Lending Stream – Short Term Payday Loans

Sometimes a traditional payday loan won’t cut it because it leaves us no wiggle room. We need an instant cash loan to get us to the end of the month but we need to spread the repayments over several months rather than pay it all back on the next pay day because we know if we do that we are going to be left short next month too.

Lending Stream have recognised there is a market for short term payday loans with repayments spread out over several months and it looks like they have filled that need extremely well.

How Lending Stream Works

As a first time customer you can borrow from £50 up to £600 but returning customers can borrow up to a £1000. Depending on how much you have borrowed you can then spread the repayments over 4, 5 or 6 monthly instalments and there are no roll over charges.

Loans up to £100 can be repaid over 4 instalments, 5 instalments for loans up to £180 and up to 6 monthly instalments for any loans higher than that.

What we like about Lending Stream is that you are welcome to settle your loan in full early if you prefer or if you can’t afford that but have some spare cash, you can pay off more than your monthly repayment to reduce the loan and the interest although as long as the debt is settled within the agreed 4, 5 or 6 months you are good to go.

This means you get the benefits of a standard payday loan but with the room to spread your payments over several pay days instead of paying it all out in one go.

The application was quick and painless and took just a few minutes. They do run a credit check but are happy to work with customers who have a below par credit history. One major trade off for the credit check is that they report your repayments to the credit bureaus so this will actually improve your credit score – assuming you make the payments on time.

How Much Does Lending Stream Cost?

Interest is charged at 30% per month but is not compounded. This means if you were to borrow £100 and then paid half back at the end of the first month, in the second month you would only be charged interest on the £50 you had left owing and not on the full £100

One of the things that lets Lending Stream down is that they charge £15 transfer fee if you need the money within the hour. If you are happy to use the standard BACS transfer service though it is free and when we opted for this we had the money in our account the following morning.

Our Lending Stream Review  

With Lending Stream giving you the ability to spread your repayments over several months rather than leaving yourself short and needing to borrow again next month, what’s not to like?

Well unfortunately the cost is on the high side and we only award them 3 stars because of the £30 per £100 which is £5 above both Payday Bank and Payday Kong and twice as much as QuickQuid‘s best rate. They aren’t the quickest with their payout either and if you need your money fast they charge you an extra £15 so you will be better off with a different lender.

You can visit the Lending Stream website by clicking here.

You can see how Lending Stream compares against the other major payday lenders by clicking here.