Lending Stream Loans: Only If You're Out of Options

The Quick Version

Lending Stream offers short-term loans with APRs ranging from 99.9% to a staggering 1271%. Designed for emergencies, it's a high-cost option that should be your last resort. Borrow between £50 and £1500 for 3 to 6 months, but be prepared for hefty interest. According to Lending Stream, approval takes just minutes, but the financial hit could last much longer.

Rates shown are representative. Your actual rate depends on your credit profile. This is not financial advice.

The Numbers

APR ranges from 99.9% to 1271%, according to Lending Stream. New customers can borrow up to £800, while existing customers can borrow up to £1500. Loan terms are between 3 to 6 months. The representative example shows borrowing £300 would cost you £578.36 in total repayment over 6 months.

What's Actually Good

If your credit score is less than stellar, Lending Stream might still consider you. They offer quick approvals, often within minutes, which is crucial in emergency situations. Plus, applying won't affect your credit score unless you proceed with the loan.

The Catch

The high APR is the biggest drawback. At 1271%, this is one of the most expensive borrowing options out there. Also, while the approval is quick, the repayment terms are short, which means higher monthly repayments. If you miss payments, the costs can spiral quickly.

Who Benefits Most

This loan is best for those who have exhausted all other avenues, including credit unions and family loans. It's designed for individuals with poor credit who need quick cash for emergencies, but it comes at a significant cost.

The Bottom Line

Only worth considering if you're in a tight spot with no alternatives. Avoid if you can opt for lower-cost credit. Great for emergencies, but make sure you're prepared for the financial impact.