of a loan for 48% of respondents to our NerdWallet survey.
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.
Half of the respondents to our NerdWallet survey thought it was important to be able to clear your debt without any penalty charges.
» 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. But there are still several ways you can get in touch.
You can talk to Lendable’s customer service team via phone or email. There is a chat function, however Lendable says that when you send a question this way, a reply can take a few hours.
Phone, email and live chat were considered the three most important channels of customer support by respondents to our NerdWallet survey.
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 a rating of 4.9 stars on Trustpilot, based on over 37,000 customer reviews.
Lendable also has a 63% customer experience rating on Fairer Finance’s ranking. It came 10th out of the 27 brands that Fairer Finance looks at.
This information is correct as of 25 October 2023.
How can I apply for a Lendable loan?
Lendable offers a loan calculator that can give you an idea of what your monthly repayments would be if you borrowed a certain amount over one to five years. But remember it is only an estimate because it uses the representative APR as the cost of the loan, and the rate you receive may be different to this.
Once you know how much you would like to borrow, you can see if you are eligible for a loan from Lendable by filling in some details such as your name and income. Lendable will run a soft credit check (which won’t affect your credit score) and decide on whether to offer you a loan.
If Lendable approves your application and you get a loan quote, you can decide whether to proceed. Only then, if you’re happy and want to go ahead, will Lendable run a final hard credit check before deciding whether to transfer the money to your account. This credit check will be recorded on your credit history.
What information do I need?
When you apply for a loan from Lendable, you will need to tell the lender:
- your name, address and date of birth
- your contact details
- how much you want to borrow
- the length of time you need to repay the loan
- your income and employment status
Lendable may also ask you for copies of supporting documents, which can be uploaded or sent via email.
How long does it take to apply?
It should only take a few minutes to fill in Lendable’s online loan application form.
Once you submit the form, you should hear back from Lendable within one working day.
If your application is approved and you proceed with the loan, you could receive the money in your account within two hours. It does warn it may take a little longer during evenings, weekends and bank holidays.
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 (formally 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).
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.
