Lending Stream
| Some quick information about our Lending Stream review. | |
| APR (%): 3092.2% typical | Loan Amount: £1,000 (£480 new applicants) |
| Typical Charges: 30% | Additional Charges: £15 (Transfer fee) |
| Credit Check?: Yes | Debit / Bank Required?: Yes |
| Payment time (estimate): Same day |  |
What you need to know:
The main thing to watch out for with Lending Stream is the same day or “express cash” delivery. While the charge of £15 is slightly high but roughly in line with the majority of its competitors, there are no express cash transfers over the weekends and if you application is approved after 3pm then you will have to wait till the next day to receive your funds.
It’s also worth noting that the maximum charge on your payday loan will vary depending on the duration of the loan. Shorter periods generally mean a lower interest rate. We are a little bit concerned about the lack of transparency in this respect.
We are impressed by the willingness of Lending Stream to vary the rate of interest due relative to the duration of the loan however we are concerned about the lack of transparency – you specific interest rate will only be declared AFTER you make your loan application.
Other lenders like Wonga are more transparent in their offering and give an upfront fee to consumers regardless of their credit history – if they’re accepted then they will pay what has been offered. We feel that Lending Stream could benefit from applying a similar system.
Criteria:
In order to qualify for a loan with Lending Stream you must be over the age of eighteen years old and be in possession of a valid UK bank account and debit card – your debit card should be linked to the account to which you wish to deposit the funds.
Lending Stream does not accept applications from people with an overdraft or who are paid weekly as opposed to monthly. You must also have an after tax income of £750 per month.
Customer Service and Complaints:
This is where it all falls down somewhat. Some consumers have reported being rejected on countless occasions with little to no indication as to why.
Overall:
Lending Stream appear to have the makings of a good payday loan company however we have to fall short of recommending simply due to the negative consumer experiences surrounding the company. We are also slightly concerned about the lack of transparency.
