Lending Stream is a direct lender based in the UK that has been offering online short term loans since 2008. Customers can apply to borrow an instalment loan of up to £800 as a new customer or up to £1500 as a returning customer, over a time period of 6 months. Loan applications are made by completing a quick and easy online form. You will need to enter your personal details, some financial information, such as your income and expenditure, as well as your employment details. Lending Stream see themselves as an alternative to payday loans as they allow their customers to repay their loan in instalments over 6 months.
Lending Stream offers loans 24 hours a day, 7 days a week. If your loan application is approved, the loan funds will be sent to your nominated bank account in under 90 seconds in most cases. Lending Stream transfers their loans via the Faster Payments Service so the funds should be available in your account within a few minutes of the transfer being completed, depending on your bank’s procedures.
There are two ways to repay your Lending Stream short loan:
If you want Lending Stream to collect your repayments for you, they will use Continuous Payment Authority, or CPA, to take your loan repayments automatically from the bank account that's linked to your debit card. It is important that you notify Lending Stream if you change your debit card so that they can update your repayment method. If you want to repay your loan ahead of your scheduled repayment date, you can log in to your account and make your payment online. You’ll pay less overall as they only charge interest for the days that you actually have the loan and there are no early repayment fees to pay.
Lending Stream is authorised and regulated by the Financial Conduct Authority.