Lender in Focus 6.5: Lending Stream FAQ

Lending Stream FAQ

Lending Stream FAQ

Before you borrow money from any lender, there are questions that you might have.

There is a very good chance that others have asked the same things.

This Lending Stream FAQ will provide the answers to some of the most popular questions. It may provide everything you need to know about the lender and the borrowing process.

Who is behind Lending Stream?

Lending Stream is a brand name used by Global Analytics.

Global Analytics has been in existence since 2003 and is also behind Drafty, which is another product for short term loans in the UK.

The UK office for Lending Stream is:

Wisteria Grange Barn
Pikes End
Pinner
London
HA5 2EX

Lending Stream is registered with the Financial Conduct Authority. Also, they can be found on the Financial Services Register using the reference number 689378.

What kind of loans does Lending Stream offer?

Lending Stream’s short term loans are for customers that need up to £1,500.

All loans are set up on 6-month repayment terms. This means that instalment amounts are decided by the lender and cannot be altered by the borrower.

All customers have the option to repay their loan early. This may reduce the total cost of the loan, by lowering the overall interest.

What is the APR of a Lending Stream loan?

Loans from Lending Stream are provided at a representative APR of 1,272%.

An APR is representative if at least 51% of people achieve it.

How can I apply for a loan from Lending Stream?

Lending Stream offers online loan application.

Customers must decide how much they want to borrow, up to the maximum.

Lending Stream requires some personal details. The lender will also ask about income and expenditure, as well as details of employment.

Once you have filled in the online application form, you will be given details of any loan that you might be approved for. These details will tell you the total repayable amount, along with your monthly instalment dates and figures.

If everything is in order and your application is accepted, Lending Stream aims to transfer money within 15 minutes.

Are there minimum requirements to meet?

To be eligible for a loan from Lending Stream, you must:

·       Be at least 18 years old.

·       Earn at least £400 per month, in regular employment.

·       Be a UK resident.

·       Have an active UK bank account, including a valid debit card.

The lender will assess affordability during the application process. You should not be offered a loan that you cannot afford to repay. But, you can save yourself time by only applying for a loan that you know you can afford.

Will Lending Stream run a credit check?

All responsible lenders will check your credit file and credit score, for information about previous borrowing. Lending Stream is no exception.

You will need to give your approval in order for the lender to access your file.

A poor credit score does not necessarily stop you from getting a loan. Lending Stream may still be able to approve you. The website of Global Analytics, the parent company of Lending Stream, states:

“Our superior underwriting allows us to responsibly lend to customers who may be unwilling, or unable, to take out a loan from traditional banks. Through rigorous testing of everything from psychometric data, voice analysis software and even social media profiles, we’re able to accurately determine creditworthiness far beyond a two-dimensional credit score.”

The lender claims to review 50,000 data points whilst making a decision, with this process taking just 6 seconds on average.

Is Lending Stream a trustworthy lender?

Is Lending Stream trustworthy?

Lending Stream is part of Global Analytics, in operation since 2013. More than 1.3 million loans have been provided by Global Analytics, across both the Lending Stream and Drafty brands.

Reviews of the lender are very positive overall. On TrustPilot, Lending Stream is rated Excellent with a score of 9.4 out of 10. On Review Centre, the lender has a score of 4.6 out of 5.

The lender is authorised and regulated by the Financial Conduct Authority.

How are loan repayments taken?

Your loan will be repaid using Continuous Payment Authority (CPA). This allows Lending Stream to take payments automatically so that you don’t have to think about it.

If you decide that Continuous Payment Authority is not right for you, then you are able to withdraw this option. You will still be required to repay your debt, so must make alternative arrangements with the lender.

Repayments are over six instalments. You will be told the instalment dates and amounts when you apply for your loan. If you wish, you can repay early.

What happens if I cannot repay my loan?

If you are experiencing financial difficulty, it is important to tell the lender as soon as you can.

Contact Lending Stream. They have a responsibility to help by acting fairly and working with you.

This lender may arrange an affordable repayment plan if you cannot keep to your original agreement.

You should make Lending Stream aware as soon as you believe that you will be unable to make your next repayment. This gives the lender as much time as possible to find a satisfactory solution.

You can contact a debt charity if you are struggling with multiple lines of credit. Or, if you are concerned about your ongoing financial situation.

How do I contact Lending Stream?

You can contact Lending Stream by calling 0203 564 7028.

You can also use the online contact form or email info@lendingstream.co.uk.

The phone lines are open from 8 am to 8 pm each day.