Lendable Personal Loan

Lendable provides personal loans ranging from £1,000 to £25,000 with terms between 1 to 5 years. Borrowers can check their rate without impacting their credit score, which is a user-friendly feature. Rates start as low as 8.1% APR, but can climb to a steep 48.9% APR, making it crucial for applicants to be aware of their credit standing before applying.

The representative example indicates that a £7,500 loan over 36 months incurs monthly payments of £284.52, leading to a total repayment of £10,242.72 when including fees. With an origination fee of £465, this can add to your overall costs. While the company boasts a quick funding speed, it’s wise to compare offers as other lenders may offer lower fees or better rates, especially for those with good credit.

Customer satisfaction appears decent, with over 80,000 reviews on Trustpilot averaging 4.9 stars. However, some users have reported issues with hidden fees and customer service responsiveness, which could affect your experience. For those with less-than-stellar credit, the higher APRs might not be the best choice compared to other lenders that cater specifically to subprime borrowers.