Personal loans are becoming appealing day-by-day for people looking for a comfortable yet flexible way to meet the unexpected shortfall in their finances. Millions of Americans borrow personal loans for unexpected expenses every year. This rate has increased from 15 million to 20 million in recent years. There are different lenders available in the market that offer Lendable personal loan with competitive interest rates.
But most personal loan lenders require a good or excellent credit history to apply for a loan. If you have a bad or poor credit history, you may not be able to apply for a personal loan. That’s where lendable loans come in. Lendable offers a different type of short-term personal loans to their customers, even with a low credit score that many other lenders have turned down. This is one of the new generation super fast lending platforms that offer loans within only two hours.
Let’s take a quick look at some features of lendable personal loan:
Lendable offers personal loans from £1,000 to £20,000 with easy repayment options of 12 to 60 months. Their representative APR varies from one borrower to another, but the rates offered can dramatically fall between 7.9% and 49.9%. It commonly depends on customer credit score, financial circumstances, and expenditure.
If you want to borrow money from lendable, a representative example of loan calculations would be something similar to the following:
Suppose you borrow an amount of £7,500 with a repayment term of 3 years. Your interest rate for this amount will be 22.9%, based on the representative APR of 27.9%. The total repayable amount will be £10,745.04 with a monthly payment of £298.47. To be noted that it is just an estimation, the actual percentage of interest rate and the repayable amount will depend upon your credit score, expenditure, and financial circumstances.
How to Apply for Lendable Personal Loan
Suppose you are interested in getting a personal loan from lendable. In that case, you can apply online and get an instant quote within a few seconds. They will do a soft credit search of your credit score without leaving any footprint on your credit score. It will give you an estimate of the rate you would get. Plus, they don’t charge any hidden fee or organization fee, and you can repay your loan earlier without any penalties or charges. However, applicants must be over 18 and UK residents.
Here was the complete breakdown of all the things you need to know for borrowing money from lendable. You must understand that when you apply for a personal loan, you must be ready for some extra payments. One of the most critical advantages of short-term loans is that they can pay off earlier. Thus lower the total interest rate payments compared to the rate with long-term loans. Plus, these types of loans are less risky than others because of the short maturity date. Most importantly, it is an excellent option for people with bad credit scores let down by other lenders. The only drawback of these loans is, they offered small amounts of loans.
You can call for further info, or queries from Monday to Friday 09:00 am to 5:30 pm at 0207 096 8512.