3 years ago
speed to payout
I have used many payday lenders in the past and have had a very positive relationship with all of them, even when things have gone wrong but this shower really take the biscuit. I applied for a loan of £300 on 12 June, repayable over a 6 month period, with a total amount repayable of £630 over the duration. However, my finances took a turn for the better and I decided to repay the loan early. I tried to repay the amount on line and it failed 4 times, even though there were more than sufficient funds in my account. I sent an email asking if they could provide me with a settlement amount and they said that they would be in contact after I sent the email. By 4pm the following day I had heard nothing back, no phone call or email.
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I then decided to call them and this is when the headbanging began. I really don't know where they source their call centre staff from, but they really could do with employing some who can grasp basic English. I know the staff are only trying their best, but surely Lending Stream should demand a minimum basic standard. After explaining that I wished to repay the loan early (bearing in mind I had only had it for 12 days), I was amazed to be told that in addition to the £78.50 I already paid on my first instalment, I would be required to pay the balance of what it would have been had I taken the full 6 months to pay the loan back, which was a further £551.50!!! So to put it plainly, Lending Stream wanted £330 of interest for a £300 loan for 12 days. To work the APR out on a calculator for that would probably make the damn thing explode!
I was then told that in addition to the £78.50 I had already paid, it would in fact only be a further £277.08 I would need to repay. They were still making a profit of roughly £50 out of me for a loan for 12 days for £300. Nice work if you can get it. Now came the fun part. I asked them to deduct the £277.08 from my debit card, the same debit card they used to claim the first instalment of £78.50 without any problem. The operative then garbled that she could not take payment as there weren't sufficient funds in my account. I had just checked my internet banking and thet could have claimed 4 times this amount and it would have authorised. I contacted my bank, Halifax, and they stated that nobody had tried to collect funds. I then rang Lending Stream back and they said it still wouldn't authorise. By this point, many people may have chosen to just give up and the interest would keep stacking day by day, but not me! I took the operator aback when I asked for their bank account number and sort code and that I would do a bank transfer via faster payments on the internet and, quelle surprise!, the loan was cleared an hour later.
On the whole, I find communication (and COMMUNICATING!) with Lending Stream extremely poor. Although they say their loans are responsible and fair, I do not think taking double back what they have leant somebody as a FAIR rate. After reading many other reviews about 'dubious' practices on here, I think they will do everything possible to try to put you off paying your loan early and they dont seem overly enthused when you ask to do so. Obviously, profits come before fairness. I would recommend that you use Quickquid. I have been a customer of theirs for years now and have platinum status which means I only pay £10 for every £50 borrowed and I receive 15% off the total finance charge. They are also very polite and you're able to speak to them online via a live chat session, whereby you type all of your questions and they type the answers and you can also get a copy of the whole transcript in case something they say doesn't happen. Why I didn't use Quickquid on this occasion, I just don't know. One things for sure, Lending Stream won't be seeing any business from me ever again!
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