If you are in the market for a short-term loan in the UK, you have probably come across many companies. Every company that offers short term loans like lending stream are carefully regulated. They are trusted to provide each customer with the services that they can depend on time and time again. Regulatory requirements are in place to ensure that lenders in the UK provide their customers with a trusted lending stream. While the services are the same, there are a few different aspects to notice. Aside from the interest rates, payment amounts, and periods, each company has a different solution for customers.
A better alternative to lending stream and Other Payday Lenders
In this guide, you’ll find everything you need to know about lending stream and other short-term loan lenders. The goal is to provide you with the correct information so you can make informed financial decisions!
Short Term Loan Basics
In case you weren’t aware and ended up on this page on accident, let’s cover the basics of short term loans. A short-term loan is an agreement between a borrower and the lender that they will provide them with a lending stream. People choose to apply for a short term loan for a variety of reasons. Whether for a crisis loan, emergency cash or bad credit loans, the provider you choose matters. When someone chooses a quick loan in the UK, they want to know they are using a trusted lender.
Short term loans typically carry high-interest rates compared to traditional lenders. While big banks will offer loans for years, borrowers must pay payday loans back in weeks or months. When you borrow from a direct lender, you choose the amount you need. Then, you decide how many payments you want to pay back the loan. This is often referred to as an installment loan. After that, the lender will calculate the interest rate on the loan. Then, you get the money right then and there and pay it back over time. Quick loans are useful for many people, but they can still be risky.
Borrowers should only get a payday loan if they know 100% that they can pay it back. If not, they could fall into a financial trap. Luckily, some lenders are flexible and will work with borrowers. Not all will offer this customised approach, but the ones that do are much more successful.
Who is Lending Stream?
Like Moneyboat, Lending Stream is a short-term loan provider based in the UK. In 2008, they started providing online payday loans for customers. By moving online, customers have more flexibility. Wherever someone is in the world, they can get a loan from Lending Stream. Online loans make it possible for people without transportation to get a quick loan.
Lending Stream is a part of GAIN Credit LLC which is a subsidiary of GAIN Credit, Inc. For first time customers, Lending Stream offers £800 loans. For customers returning, they raise the loan amount to £1,500. Lending Stream allows users to secure a short term loan on their website and mobile app.
The attitude that Lending Stream has toward short-term loans is similar to Moneyboat. They believe that short term loans can be beneficial to some people as long as they use them responsibly. Also, they know that financial problems in the short term like losing a job doesn’t mean you’re irresponsible. It happens to everyone, and everyone chooses a crisis loan – for a different crisis.
How much can people borrow from Lending Stream?
Lending Stream and a few other loan providers offer loan amounts from £50 to £1500. As a first time customer at Moneyboat, people can apply for a loan up to £800. The amount will increase after someone has shown that they can pay their loan back on time and in full. Moneyboat and other Lending Stream alternatives offer similar loan amounts to customers.
Does Lending Stream offer payment plans?
While Lending Stream offers flexible loan amounts, they only offer a 6-month payment period. As an alternative, when you work with other short-term lenders like Moneyboat, you can choose different periods. This offers maximum flexibility for borrowers so they can pay the loan back at a time that works for them.
How do you apply for a fast loan online?
The application process for Lending Stream and other online short term lending providers is quick and easy. Decades ago, to get a loan you needed to visit a physical shop. Now, with the growth of payday loan history, from anywhere in the world, you can visit the website and find out in minutes if you are approved. Users just need to fill out a short online form with their information and financial details. From there, a trained loan specialist will review it. The process only takes a few minutes, and approval happens in only a matter of minutes. Before they apply, they can use the handy loan calculator to get an idea of the interest they might have to pay.
How Does Your Lender Compare?
Every lender is different, but the staff at Moneyboat pride themselves on the following:
Instalment loans with easy payment plans?
Friendly Customer Support and debt advice referrals?
Do they offer flexible paybacks?
Fast cash for emergency loans?
Approved on the same day subject to approval
Are they a direct lender?
MoneyBoat are Direct lenders no brokers involved!
Is it hard to get a first-time customer loan?
£100 loans – £800 loans can be applied for by new payday customers
Returning customer loans
Up to a £1500 loan for returning customers
What is the advertised payday loan APR?
0.7% APR per day
Responsible Instalment Loans – Can I make the repayments?
Short term lenders always choose to lend only to the people that they feel can responsibly pay back the loan. In a perfect world, anyone with bad credit or unemployed could get a loan. However, quick loans don’t work like that. Short term lenders always try to work with every customer, but sometimes it’s just not possible. Short term lenders are businesses, and businesses need to make a profit to survive. Before a lender approves a borrower, they will look at a number of factors.
Payday loans no credit check?
Typically, lenders will pull the customer credit report. Inside the credit report is the person’s credit score, payment history, and credit usage numbers. The credit score is a compilation of a number of factors to show at a glance the person’s financial responsibility. The lower a person’s credit score, the less financially responsible they appear in the eyes of lenders. If a person has a high credit score, it shows they have a history of paying their bills and managing debt responsibly.
By looking at a person’s bill history, a lender can see how often a person pays their bills or if they miss payments. A short loan is essentially another bill or debt a person will take on. For this reason, it is important that the person has a history of making their payments on time.
Their credit utilisation shows how much debt the person already has. If they have used much of their credit line, they might not be able to afford the loan. The purpose of the credit check is to minimise risk for the lender. If they handed out loans to just anyone, they would lose money and go out of business. This credit check process doesn’t intend to discriminate, but to ensure that nobody falls into financial trouble.
Who are Moneyboat.co.uk?
Moneyboat UK is a part of Evergreen Finance London Limited. It is a transparent and flexible short-term lender. Moneyboat serves everyone in the community, regardless of their background or needs. What makes Moneyboat special? It all starts with the customer service team and ends with the flexible options that you can’t find elsewhere.
Friendly Quick Loan Service
Moneyboat doesn’t look at each customer as a cash point. We also doesn’t see its customers as people not to trust either. Instead, as your trusted British direct lender we deliver each customer with the care, attention, service, and respect they deserve. Moneyboat knows that they serve a diverse community and that their customers are their neighbours, friends, and family. Striving to provide the best short-term loan services that even their families would trust and use is our main goal.
Clear and Transparent Services
Remaining 100% transparent is one of Moneyboat’s primary goals. While some lenders would rather hide behind terms of service and other complicated documents, Moneyboat keeps its customers in the loop. They present the customer all of the terms of the loan in a clear manner—you shouldn’t need to be a lawyer to figure your loan out!
When you visit the home page of Moneyboat’s website, you can find a quick and easy loan calculator. This feature makes it easy for customers to determine the interest rate and total amount of their fast loan.
Moneyboat’s Loan Periods
Moneyboat is flexible and offers a few different loan period options. Some people can pay their loan back quickly while others need some time. Whichever camp you fall into, Moneyboat has the flexibility you need. Moneyboat proudly offers its customers loan instalment periods from 10 days to 6 months.
The Moneyboat Difference
Moneyboat is a short-term lender in the UK specialising in fast loans. What makes Moneyboat truly unique is the care it shows each of its customers. Moneyboat offers flexible instalment periods along with varying loan amounts. No matter the reason someone comes to Moneyboat, they will find what they need. Whether it’s the outstanding customer service, their reputation, or flexibility—Moneyboat has it all and even more!
Moneyboat is Flexible
Even though Moneyboat expects each of its borrowers to pay back on time, sometimes things happen. In special circumstances, Moneyboat might be able to extend the period. This is only in a few scenarios, however. If a borrower has an issue arise, they can reach out to Moneyboat’s friendly staff and talk to them about their situation.
Moneyboat Annual Percentage Rate
Annual Percentage Rate, also known as APR, is the interest charged on a short loan. When a person borrows a loan, they have to pay back the principle and the interest. The APR or interest rate is where a lender makes their money. Any lender, no matter if they offer short or long term loans, charges interest. Luckily, Moneyboat is a direct lender, which means their APR is the same for every customer. Keep in mind the length of the loan period might affect the interest rate.
What happens if you miss a payment?
With Moneyboat, if a borrower misses a payment, they will have to pay a fee. If we don’t receive payment within three days of the due date, we charge a £15 fee. This fee only applies once, and we add 0.7% in extra interest to the agreement. Borrowers should make sure that they never miss a payment since it can lead to money trouble. If a Moneyboat borrower thinks they may miss a payment, they can call customer service. We always try to work with each customer. There are no guarantees, but the team will always do their best to work with you.
Convenient, easy payday loans
You don’t need to go anywhere to apply for a Moneyboat fast loan! If you have access to the internet, you access to a Moneyboat loan. That’s the beauty of the internet, and Moneyboat is offering its customers the ultimate convenience. Make sure to check out the loan payment calculator on the home page to see how much you might pay before you apply. This ensures that Moneyboat customers are informed, and make a smart financial decision.
Moneyboat UK vs. Lending Stream
With Moneyboat, you can borrow as little as £200 or as much as £1,500 for returning customers. Customers can pay back their loan over as many as 6 payment periods for maximum flexibility. Our goal is to help our customers find the short-term loan that works best for them. When you work with Moneyboat, you’re working with people, not computer algorithms. If a customer ever has a question or needs help, the customer service team is always ready to help.
If you want to learn more about Moneyboat and the short-term loans we provide, contact us. Call our customer service line at +44 203 818 7470 or send an email to firstname.lastname@example.org. We look forward to hearing from you!