Today I am writing a review about Lending Stream. Lending Stream are one of the many payday loan lenders where I ended up in default on my payments.
I used Lending Stream several times and found their service to be fast and reliable. They were even quite helpful when I fell behind with my repayments too.
The Application was very straight forward as you would expect. I entered in my details and was asked about my income and outgoings, as part of their responsible lending process.
They then did what they needed to do, which I assume was some sort of credit check and I was approved for my payday loan with them. The application took me about ten minutes or so.
Speed of Pay out
Once I electronically signed the paperwork I was told that the money would be deposited into my account in as little as four minutes. I checked around ten minutes after confirmation that my loan had been approved and sure enough the money was there.
I opted to repay extra money off my loan, which in this case was a six month payday loan. I paid it off in two months and as a result, saved a lot of money in interest that would have accrued over the life of the loan. There wasn’t any fees or charges for early repayment and the process to make early payments was all done online. My second loan is where I hit trouble.
One thing I liked was the fact that I didn’t have to speak to anyone. Everything was done online. The early repayments option is great as if you can make an early repayment (and I highly recommend you do) then you can save money by doing so.
The online portal lets you see a schedule of your repayments as well as giving you the ability to make early repayments as talked about above.
My Credit Standing when applying
To say my credit rating is poor is an understatement. It is very poor in part because of my past debt problems. Whilst I don’t have any County Court Judgements or IVA’s against me, I do have defaults and late payments marked on my credit report.
Based on my poor credit score I would say that there is some chance that Lending Stream would approve someone for a loan who also has bad credit. I guess when someone does have bad credit they are looking for evidence that your existing debts are being repaid. Who knows though so take this observation with a pinch of salt.
Concluding my Lending Stream Review
In all I would recommend their service as they did what they said they would do, and there wasn’t any hidden charges for early repayment. They also make early repayment accessible and obvious unlike some other payday loan lenders.
The only thing I would say though is to make sure you can afford the repayments and, make sure you actually need to borrow from them. If you end up in a situation where you can’t pay them you risk causing further harm to your credit rating. Apart from that yes I would recommend them.