Lending Stream Loan: Last Resort or Lifeline?

The Quick Version

Lending Stream offers short-term loans from £50 to £1,500 with an APR ranging from 99.9% to a staggering 1333%. These loans are designed for emergencies, not everyday use, and should be your last resort. Borrowers must be UK residents, over 18, with a regular income. Approval is quick, often within minutes, but the cost is high.

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

The Numbers

According to Lending Stream's official page, the representative APR is an eye-watering 1271%. For a £300 loan over six months, you pay back £578.36, nearly double the borrowed amount. New customers can borrow up to £800, while returning customers can go up to £1,500. Be prepared for the high cost of borrowing.

What's Actually Good

Lending Stream's main advantage is speed. You can get approved in minutes, which is crucial in a financial emergency. They also consider applicants with bad credit, making it accessible when traditional lenders shut the door.

The Catch

The APR is prohibitive, hitting as high as 1333%. This is not a loan to take lightly or without serious consideration. The total repayment can be nearly double the initial loan amount, putting a heavy burden on your finances.

Who Benefits Most

This loan is best suited for individuals with poor credit who need quick access to cash and have exhausted all other options, including credit unions. If your financial situation is dire and you have a plan for repayment, it can be a lifeline. Otherwise, the cost is too high for casual borrowing.

The Bottom Line

Lending Stream is a high-cost option that should only be used as a last resort. The quick approval is tempting in emergencies, but the financial burden is significant. Explore all other avenues before considering this loan.

For another option, check out the Starling Bank Personal Loan: Quick and Convenient but Capped for a more manageable alternative.