Due to the coronavirus pandemic, which has dramatically impacted the global economy, many people are turning to startups for assistance in regards to ensuring more secure online transactions and quickly obtaining personal loans. In regards to the latter, the company Lendable can help. With the belief that securing a loan should not be a complicated or lengthy process—particularly in this digital age—Lendable created a platform that leverages technology in order to eliminate many of the hassles associated with the loan process and to simplify the experience. Lendable’s process does not involve long forms, waiting in long lines, or getting stuck on hold with service providers. Instead, the company provides a straightforward application with transparent terms and no hidden fees, along with online application management and customer service available by email, phone, text, and live chat around the clock. Lendable works with a number of respected companies, including uSwitch, TransUnion, Noddle, MoneySuperMarket, and GoCompare to provide the best service possible. Once approved, individuals can expect a loan to be transferred to their account within two hours. Furthermore, there are no fees or penalties associated with paying off a loan early. How Does Lendable’s Process Work?In order to obtain a loan from Lendable, you will start by providing your information via an online application form that takes just a few minutes to complete. Also, the company only performs a soft credit inquiry, so your credit score will not be affected by the application, as it can be when applying for other loans. Immediately after completing the application, individuals will gain access to the live rate offered to them. The dashboard makes it possible to change the requested amount and the duration of the loan to determine how those variables affect the offered rate. People will have the opportunity to tailor the loan to their unique needs and budget. Once you find your ideal loan, the deal can be executed immediately. One of the best parts about using Lendable is its speed and transparency. The decision on a loan is made online instantly, and as soon as you agree to the rate offered, the money will be quickly transferred. Repayment will begin the following month. The loan incurs a one-time, nonrefundable fee based on the loan amount. This fee is not due upfront and is covered through the monthly payments. Moreover, it is included in the quote so there are no surprises once repayment begins. Who Is Eligible for a Loan from Lendable?Currently, only people who have lived in the United Kingdom for at least three years are eligible for a loan from Lendable. Also, individuals need to have a monthly income of at least 800 pounds and must not have any county court judgments (CCJs) on their record. There are no requirements beyond these to apply for a loan. The Lendable platform considers hundreds of data points from a personal credit file when generating personalized quotes and deciding whether to approve a loan. Loan amounts offered are between 1,000 and 20,000 pounds, and the terms range from one to five years. Users can adjust the amount and repayment period to find out how those variables will affect the interest rate and required monthly payments. Lendable’s soft credit search facilitates the pre-approval process. This means that individuals will be approved provided that they can verify the information in the report. Importantly, all quotes are subject to a manual review by the decisions team. The rate quoted is based on Lendable’s algorithm, and the interest rate is non-negotiable. What Are the Repayment Terms?One question that many people have about Lendable’s loans relates to the terms of their repayment. Due to the coronavirus pandemic, many people have been struggling to make their monthly payments. Lendable understands that unforeseen circumstances can occur. Those who are unable to make their monthly payments because of the pandemic can either defer them for a short time or make reduced payments for up to three months. Neither of these options will affect a person’s credit score provided that they communicate with the company and enroll in the appropriate program. Individuals should recognize that interest continues to accrue during periods of deferral or reduced payments.
Lendable is ready to work with its customers to develop a plan that works for both parties. Individuals experiencing financial difficulties are encouraged to contact Lendable and are welcome to consult with a third-party organization such as the Money Advice Service, the National Debtline, and StepChange Debt Charity for free and impartial advice. Comments are closed.
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