APR 06, 2012 11:42 AM
The Lending Well Review
The Lending Well is the first peer to peer lending company to move into the payday loan market and we have already covered the moral and financial implications for potential investors thinking of adding their spare cash into the lending pot in a previous article here. In this Lending Well review we’ll be looking at the company from a borrowers point of view.
The Lending Well have a reponsible lending charter clearly displayed on their home page, presumably a preemptive measure for the upcoming changes the government are expected to recommend to the loan industry. One of the recommendations expected is that lenders display the total cost a payday loan is going to cost the customer so it’s a surprise that The Lending Well don’t mention on either the home page or their ‘borrow’ page that they charge a £6 fee if you want your loan paid into your account the same day.
As a payday loan by its nature is for a financial emergency most borrowers would be looking for their money today – which is why many of the payday lenders do pay out the same day without any additional charges.
So apart from the £6 hidden charge, what are the The Lending Well fees?
You will pay £30 per 30 days for every £100 you borrow …