Lending Stream

Introduction to Lending Stream:

In the complex world of banking, Lending Stream has been instrumental in modifying the rigid banking structure to introduce a certain amount of flexibility within the system. In short, Lending Stream offers short term loans that are payable within 6 months. The amount of loan usually ranges from £50-£800. Lending stream understands the urgency of repaying loans, the absence of which can lead to high interest rates. Their online account management system tracks your account balances on a regular basis.

Lending stream has been in operation since 2008 and has been providing loans since. With its focus on a slightly smaller loan amount, it has catered to the mid segment with its main vision of giving credit to anyone who deserves it. By keeping a crisp time frame for its loan repayment, it is also ensuring a certain amount of credibility with the debtor (customer) world and indirectly demanding an accountability that is more affordable.   

Comparison between short term loans and long term loans

Long term loans, as the name suggests is usually given for a period of 3 years or more where the burden of repayment might be much greater as compared to short term loans, as there is more at stake. Short term loans, on the other hand, are catering to emergency situations, facilitating the movement of easy cash transfer in addition to catering to people who are living from pay check to pay check. Where it is not implied that short term loans can in any way replace long term loans, they are still bridging the gap between the banker and the customer.

Where does Lending Stream come in?

Having said that, it is extremely essential to be careful with your short term loans, as it can also bring about a tendency to be reckless with your money. Sometimes, banks tend to serve their own interest a little more than their customers and as a result, build the fear of a financial debt in the minds of the customer. Lending stream has built its reputation around its sincerity in its operations and relationships with its customers and has gone to the extent of carefully evaluating your financial situation for you, to understand your need for the loan. A team whose responsibility is to scrutinize each application might seem a little too harsh, but for one who has looked at their evaluation process realizes they are doing it for their own good too.

Trust Issues?

 Lending stream understands that there is a certain amount of skepticism that has been created in the minds of the customers and to a very large extent; it is the banks that have been responsible for that perception. The Lending Stream team understands that and has devoted its activities to removing that perception. There is a simple way they have achieved this objective:

·        The affordability analysis team regularly checks your financial situation and recommends ways to improve your financial needs.

·        There are no hidden costs involved and the processes are extremely transparent.

·        Information regarding payment and repayment is given very clearly, creating absolutely no reason for doubt in one’s mind.

Unbiased in their assessment:

Banks are known to save themselves the trouble of bad credit customers, as it affects their reputation in the market. Lending Stream chooses to differentiate themselves from their rivals on the basis of the principles their company was founded on. These are simple principles which include assessing your current situation and evaluating your ability to repay your loan in the future, with respect to your current financial status. This is done keeping in mind your past credit history, but a decision is not solely made on that criteria. Your loan is approved with a careful understanding of both these situations and the decision is made within minutes, through access to your personalized information. This method is a more personal one and helps in building a unique image for the bank. At the end of the day, a lender should be in a position to make a fair choice while lending and a fair choice can only be made, if all these aspects are taken into consideration.

Dangers Involved:

Lending stream also understands that there is a certain danger that is involved with short pay day loans. All the agencies responsible in this segment, are building a certain base of frivolous customers, since it has made money borrowing much easier. There are many banks that are misusing the regulations which restrict their functioning and this is resulting in defaulting and irresponsible customers. However, Lending stream is one of the agencies that are most stringent in their approach. By restricting the number of loans even a regular Lending stream borrower can take and by focusing more on improving his financial situation, they are working tirelessly towards reducing the fraudulent practices that are prevalent in the banking world today.

By keeping a cap on the number of times a customer can roll over his loan amount, this is another step in this direction. A banker and a customer should work together towards improving the overall financial impression, and Lending Stream is making the effort required to achieve this objective.

Overall View:

Every practice that Lending Stream is involved in requires a certain amount of commitment on the part of the customer as well as from the team that is involved with you. Lending Stream makes it their responsibility to ensure that you are well aware of the consequences of your borrowing and ensures that you work towards a more financially secure future. By sharing the most lucrative of their financial products, they are building confidence in the minds of the customer and are serving the role of an advisor more than just a lender. The team that has founded this company understands the drastic impact that irresponsible banking can cause and has since then, dedicated themselves to providing some of the best services at cheaper rates, in a way reaching out to every customer and at the same time balancing their role as an advisor and a lender in the most appropriate manner.