Enjoy Longer Short Term Loans repayment periods with Lending Stream Loans UK
Warning: Late repayment can cause you serious money problems
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Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290%
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Author: Internal Marketing Department
Lending Stream loan is a major player in the UK finance industry, specifically, the payday industry. Integrity, loyalty, and trust are the foundation of this lending company and these ideals define their business with their customers. This is one of the reasons why Lending Stream loans UK are so popular among the borrowers.
Lending Stream was found with a view to bring fair practices and borrower welfare into the payday lending industry, and this was a much-needed as well as a welcome change. Lending Stream believes in trustworthy and efficient lending which is very customer friendly.
Introduction to Lending Stream Loans UK
Lending Stream basically lends short term loans that are somewhat like payday loans, but are actually stretched to a longer time period, like 6 months to up to 12 months. This is a very good and very viable option for a borrower who cannot afford to take a single installment payday loan and pay it all back in a month, and Lending Stream loans UK provide the same loan over a longer repayment duration with monthly instalments. Lending Stream automatically debits the loan instalments every month from your bank account on the specified date until the loan in completed.
Lending Stream loans UK are short term loans, so the interest rate of these loans is relatively high, hence these loans are not without risk for the borrower and must be taken out in emergencies only. If you are getting a higher amount of loan, then make sure to calculate your monthly expenses and get the appropriate number of monthly instalments that will work best for you and will make it easy on your pocket to pay off the loan without exhausting your monthly balance at one go.
What is the criteria to apply for Lending Stream loans?
You must be a UK resident and should be not less than 18 years old in order to be eligible for a Lending Stream loan. You also need to have an active bank account where Lending Stream will send you the money. An active debit card is also required, which will be used by Lending Stream to automatically debit the instalments every month on time without the borrower having to visit the branch for repayments. You also need to be steadily employed with a fixed monthly income. Self-employed individuals cannot borrow this loan, so a steady job is must.
How Much Amount Can Be borrowed?
The amount of money that you can borrow as a loan at Lending Stream depends upon your profile whether you are borrowing for the first time from Lending Stream, or if you are a regular customer of the lender and have a good relationship with them and have paid all the loans back on time. If you are new to Lending Stream, you will be eligible for a loan amount of minimum £50 to a maximum £800 . If you are a loyal and repeat customer with a good repayment record, then you can borrow up to £1500. You may also borrow a loan even if you have another loan outstanding, but that depends on your financial condition and repayments being affordable on both the loans.
How Many Loans Can I Simultaneously Take Out?
It depends on your financial standing, as Lending Stream may also reject your application for a second or a third loan. But if you do satisfy their requirements for another loan, then they will approve the new loan. The criteria consists of the previous loans taken, number of loans outstanding, your monthly income, cost of the loans, etc.
What if I’m unable to make the repayment on time?
Lending Stream loans UK carry high interest rates, so it is common for a few borrowers to default on the loans sometimes. Lending Stream is bound by FCA regulations and works for customer satisfaction, so they help borrowers out in situations like that. In case the borrower is not able to make an instalment, he may or may not be charged defaulting fee depending on his relationship with the lender. If the borrower is not in a financial condition to pay back the loan, then he can request the lender to create a new repayment plan for him which will be easier on his pockets.
Editor: Please note that this article was written by a 3rd party and that the information contained within it was taken from publicly available sources. This information was believed to be correct at the time of writing but readers are advised to check out Lending Streams website carefully for up to date information and changes.