Lender in Focus 6.2: Lending Stream Advantages



Lending Stream provides straightforward short-term loans that are both fast and flexible. CashLady takes a closer look at Lending Stream advantages.

Lending Stream advantages include flexible short term loans

Also, Lending Stream offers its new customers the opportunity to borrow from £50 to £800. This can be paid back in flexible repayments over a period of up to 6 months.

Existing customers can borrow more

If you have demonstrated good borrowing behaviour, you are able to apply for higher loan amounts than new customers.

Existing Lending Stream customers can apply to borrow amounts of up to £1,500.

Personalised review

Lending Stream uses an affordability analysis and credit scoring system to assess your ability to repay your loan. They will use their algorithm to analyse your unique situation.

Lender in Focus 6.2: Lending Stream Advantages

Although, Lending Stream do carry out credit checks on all their customers. Their decision should not be based solely on your credit record.

Their affordability analysis allows them to consider a wide range of factors, besides to your credit score. This is in order to make a decision about whether they can approve your loan application and how much they can lend you.

Lending Stream advantages include an instant decision

After you have completed and submitted Lending Stream’s online application form, you should receive an instant decision. That is, as to whether they can approve your loan application.

If you are approved for a loan, you will also be informed of how much you are eligible to receive.

Money transfer process initiated within 15 minutes

If your loan application is approved, Lending Stream should start the money transfer process within 15 minutes. This is through their free ‘Express Cash Transfer’ option. To use this service, your bank will need to support this type of payment. The amount of time the funds will take to reach your account will depend on your bank’s policies and procedures.

Deposits take place 24/7

Deposits take place all day and night, even on bank holidays. This means if your loan application is approved, you should not need to wait for the transfer process to be initiated, even if it is the middle of the night.

6 months to pay

up to 6 months to pay

Lending Stream markets itself as an alternative to payday loans and says that they will ensure that you are set up with affordable payments. This is why they give their customers up to 6 months to repay their loan.

Early repayment at no extra cost

One of the Lending Stream advantages is borrowers are able to pay back their loan earlier than their planned repayment dates, at no extra cost.

Paying back early is possible whether you want to repay the full amount or make extra repayments each month.

You could even save money on interest if you pay back your loan earlier than planned.

Lending Stream have an app

Lending Stream has an app which you can log into and manage your loan from.

On the app, you are able to do things such as check your loan balance, make extra payments or pay off the whole amount of your loan.

Lending Stream offers the ease of Continuous Payment Authority

Continuous Payment Authority (CPA) is the permission you give to a lender to automatically collect payments from your bank account that’s linked to your debit card.

This means that you do not have to do anything to repay your loan once CPA is set up during the application process.

Application form

Customers are able to apply for a loan with Lending Stream through its online application form.

On the first page of the application form, you will be required to specify how much you want to borrow.

You will then be required to fill in information about yourself, including your name, marital status and number of dependents.

Information on where you live and where you work (including your income amount), will also need to be entered on this page. As well as disclosure of your monthly expenses.

Lender in Focus 6.2: Lending Stream Advantages

As part of the application process, you will also need to set up a Lending Stream account.

The second page of the application form requires you to complete information about your bank account. This includes your bank sort code, bank account number and debit card type.

If you want to apply for a loan with Lending Stream, you will need to read and accept their privacy policy.

You also have the option of ticking a box to say that if Lending Stream cannot approve your credit application, they are able to share your application details and personal information with carefully selected third-party providers, who may be able to help you.

Customers who wish to continue with their application will then need to enter their debit card details on the next page.

After completing this application form, you should get an instant decision regarding your loan.

If you have all the required information to hand, the application form should take around 15 minutes to complete. However, you should take the time to read Lending Stream’s terms and conditions. Including their privacy policy, before going ahead.

Who can apply? 

Lending Stream applicants must be:

•   at least 18 years old

•   a UK resident

•   in regular employment with a monthly income of at least £400.

Applicants must also have an active bank account and a valid debit card.

Cancellation policy

Under the Consumer Credit Act, you have the right to withdraw from your loan agreement within 14 days of signing it. If you wish to do this, you must contact Lending Stream as soon as possible.

To withdraw from your loan agreement, you will need to repay any money sent to you, together with any interest that has accrued on your loan.