Lending Stream: A Last Resort for Quick Cash
Facing an emergency and need cash fast? Lending Stream might be your go-to, but it's a pricey option with APRs hitting quadruple digits.
The Quick Version
Lending Stream offers short-term loans from £50 to £1,500 with a staggering APR range of 99.9% to 1333%. This is high-cost credit, best reserved for urgent situations when all other options, like credit unions, have been exhausted. Approval is quick, often within minutes, but the interest rates are through the roof.
Lending Stream Short-Term Loan
Lending Stream short-term loan details
Lending Stream Short-Term Loan
What You Get
With Lending Stream, new customers can borrow between £50 and £800, while existing customers might qualify for up to £1,500. The loan term spans 3 to 6 months, and the representative APR is a jaw-dropping 1271%. A £300 loan over 6 months would see you repaying £578.36 in total, with monthly payments of £96.39.
What's Actually Good
The primary advantage here is speed. If you're in a bind, Lending Stream approves applications in minutes, and they consider applicants with bad credit. Over 50,000 applications get approved monthly, and with a Trustpilot rating of 4.9 out of 5 from over 30,000 reviews, they seem to deliver on their promises.
The Catch
The APR is astronomical. Even the lowest rate of 99.9% is incredibly high, making this a costly option. Plus, if you don't meet the affordability checks, you won't be approved despite the fast application process. It's also worth noting that while applying won't affect your credit score, taking the loan could.
Who Should Apply
Consider this loan if you're over 18, a UK resident with a regular income, and have no other financial options left. It's particularly suitable for someone facing a one-time emergency expense without access to other lower-cost credit options like a credit union or family support.
The Bottom Line
If you need cash fast and have exhausted all other avenues, Lending Stream can be a lifeline. Just be prepared for the high cost of borrowing. It's not the first choice for most, but in a pinch, it can get the job done.
