How can I make payments or manage arrears on my loan account?
Below are the available methods to address arrears, the implications of missed payments, and additional resources for financial advice.
Payment Methods
1. Online Payments
The quickest and most convenient way to make a payment is through your online account:
Log in to your account at https://www.lendable.co.uk/login.
Navigate to the 'manage' tab where you will find your arrears balance and methods of payment.
Select your payment method to clear or reduce your arrears balance.
If you already have a pending payment, you likely will not be able to process a one-off payment, this is to avoid you making a double payment.
2. Bank Transfer
If you prefer making a payment via bank transfer:
Reach out to our support team to request our bank details.
Once you have the details, complete the transfer through your banking platform. Please note that payments via bank transfer may take 3-5 business days to reflect in your account.
Impact of Missed or Late Payments
Missed or late payments may have the following effects:
Credit File Impact: Arrears balances are reported to credit reference agencies which could impact your credit file.
Extension of Loan Term: Arrears may extend your loan term, potentially increasing the total interest payable.
Lendable reattempts Direct Debits automatically 3-5 working days after a failed payment. Ensure sufficient funds are available to prevent further delays.
Monitoring Payments and Arrears
To stay informed about your account:
Log into your account regularly to monitor payment status and arrears balances.
Arrange for overpayments through your online account to clear arrears gradually.
By using the above payment methods and staying proactive about managing arrears, you can better maintain your financial standing and avoid potential complications. If you need further assistance, our support team is here to help. For questions or additional support, please reach out to our team!