Lendable - payday loans?

in Loans
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CBatCBat Forumite
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My husband took out a loan from lendable last year, all fine and we've managed to pay it off in full & early. 
We enquired about a mortgage with someone at Barclays who looked at our credit files - they've said we can't get any credit for 12 months as Lendable are classed as high rate loans... and described them as a payday loan company. We weren't warned of this at the time (granted, rates were higher than the bank, but we needed the money fast for urgent vehicle repairs). 
Has anyone had a similar experience or know if this will look as a payday loan to all lenders? 

Replies

  • lordmountararatlordmountararat Forumite
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    Mainstream lenders are wary of lending to people who have taken out very high rate payday type loans as it can indicate desperation; not really fair, I know, but it is what it is. What rate were you paying on you Lendable loan? You can only find out whether other banks regard these loans as pay day loans by asking them.
  • Shakin_SteveShakin_Steve Forumite
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    Talk to a mortgage broker, I'm pretty sure they'd find you something if all that's holding you back is one, fully settled, payday loan.
    I came into this world with nothing and I've got most of it left.
  • joannab89joannab89 Forumite
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    CBat said:
    we've managed to pay it off in full & early. 
    Hi CBat
    Just wondering how you managed to repay the loan early...  
    I tried to make a lump-sum payment to Lendable via bank transfer on the Halifax app.  I used the the sort code and account number Lendable sent me via email, but my bank have flagged it as a scam.  Lendable state in the email that if the bank say they can't confirm the payee it's fine as they use Modulr FS Ltd as a "processing platform".  Halifax are saying its highly unusual and would basically never happen. 
    Did you have any problems? Did you make the payment to Modulr not Lendable? 
    Any help much appreciated. 
  • CBatCBat Forumite
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    joannab89 said:
    CBat said:
    we've managed to pay it off in full & early. 
    Hi CBat
    Just wondering how you managed to repay the loan early...  
    I tried to make a lump-sum payment to Lendable via bank transfer on the Halifax app.  I used the the sort code and account number Lendable sent me via email, but my bank have flagged it as a scam.  Lendable state in the email that if the bank say they can't confirm the payee it's fine as they use Modulr FS Ltd as a "processing platform".  Halifax are saying its highly unusual and would basically never happen. 
    Did you have any problems? Did you make the payment to Modulr not Lendable? 
    Any help much appreciated. 
    Really sorry, only just seen this post. I hope you got sorted. My OH called them and paid on debit card over the phone. 
  • DandytfDandytf Forumite
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    Lendable are very competitive, i had 5k from them though re paid a month or two later.
    I've never seen any pay day loan markers. 
    current quote 3k 36 mths 11.3apr is only 3rd from 9.9 and another.

    thanks
    Replenished CRA Reports.
    2015 Zoe i nav -90-100 miles top charge.
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