Lendable offers unsecured personal loans ranging from £1,000 to £25,000, with repayment terms between 1 to 5 years. The Annual Percentage Rate (APR) varies from 9.9% to 49.9%, depending on the applicant’s credit profile.
Eligibility Criteria:
- Age Requirement: Applicants must be at least 18 years old.
- Credit Assessment: Lendable evaluates applicants based on their credit history and financial circumstances. While they consider individuals with varying credit backgrounds, those with higher credit scores may receive more favorable rates.
Representative Example:
Borrowing £7,500 over 36 months results in monthly repayments of £303.27, with a fixed interest rate of 24.4% per annum. The representative APR is 29.7%, leading to a total repayment of £10,917.84, which includes a loan fee of £440.
Illustrative APRs Based on Credit Bands:
Lendable provides indicative APRs based on credit standings:
| Credit Band | Illustrative APR | Monthly Repayment (for £10,000 over 4 years) |
|---|---|---|
| Great | 14.0% | £253 |
| Good | 19.3% | £270 |
| Fair | 28.4% | £299 |
| Limited | 48.8% | £363 |
These figures are illustrative; actual rates may differ based on individual assessments.
Application Process:
- Online Application: Prospective borrowers can apply through Lendable’s website, receiving instant decisions without impacting their credit score.
- Funding: Upon approval, funds are typically disbursed on the same day.
Customer Support:
Lendable’s customer service is available seven days a week to assist applicants and borrowers.
Before committing to a loan, it’s essential to assess your financial situation and ensure the repayments are manageable. Comparing offers from multiple lenders can help secure the most favorable terms.
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