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Representative 49.9% APR (variable). Representative Example: If you borrow £1,000 over 12 months at a Representative rate of 49.9% APR (variable) and an annual interest rate of 49.9% (variable), you would pay 12 monthly instalments of £103.06. The total charge for credit will be £236.72 and the total amount payable will be £1,236.72.

Lending Stream: A Factual Overview

Lending stream is a UK-based microcredit company that provides short-term loans, repayable in instalments over a period of six months. The company started operating in 2008 and offered loans in the same year. The company targets people who are in financial need, but require a quick soft loan to sort out their issues. Unlike payday loans, Lending Stream gives its customers a period of six months to repay their loans in instalments.

If you are using the service for the first time, you can apply for a maximum of £800. Returning customers can apply for £1,500 as the maximum loan. The company allows customers to apply for loans through the company’s website or app. The company accepts applications around the clock even during holidays.

Lending Stream encourages its customers to repay loans earlier to avoid unnecessary interests. Moreover, the company provides customers with an online account with tools they can use to check outstanding balances and make payments.

However, before you get the loan, the company will have to conduct a brief analysis of your application to assess whether you can repay the credit in a timely manner. Nevertheless, the company is not very strict with credit assessment like mainstream lending institutions. The company operates on the premise that having a short-term financial crisis does not mean that you don’t repay loans.

A Comparison of Lending Stream with Other Lenders

Looking at Lending Stream’s representative annual pay rate (APR) is an effective way of comparing the microcredit company with other lenders. Lending Stream has an APR of 1272%, which is good according to most credit experts.

The payment schedule is another factor most borrowers consider before applying for credit. Lending Stream considers itself an alternative to payday loans. The traditional payday loan is paid back in a single instalment, which is deducted from your next pay check. However, most current payday loan providers offer their customers both multiple instalments loans and single repayment loans.

Lending Stream’s 6 month repayment period appears favourable because it enables customers to repay their loans in a timely manner without incurring extra costs. On the contrary, you could save money on interests if you repay your loan early.

The third key factor most borrowers consider before opting for a loan is the manner repayments are made. Lending Stream receives repayment through the Continuous Payment Authority (CPA). When customers apply for a loan, Lending Stream requires them to sign an agreement giving the company the authority to recover the loan through CPA.

If you agree with the terms and conditions, the company deducts loan repayments from the bank account connected to your debit card automatically.

Most people find setting up a CPA as a convenient way of repaying short-term loans because it prevents them from skipping repayments. Nevertheless, customers have the right to cancel CPA, but they will have to contact Lending Stream to set up an alternative repayment method.

The amount you repay is calculated during the application process and it’s determined by the amount you borrow and the interest your loan attracts. You can reschedule the repayment dates for your loan through the phone or email.

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