How Does lendable.co.uk Work?

Lendable.co.uk operates as an online direct lender, leveraging technology to provide personal loans quickly and efficiently. The entire process, from application to disbursement, is designed to be digital and streamlined, aiming to offer a user-friendly experience compared to traditional banking methods.

The Application Process: Getting a Quote

The journey on lendable.co.uk begins with obtaining a loan quote, which is designed to be a quick and non-committal step.

• Initial Information Input: Users start by providing basic information through an online form. This typically includes the desired loan amount (£1,000 to £25,000) and the preferred repayment term (1 to 5 years).
• Soft Credit Search: Crucially, Lendable performs a “soft search” on your credit file at this stage. This allows them to assess your creditworthiness and eligibility without leaving a visible mark on your credit report, which means it “won’t affect your credit score.” This is a key selling point for many potential borrowers.
• Instant Rate Display: Based on the information provided and the soft credit search, the system quickly generates a personalised interest rate and representative APR. This allows the applicant to see the potential cost of the loan upfront before proceeding.

Loan Assessment and Approval

Once a quote is generated, if the applicant wishes to proceed, the more detailed assessment and approval process begins.

• Full Application: The applicant completes a more comprehensive online application, providing detailed personal, financial, and employment information. This includes income, expenses, and banking details.
• Hard Credit Search: At this stage, Lendable will perform a “hard credit search” on the applicant’s credit file. This is a full credit inquiry that will be visible to other lenders and can temporarily affect a credit score. This is a standard procedure for any lending decision.
• Automated Decision-Making: Lendable utilises advanced algorithms and data analytics to process applications and make lending decisions rapidly. Their claim of “approving a new customer every 30 seconds” highlights the highly automated nature of their decision process. This speed is a significant differentiator from traditional lenders.
• Verification Checks: Automated systems also perform identity verification, fraud checks, and affordability assessments to ensure responsible lending and comply with regulatory requirements.

Fund Disbursement and Repayment

If the application is approved, the final steps involve receiving the funds and setting up repayments.

• Fast Disbursement: Approved funds are typically transferred directly to the applicant’s bank account, often on the same day the application is approved, living up to their “Get your money today” promise. The exact timing depends on the applicant’s bank’s processing times.
• Direct Debit Repayments: Loan repayments are usually collected via direct debit from the applicant’s nominated bank account on a predetermined schedule (e.g., monthly) over the agreed loan term.
• Online Account Management: Borrowers can access an online portal (lendable.co.uk/login) to view their loan details, check repayment schedules, and potentially manage their account.

Operational Principles

Lendable highlights its operational philosophy through a few key phrases:

• “We’re built on simplicity, speed and transparency”: This summarises their approach to the lending market, aiming to make borrowing as straightforward and efficient as possible.
• “Paperless”: Emphasises the fully digital nature of the process, reducing administrative burden.
• “Instant”: Refers to the rapid decision-making and fund disbursement.
• “You’re in charge”: Suggests a user-centric experience where individuals have control over their application and loan management.

In essence, lendable.co.uk functions as a modern, technology-driven personal loan provider that prioritises speed and digital convenience. However, it’s crucial to remember that its entire operational model revolves around the charging of interest, which forms the basis of its revenue and, consequently, raises significant ethical considerations for those seeking interest-free financial solutions. Dolphinfitness.co.uk FAQ