Customer reviews can tell you much about a borrower’s experience of a lender, in a way that the lender cannot.
From people who have been in your position, you can learn what it’s like to borrow from Lending Stream. You can discover the best elements of the borrowing experience (as well as any less satisfactory experiences). Also, you can learn how the lender may treat you if you’re unable to keep up with repayments.
Lenders can give you the facts about their loans. They can tell you about the lending process, but they cannot provide their own loan reviews.
Fortunately, the reviews of Lending Stream’s service are available for all of us to assess.
Lending Stream on Trustpilot
Lending Stream’s customers can post reviews on Trustpilot directly. This means that none of the comments have been edited by the lender.
On Trustpilot, Lending Stream’s reviews are overwhelmingly positive. In January 2017, the lender was ranked ‘Excellent’ with a score of 9.4 out of 10.
Whilst the significant majority of customers reviews were positive, a very small number (3.6%) had either a 1 or 2 star rating (out of 5 stars in total). These should be considered, alongside reviews from the lender’s happy customers.
“Simple and straightforward”
Many positive reviews mention that applying for a loan is simple and straightforward.
You can apply for your loan online and if your application is approved, the money could be sent to your bank in as little as 15 minutes.
Lending Stream offers deposits every hour of every day, including weekends and Bank Holidays.
“If the interest rates were lower, this would be the perfect loan. A simple, straight forward experience without having to deal with jumped up loan managers at banks. Here it takes 5 minutes or less. At the bank, even for an overdraft, they need to schedule a meeting and take far, far too long.”
“Lending Stream continue to be a very reliable and first class provider, with a good product, and a very easy to use website. Would not hesitate in recommending to anyone.”
“Disappointed after previous loans”
Some feedback of Lending Stream’s service came from longstanding customers. These are people that have borrowed at least once previously.
Some found that their loan application was refused, even though they have kept up with their financial commitments on previous borrowings.
If you’ve borrowed in the past and have repaid your debt on time, it can be difficult to understand that the same lender wouldn’t offer another loan. But, this decision will be in your best interests.
Lenders cannot rely only on your history as their customer. Your circumstances may have changed since you last borrowed and kept up with your repayments.
Lenders must run their affordability assessments for every new application. Being a good customer will not automatically qualify you for a new loan.
“I’ve used this company 4-5 times before and always paid back on time and cleared my loans. I’ve just tried to take out a loan and been declined.”
“I have 3 loans with lending stream, one fully paid off and the other 2 nearly paid off. I make my payments religiously every week. NEVER been late with any payment at all. Sometimes over pay by a small amount. So felt confident that I would be approved when wanting another small loan. Applied and it says ‘not eligible right now’ and it’s been saying that for about 3 weeks. Why?”
“Wouldn’t let me choose how long to pay back”
Many providers of instalment loans will give you a choice of loan terms.
Usually, you can opt for a shorter loan term with higher monthly payments but a lower overall cost, or a longer loan term that is more expensive but has lower monthly instalments.
With Lending Stream, this is not the case. All loans are provided on a 6 month loan term.
You cannot adjust the term to alter your instalment amounts. Some of Lending Stream’s customers find this inconvenient, though others have mentioned that they are happy to be told exactly what to pay back and when.
That said, it is important to understand that a fixed 6 month loan term does not stop you from paying your loan back early. You can still do this, if you have the money available.
Lending Stream state clearly on their website that:
“we offer what is called no-fee loans. This means there is no application fee, no transaction fees, and no early repayment fees. We have no hidden fees at all”.
“Very easy to pay the loan back early”
Repaying your loan ahead of schedule can reduce the overall cost. Many lenders calculate interest by the day, which means that you can avoid interest charges for days that haven’t yet happened.
Lending Stream makes it easy to repay your loan early.
Your usual repayments are taken directly from your bank account using Continuous Payment Authority. If you have money spare and want to completely clear your debt, you can log in online to do so.
“They think about me as a person”
According to Lending Stream, all loan applicants receive a personalised review.
Lenders are required to assess affordability, before approving a loan. Lending Stream will not only check your credit file, but will also consider other factors before a final decision is made.
Customers review this process positively, saying that they were able to get a short term loan when others might have turned them down.
“Best thing I ever did. A company that trusts you even if you have poor credit, which gives you a chance to improve your finance.”
“I am so thankful for Lending Stream. My credit is not so good and I was happy that they gave me a chance. They did not base their decision to lend me money on my credit score (which is not so great), but the fact that I have a steady income and will be able to make the monthly payments, which I am so grateful for.”
Lending Stream reviews: summary
Lending Stream loan reviews are very positive overall.
This lender has Trustpilot reviews with a total score of 9.4 out of 10 (as of January 2017).
The very small number of negative reviews are typically from customers have been unhappy with Lending Stream’s loan terms, which are set at 6 months for every single customer. Though early repayment is an option, the initial minimum loan term can give customers the impression of less control over the size of each monthly instalment (although early repayment is always an option and no fees will be charged for those that do).
An incredible amount of Lending Stream customers are very happy with the service that they receive from Lending Stream.
Many have good things to say about the application process being simple and efficient, with money quickly transferred once the loan has been approved.
If we compare Lending Stream’s Excellent 9.4 Trustpilot score with the famous ‘customer focused’ retailer John Lewis, who also have a Trustpilot account, we can see their average score is just 1.4.
British Telecom’s score is even lower, (just 0.4) we start to really build a picture of just how much work
Lending Stream do to make sure they look after their customers and give an exemplary service.
Other positive comments mention that it is easy to repay the loan early, to reduce the total cost, and that Lending Stream treats customers as individuals.
Many of Lending Stream’s reviews are written by customers that have been unable to get loans elsewhere. These customers are happy that they’ve been treated like a human by Lending Stream, with affordability checks considered more than just their current credit rating.
With so many positive customer reviews (over 1100 reviews) it is impossible to ignore the fact that Lending Stream are one of the highest rated short term loan providers in the UK today.