Lendable Unsecured Loans

Compare rates and check your eligibility* for personal loans from Lendable.

Lendable Loans logo

We do not include Lendable Unsecured Loans in our comparison tables, but you can compare other top UK lenders:

Compare loans from top UK lenders
Compare Now

What our Nerds say about Lendable loans

RHIANNON PHILPS

LEAD WRITER

Lendable is a direct lender that was founded in 2014. It offers unsecured personal loans that you can use to cover a variety of costs, including special occasions, emergency repairs, or a new car.

You can get a quote for a loan from Lendable without affecting your credit score. You just need to fill in the required information, and Lendable will run a soft credit check to see if you are eligible for a loan. And if so, what interest rate you could be charged. This quote is subject to final affordability checks.

Lendable personal loans

Personal loans ranging from £1,000 to £25,000 are currently available from Lendable.

You can choose to repay the loan over terms of one to five years.

When you take out a loan from Lendable, you need to pay a non-refundable loan fee. This is added to your loan and you repay it through your monthly payments.

Lendable allows you to see if you qualify for a loan without affecting your credit score.

Lendable loan interest rates

Like other lenders, Lendable charges interest on its personal loans. The interest rate you receive will depend on your credit score and the level of risk that Lendable thinks you present. The amount you borrow and the repayment term can also affect the rate of interest.

However, because Lendable charges a fee on all their loans, the interest rate alone won’t reflect the total cost of borrowing from Lendable.

To see how much a Lendable loan will cost you over the course of one year, including interest charges and standard fees, you should look at the annual percentage rate (APR). All lenders provide a representative APR, which makes it easier to compare the cost of loans from different lenders on a like-for-like basis.

Bear in mind that there is a difference between a personal APR and a representative APR. Your personal APR is calculated by the lender, based on the information you provide.

By contrast, representative APR is the rate that 51% of people who successfully apply for a loan will receive. You are not guaranteed to get this rate if you apply for a loan, as you could be one of the 49% that is charged a higher rate.

Can I get a secured loan from Lendable?

Lendable only offers unsecured loans, not secured loans.

Secured loans are a type of lending that use a high-value item, such as your home, as security. This security minimises the risk to the lender as it can repossess this property if you fail to repay the loan.

Pros and cons of Lendable loans

There are advantages and disadvantages to Lendable loans.

Pros

  • You can get a quote from Lendable without affecting your credit score.
  • There are no early repayment fees.
  • Once approved, you could receive the money in your account within two hours.

Cons

  • Lendable charges a fee as standard, which is added to the loan amount.
  • Lendable doesn’t offer joint loans or guarantor loans.

How do Lendable loans work?

You can apply for a loan from Lendable online by filling in some of your personal and financial details. Lendable will use this information to provide a loan quote, so you can see the interest rate you would be charged.

If you want to proceed with the loan application, Lendable will need to run a hard credit check before they can authorise payment of the loan.

Once you have the loan, you will need to repay it in monthly instalments over the agreed term. These payments will pay off the amount you borrowed, as well as the interest charges and the standard loan fee.

Can I pay off my Lendable loan early?

Lendable allows you to pay more than your monthly payment at no extra cost. You can also repay your loan in full before the end of the term.

Can I top up a Lendable loan?

If you have an existing loan with Lendable and want to borrow more, you would need to take out a separate loan. Lendable will assess your circumstances and your application to decide whether you could afford to take on this extra borrowing.

What if I miss a payment?

If you miss a payment, you could be charged a late payment fee. The late or missed payment could also be reported to a credit reference agency, which may affect your credit score.

If you think you won’t be able to make a loan payment, you should contact Lendable before the payment is due. Lendable could explain the options that are open to you and may be able to work with you to create a new repayment plan that you can afford.

What can I use a Lendable loan for?

Lendable doesn’t specify what its loans can be used for. You would need to check with the lender directly if you have any specific requirements. Some of the reasons for taking out a loan may include:

  • buying a car
  • paying for emergency repairs
  • making home improvements
  • paying for holidays, weddings, or other special occasions
  • consolidating debt

Lendable loans eligibility criteria

To qualify for a loan from Lendable, you need to meet the following requirements.

  • You have lived in the UK for at least three years.
  • You earn at least £800 per month.
  • You have no county court judgments (CCJs).

Even if you meet these criteria, you are not guaranteed to get a loan from Lendable. When you apply, Lendable will assess your overall financial situation to see if you can afford to take on a loan and make a decision on your application.

Can I get a Lendable loan with bad credit?

If you have a poor credit score, you may still be eligible for a loan from Lendable. However, this will depend on how bad your credit history is and other factors, such as your income and employment status.

If you have any CCJs, you won’t be eligible for a loan from Lendable.

» COMPARE: Loans for bad credit

How to apply for a loan from Lendable

When you apply for a loan from Lendable, you will need to tell the lender:

  • your name, address and date of birth
  • your contact details
  • how much you want to borrow
  • the length of time you need to repay the loan
  • your income and employment status

At this point of the application process, Lendable will run a soft credit check. This won’t affect your credit score.

Lendable will use all this information to assess your application and decide whether to offer you a loan. This information will also determine the rate of interest you would be charged.

Lendable may ask for supporting documents, which can be uploaded or sent via email

Once you have a quote, you can decide whether to proceed with your loan application. If you’re happy and want to get this loan, Lendable will run a final hard credit check before transferring the money to your account.

This credit check will be recorded on your credit history.

» COMPARE: Personal loans

How long does a Lendable loan take?

It should only take a few minutes to fill in Lendable’s online loan application form.

Once you submit the form, you should hear back from Lendable within one hour, although it could take longer if you apply outside working hours.

If your application is approved and you proceed with the loan, you could receive the money in your account within two hours.

Lendable customer reviews

Lendable has a rating of 4.9 stars on Trustpilot, based on over 19,200 customer reviews.

This information is correct as of 30 September 2022.

Lendable Loans FAQs

Is Lendable a payday lender?

Lendable is not a payday lender. It is an online lender that currently offers personal loans between £1,000 and £25,000.

Does Lendable affect your credit score?

The initial application for a loan from Lendable won’t affect your credit score as it only involves a soft credit check. However, if you accept the loan quote and proceed with your application, Lendable will run a hard credit check before transferring the loan into your account. This hard credit check will appear on your credit report and could affect your score.

Your Lendable loan repayments will also be recorded on your credit history and could affect your score.

Featured brands

Compare Now