Lending Stream is one of the lending platforms that offer short-term loans that are designed to provide the convenience of easily accessible and quick loans. They offer a good option compared to traditional loans or payday loans. The latter usually features a single repayment.
Lending Stream describes itself on its website as a good alternative to Payday loans because it eases the borrower’s burden from having to pay a bulk amount in just a few weeks. A lending Stream loan allows the borrower to repay the loan in six months through monthly installments, thus making the repayment less of a burden. The loan also attracts some interest which is calculated and included in the monthly repayments. This type of loan also allows borrowers to save some cash on interest.
The lending platform is based in the United Kingdom and it is regulated by the Financial Conduct Authority (FCA). Lending Stream loans are only available to residents of the UK, which means that foreigners or people who live in other countries cannot access this type of credit.
How to apply for a Lending Stream loan
The process of applying for a Lending Stream is relatively easy.
- Log in to the website of the lending service and if you do not have an account, simply sign up for one. Once you are done with the login, you will access the platform’s interface.
- Select your preferred loan size.
- Provide the required personal information.
- Wait for the system to analyze your financial situation to determine your eligibility.
- You will receive the decision, after which you will decide whether to take the loan offer.
- Wait to receive the cash.
Lending Streams loan eligibility criteria
There are some considerations that have to be fulfilled before one is considered eligible to receive a Lending Stream loan.
- One has to be above 18 years old.
- One has to be from the UK.
- The applicant has to have an active debit card and bank account.
- The minimum monthly income level for one to qualify is £400.
Features provided by the lending platform
- The minimum amount that one can borrow from Lending Stream is £50 while the maximum amount is £1,500.
- New customers can borrow a maximum of £800.
- The maximum loan duration for any loan is 6 months.
- The platform allows debtors to make monthly repayments.
- It uses a Continuous payment authority as its main repayment method. However, there are other repayment alternatives such as direct credit, phone payments, and online payments.
Lending Streams alternative
Although Lending Streams is a good lending service, it is not the only service of its kind that offers these types of credit. One might be interested in securing such a loan from a different service to avoid drawbacks such as the extra fees that Lending Streams charges when one fails to make a repayment on time, thus leading to more debt.
One of the good alternatives out there is Satsuma which is slightly more flexible because it allows users to spread out their repayments to 12 months rather than Lending Streams whose loan duration only allows for 6 months. Satsuma also does not charge extra fees as opposed to Lending Streams.