Lending Stream Loan: A Last-Ditch Option
Facing a cash crunch? Lending Stream might cover you, but at sky-high costs. Here's why it's a last resort.
The Quick Version
If you're eyeing a Lending Stream short-term loan, brace yourself for the APR: it ranges from a staggering 99.9% to 1333.0%. While approval takes mere minutes, the cost of borrowing could leave you reeling. Consider this only if no other options, like a credit union, are available.
Lending Stream's high APR makes it a costly lifeline.
Lending Stream Short-Term Loan
What You Get
Let's talk numbers. You can borrow between £50 and £1500 for terms of 3 to 6 months. The representative APR is a jaw-dropping 1271%. Borrowing £300 over 6 months? Expect to repay £578.36. Approval is quick, but the cost? Brutal.
What's Actually Good
If your credit score is less than stellar, Lending Stream might still say yes. They consider bad credit, and an application won't ding your score unless you go through with the loan. Plus, they've got an impressive 4.9 out of 5 on Trustpilot from over 30,000 reviews, which says something about customer satisfaction.
The Catch
The eye-watering APR is the biggest downside. We're talking 1271% representative APR. Also, while the approval is swift, it could lead you into a cycle of debt if you can't keep up with the high repayments over the short loan term.
Who Should Apply
This loan is for UK residents over 18 with a regular income and a bank account. If you're scraping the bottom barrel of credit scores and need cash fast, this might be your only option. But tread lightly; only borrow what you can realistically pay back in a few months.
The Bottom Line
Lending Stream loans are high-cost, short-term solutions best left as a last resort. Looking for something more manageable? You might want to check out alternatives like credit unions or lower-APR loans. If you're considering home improvements, take a look at the Hitachi Home Improvement Loan for a potentially more affordable option.
