Lender in Focus 6.1: Lending Stream Overview and History

Lending Stream overview and history

Lending Stream is a short-term lender offering fast and flexible short term loans. CashLady takes a look at the history of Lending Stream and the services it offers to its customers.

Lending Stream markets itself as an alternative to a payday loan provider. Traditionally, a payday loan is a loan paid back in one instalment on your payday. Loans paid back over two or more repayments, are known as instalment loans. Lending Stream offers instalment loans to their customers.

Also, Lending Stream provides 6-month loan products. This makes them different from a typical short-term loan provider. Typical providers would usually offer their customers various loan terms.

New customers are able to apply for loans between £50 and £800 and returning customers can apply for anything up to £1,500.

Lending Stream allows its customers to pay back their loans early, without charging them any fees or penalties. They should also allow you to modify your repayment schedule if you need to.

After filling in an online application form, you should receive an instant decision as to whether  Lending Stream can approve you for a loan. This decision should also include information about the full amount they are able to lend you.

Lending Stream will start your money transfer process within 15 minutes of receiving your account details. (If you are approved.) That is, subject to an affordability and credit worthiness assessment. Deposits occur 24/7, even on bank holidays.

Your bank will need to support this type of faster payment for you to get the funds quickly, otherwise, it could take longer.

Repayments will be taken on your pay dates through Continuous Payment Authority (CPA).

You will need to give Lending Stream permission to use your debit card, to collect repayments automatically. You can revoke this permission by contacting Lending Stream.

Borrowers are able to request to change their loan repayment dates by getting in touch with Lending Stream.

Lending Stream also gives customers the option of making online payments through their personal account, should they wish.

They also provide their customers with information about how to make good financial decisions. Also, how to put themselves in a better financial position in the future.

Eligibility Criteria to apply for a Lending Stream loan

To apply for a loan with Lending Stream, you must be in regular employment with a monthly income of at least £400. You should also be a UK resident who is at least 18 years old and have a valid debit card and active bank account.

Bad Credit applications to Lending Stream

Lending Steam understands some customers may have a bad credit rating. As such, they use an algorithm to review their customers’ unique situations. They say that their personalised checks are quick so that they can make an instant decision.

Lending Stream is a responsible lender and requires its customers to show they have a regular income. And that they can afford the loan repayments on top of any existing financial commitments.

Although they check your credit history which is considered as part of the approval process, they also take your personal circumstances into account.

However, Lending Stream says that they do not make ‘bad credit’ loans.

Company information 

Lending Stream LLC (Lending Stream) started to offer payday loans in 2008. It is owned by Global Analytics, a company based in San Diego, California (USA).

Global Analytics also owns Drafty, an overdraft alternative service.

Lending Stream’s contact address is:

Lending Stream, Wisteria Grange Barn, Pikes End, Pinner, London, United Kingdom, HA5 2EX

Their registered address is:

2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA

They are registered in Delaware, USA.

Their website address is: www.lendingstream.co.uk

Financial Conduct Authority registration

Lending Stream LLC is authorised and regulated by the Financial Conduct Authority. Their registration number is 689378. Authorisation can be checked on the Financial Services Register at www.fca.org.uk

Lending Stream is also a member of the Consumer Finance Association.

Data Protection 

Lending Stream’s data protection registration number is Z2752028. They are registered under the laws of Delaware, USA.

Right to cancel your loan agreement

As per the Consumer Credit Act, borrowers have the legal right to withdraw from their loan agreement with Lending Stream. Usually, within 14 days of signing.

If you would like to withdraw from your loan agreement, you must return any money you have received, together with any accrued interest. You should contact Lending Stream as soon as possible if you decide you would like to withdraw from your loan agreement.

Credit checks

Lending Stream performs credit checks as part of their loan affordability analysis.

However, they will look at more than just your credit when they make their assessment. Their algorithm enables them to conduct a personalised review of your unique situation, not just your credit record.

When you fill out the online application form, Lending Stream will run their personalised review and should provide you with an instant decision.

Promotional activities

Lending Stream personal activities

Does Lending Stream have a television advert?

In 2016, Lending Stream launched their TV advert featuring a ‘level-headed aquatic guide’ called Lenny. Also, in the ad, Lenny takes viewers on a trip down the ‘Lending Stream’ to meet some happy customers.

In later adverts, Lenny appears in a ‘tight spot’ in a cardboard box.

Do they advertise on Google?

Yes, Lending Stream does currently have a Google ad.

Does Lending Stream charge fees?

Borrowers who miss a repayment will be charged a fee.

The first time a repayment is missed, Lending Stream will apply a default charge of up to £15. If repayments are missed on further occasions, and if they did not charge you the full £15 when you missed the first repayment, they will apply a further charge. This will result in the combined default charges totalling £15.

Other than this, there are no application fees, transaction fees or early repayment fees. Lending Stream says that they have no hidden fees.

You will not be charged extra for repaying more than your scheduled monthly repayment or for repaying the whole loan amount before it is due. If you pay back your loan balance early, you could save money on interest.

Has Lending Stream ever been fined?

CashLady could not find any evidence of Lending Stream being fined.

Anything I need to be aware of about Lending Stream?

Lending Stream offers instalment loans to be paid back over 6 months in 6 instalments. This is different to many other short-term lenders, who mainly offer payday loans and instalment loans with a choice of loan terms.

These instalments will not necessarily be equal, so it is important to make sure you budget accordingly.

However, Lending Stream does say that customers will not face any charges for paying back their loan early.

Lending Stream will also allow customers to apply for another short term loan, before paying off their current loan. (although this does not necessarily mean their application will be approved). Customers are allowed a maximum of 6 loans.

Social Media 

Facebook

In January 2017, Lending Stream had a Facebook page with 5,209 followers and 5,448 likes.

They were rated as ‘very responsive to messages’ and typically replied within minutes. Their last post was less than a week earlier, where they linked to their blog article, ‘5 free must-see things in North Wales’.

Their posts are mainly links back to their blog articles.

Twitter

Lending Stream joined Twitter in April 2009.

Since then, they have tweeted 1,366 times and have 702 followers.

They seem active on Twitter and had tweeted a link to their blog less than a week before CashLady visited their feed.

As well as links to their blog, they also tweet about events such as Christmas markets and competitions.

Instagram

Lending Stream has 26 followers and have made 20 posts on their Instagram account.

Do they have an App?

Lending Stream has a mobile app available on both iOS and Android.

From the app, customers are able to manage repayments, check balances, apply for an additional short term loan. Along with,  managing their existing account.

Your outstanding loan balance should be visible from the app. You are also able to repay more towards your loan or pay off your loan balance completely, from the app.

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