Lendable

Lendable: A Digital Lending Innovator in the UK Market

Established in London in January 2014, Lendable Limited has swiftly carved out a significant niche in the United Kingdom's digital lending landscape. This fintech firm was founded by a team of visionaries: Martin Kissinger, Victoria van Lennep, Paul Pamment, and Jakob Schwarz, who aimed to revolutionise access to credit. Registered in England and Wales under Company No. 08828186, with its office located at Telephone House, 69–77 Paul St, London EC2A 4NW, Lendable operates as a private limited company.

At its core, Lendable employs a sophisticated, end-to-end digital platform that streamlines the entire lending process. From initial credit decisioning and underwriting to loan disbursement and ongoing servicing, the system is largely automated, driven by advanced artificial intelligence. Unlike many peer-to-peer lenders that rely on retail capital, Lendable connects borrowers directly with institutional investors. This distinctive "peer-to-institution" marketplace model allows the company to offer highly competitive interest rates, facilitate rapid funding, and ensure significant scalability in its operations.

Lendable's primary target demographic comprises "prime-adjacent" consumers. These are individuals with solid credit profiles who, for various reasons, might be underserved by traditional high street banks and mainstream credit card issuers. By focusing on this segment, Lendable effectively bridges a gap in the market, providing access to unsecured loans ranging from a minimum of £1,000 up to a maximum of £25,000. This strategic approach, combined with its technological prowess, positions Lendable as a key player in modern UK finance, offering a viable alternative for many seeking flexible and fast credit solutions.

Exploring Lendable's Loan Products, Rates, and Terms

Lendable offers a focused suite of financial products designed to meet diverse borrowing needs within the United Kingdom. These offerings are characterised by their digital accessibility and competitive structuring.

Loan Products Available

• Personal Unsecured Loans: These are the flagship product, designed for general use such as debt consolidation, home improvements, or unexpected expenses. Terms typically range from one to five years (12 to 60 months).
• Auto Finance (Autolend): Under its Autolend brand, Lendable provides vehicle loans. Unlike personal loans, these are secured against the vehicle being purchased, meaning the car acts as collateral. Similar to personal loans, repayment terms are generally between one and five years.
• Credit Card (Zable): Lendable also extends a revolving credit facility through its Zable credit card brand. This product offers a credit line of up to £5,000, providing flexibility for ongoing spending needs.

Interest Rates and Fees

Lendable's interest rates, expressed as an Annual Percentage Rate (APR), are highly competitive and vary based on the borrower's individual credit profile. The company is transparent about its rate structure:

• Personal Loans: APRs typically range from 8.1% to 30.0%. Notably, through its partnership with the Post Office, Lendable offers rates starting from an attractive 8.1% APR for eligible customers.
• Auto Finance: For vehicle loans, the APRs generally fall between 7.9% and 24.9%.
• Credit Cards (Zable): The Zable credit card carries a variable APR of approximately 18.9%.

Regarding fees, Lendable maintains a straightforward policy:

• Origination Fee: This varies from 0% to 2.5% of the principal loan amount, depending on the specific product and borrower's circumstances.
• Late Payment Fee: A charge of £12 is applied for each missed payment.
• Early Repayment: Crucially, Lendable does not levy any penalty fees for early repayment of loans, offering borrowers the flexibility to settle their debts sooner without additional cost.

All loan products feature fixed monthly repayments, conveniently managed via direct debit, ensuring predictability and ease of budgeting for borrowers throughout the chosen term.

The Lendable Digital Experience: Application, App, and Customer Support

Lendable has built its operational model entirely around digital channels, offering a seamless and efficient experience for its United Kingdom customers. From initial application to ongoing account management, the process is designed for modern convenience.

Application Process and Underwriting

The entire application journey with Lendable is 100% digital, accessible through its website and dedicated mobile applications for both iOS and Android devices. There are no physical branches, reinforcing its commitment to a purely online service. The onboarding process incorporates robust Know Your Customer (KYC) protocols:

• Online Identity Verification: Borrowers complete identity checks digitally, often leveraging Open Banking integration to validate income and bank account details directly from their financial institution.
• Document Uploads: Proof of address and bank account details can be uploaded electronically, simplifying the traditional paperwork often associated with loan applications.
• Automated Credit Assessment: Lendable employs a sophisticated, proprietary machine-learning credit algorithm developed by its in-house data science team. This algorithm integrates data from multiple credit bureaus, including Experian and Equifax, along with Open Banking transaction data, Cifas fraud prevention checks, and device intelligence. This comprehensive approach allows for instant decisioning, often providing an auto-approval within seconds, up to a borrower’s pre-defined limit tier.

Once approved, loan disbursement is remarkably fast. Funds are typically transferred directly to most UK current accounts within minutes, and almost always within two hours, underscoring the efficiency of Lendable's digital platform. The company does not facilitate cash or mobile-money payouts, focusing solely on direct bank transfers.

Mobile App Features and User Experience

The Lendable mobile app is a cornerstone of its digital service, consistently receiving high ratings with 4.8 stars on the App Store and 4.7 stars on the Play Store. These apps are designed for intuitive user experience, offering a range of practical features:

• Balance and Repayment Tracking: Borrowers can easily monitor their outstanding loan balance and track upcoming repayment schedules.
• Payment Rescheduling: In certain circumstances, the app allows users to reschedule payments, offering crucial flexibility.
• Payment Alerts: Automated alerts help borrowers stay on top of their financial commitments, reducing the risk of missed payments.
• Document Uploads: The app also facilitates the secure uploading of any necessary documents, further simplifying administrative tasks.

The overall user experience is consistently praised in customer reviews for its simplicity and efficiency, reflecting Lendable's commitment to a streamlined, user-friendly digital journey.

Customer Service and Support

Lendable understands the importance of accessible support, even within a digital-first model. Its customer service is multi-channel, available seven days a week through email, phone, and live chat. Response times are generally swift, with live chat queries typically answered in under two hours and email responses within 24 hours. While the company's automated pricing model means rate negotiation requests are generally declined, the support team is well-equipped to assist with other queries, account management, and payment difficulties.

Regulatory Compliance, Market Standing, and Competitor Landscape

Operating within the highly regulated financial services sector of the United Kingdom, Lendable places a strong emphasis on compliance and maintaining a robust market position. This commitment is crucial for building trust and ensuring sustainable growth.

Regulatory Status and Consumer Protection

Lendable Limited is fully authorised and regulated by the Financial Conduct Authority (FCA) with Firm Reference Number (FRN) 720261. This authorisation ensures that Lendable adheres to strict regulatory standards, including those outlined in the Consumer Credit Sourcebook (CONC) rules. The company is also a member of CIFAS, the UK's largest not-for-profit fraud prevention organisation, demonstrating its commitment to combating financial crime.

Lendable undergoes annual stress testing and submits monthly regulatory reports via GABRIEL, showcasing its proactive approach to financial stability and transparency. To date, Lendable has not incurred any fines or enforcement actions from the FCA. However, it is important for consumers to be aware that the FCA has issued a warning against a clone firm, "Lendable Loans Finance Ltd," highlighting the need for vigilance when engaging with online lenders.

While FSCS (Financial Services Compensation Scheme) protection is not applicable to unsecured lending, borrowers with Lendable do have access to the Financial Ombudsman Service (FOS) for resolving complaints that cannot be settled directly with the company. Lendable prides itself on transparent pricing, absence of hidden fees, and clear terms and conditions, aiming to provide a fair and protected lending environment for its customers.

Market Position and Differentiation

Lendable holds an estimated 2% share of the UK's unsecured personal loans market by volume, indicating its significant presence. Key competitors in this space include other digital lenders and challenger banks such as Zopa, RateSetter, Lending Works, and Tandem Bank.

Lendable differentiates itself primarily through three core aspects:

• AI-Driven Underwriting: Its proprietary machine-learning algorithm allows for faster, more accurate credit decisions and enables access to credit for a broader segment of "prime-adjacent" consumers who might be overlooked by traditional banks.
• Institutional Funding Model: By sourcing capital from institutional investors rather than retail peer-to-peer lenders, Lendable can often offer more competitive interest rates compared to platforms reliant on smaller, individual investors.
• Seamless Digital Journey: The company's fully digital, intuitive platform and highly-rated mobile app provide a superior customer experience, from application to account management.

Lendable has demonstrated strong growth, with £80 million in originations year-to-date by 2025 and a total of approximately 30,000 personal loans amounting to £100 million since its inception. Strategic partnerships, such as being a provider for Asda Money personal loans and the distribution of personal loans through the Post Office (offering competitive rates starting at 8.1% APR), further solidify its market reach. Lendable also works with major aggregators like MoneySuperMarket and CompareTheMarket.

Navigating Lendable: Practical Advice for Prospective Borrowers

For individuals in the United Kingdom considering a loan from Lendable, understanding the practicalities and making an informed decision is paramount. As a financial expert, I offer the following advice to potential borrowers.

Assess Your Financial Needs and Repayment Capacity

Before applying, meticulously evaluate your true borrowing needs. Lendable offers loans from £1,000 to £25,000. Consider if a loan is truly necessary and if you can comfortably afford the fixed monthly repayments over the 12 to 60-month term without straining your budget. Utilise Lendable’s online tools or a personal budget planner to project the impact of repayments on your monthly finances.

Understand the Interest Rates and Fees

Lendable's APRs for personal loans range from 8.1% to 30.0%, with specific rates dependent on your creditworthiness. Always compare the personalised APR offered to you against other lenders. Remember that while there's no early repayment penalty, a £12 fee applies for missed payments. Ensure you are fully aware of any origination fees, which can be up to 2.5% of the principal, as this impacts the total cost of borrowing. Always read the terms and conditions thoroughly before committing.

Leverage Open Banking and Maintain a Strong Credit Profile

Lendable uses Open Banking to assess income and expenditure, offering a more holistic view of your financial health. Consent to this when applying, as it can contribute to a faster, more accurate decision. Prior to application, review your credit report with agencies like Experian and Equifax to identify and correct any inaccuracies. A strong credit score will generally qualify you for more favourable interest rates.

Distinguish Between Loan Types

Be clear about the type of loan you are applying for. Lendable’s personal loans and Zable credit cards are unsecured, meaning they do not require collateral. In contrast, Autolend car finance is secured against the vehicle. Understand the implications of each: unsecured loans typically carry higher interest rates due to increased risk for the lender, while secured loans put your asset at risk if you default on payments.

Utilise the Digital Tools and Customer Support

Lendable's mobile app (iOS and Android) is highly rated and offers convenient features for tracking balances, managing repayments, and accessing alerts. Make full use of these tools to stay organised and avoid late payments. Should you encounter any issues, Lendable’s multi-channel customer service (email, phone, live chat) is available seven days a week, with efficient response times. Do not hesitate to contact them for assistance rather than letting problems escalate.

Check Reviews and Regulatory Standing

Lendable boasts strong customer reviews on platforms like Feefo (4.9★) and Trustpilot (4.6★), reflecting a generally positive customer experience. Furthermore, Lendable is fully authorised and regulated by the Financial Conduct Authority (FCA), providing a layer of consumer protection. In the unlikely event of unresolved complaints, you have recourse to the Financial Ombudsman Service. Always confirm that you are interacting with the legitimate Lendable Limited (FRN 720261) and not a clone firm.

By carefully considering these points, prospective borrowers can navigate Lendable's offerings with confidence, ensuring they choose a financial product that aligns with their needs and capabilities within the robust UK lending market.