LiveLend Reviews 3,845

Reply from LiveLend

Mar 2, 2022

Hi Lee,

Your feedback is really important to us so that we can continue to improve for our customers, so thank you for your insights. We'd like to give you a bit more information about how our Reward Loan works and how we measure our customers' eligibility for a reward.

We review your eligibility for a reward based on a type of credit score provided by Equifax. This score is called a 'management score'. It’s different from the score you’ll see on your credit report, which shows you how likely you are to get accepted for credit. The management score is the credit score shared with lenders, including us, from Equifax on a regular basis so that we can measure your score movement over time.

We look at this score every three months, and for every 25 points that your management score increases, we'll reduce your loan rate by 2% as long as you're up to date with your repayments.

If you'd like to have a chat about this with our support team, please confirm your contact details privately through Trustpilot so we can answer any questions you may have about this.

LiveLend

Reply from LiveLend

Mar 2, 2022

Hi Julia,

We're very sorry we weren't able to offer you another loan, and that you didn't see a reward on your last loan with us.

We understand this can be disappointing but we want to reassure you that we review our customers' eligibility every three months and if we see a 25 point increase in the score provided to us by Equifax, we'll reduce your rate by 2%.

When you open a loan with us we let our customers know how our Reward Loan works, but we also have information about this on our website and FAQs. We review your eligibility for a reward based on a type of credit score provided by Equifax. This score is called a ‘management score’. It’s different from the score you’ll see on your credit reports which show you how likely you are to get accepted for credit. The management score is the credit score shared with lenders, including us, from Equifax on a regular basis so that we can measure your score movement over time.

Although you've already had a loan with us, there's no guarantee that a new loan application will result in a successful result as we're required to verify your details again and make sure the loan would be right for you. Again, we completely understand this outcome may be disappointing, but we hope we can help you again in the future.

We've asked you to confirm your details privately on Trustpilot so that we can get in touch and answer any questions you may have about our Reward loan and your recent application.

As we designed our Reward Loan alongside our customers, continuing to listen to your insights is incredibly important to us as we grow, so we really appreciate your feedback.

LiveLend

Reply from LiveLend

Jan 24, 2022

Hi Christina,

We're really sorry that you've experienced someone taking up a fraudulent loan with us and the delay in getting back to you.

We've spoken to our Fraud team and we can confirm that we're working on making this right for you as quickly as we can. We've asked you to confirm your details privately on Trustpilot so that we can get in touch safely and securely and talk to you about your case.

We take the safety of our customers and any fraud cases very seriously and we are doing our very best to thoroughly look into this and make this right, but we completely understand this added time is frustrating.

We apologise for the added delay, but we'd like to assure you that we take this very seriously and are currently investigating this.

We really appreciate your patience in the meantime.

Reply from LiveLend

Jan 24, 2022

Hi Kiran,

We'd like to apologise for the added wait time with us getting back in touch with you to provide you with more information about your application.

We've escalated your case, and our support team will get in touch with you as soon as possible to give you more insight.

We're really sorry about the initial delay, we completely understand this is frustrating, but we want you to know that we're actively looking into your case.

Thanks for your patience in the meantime.

LiveLend

Reply from LiveLend

Dec 15, 2021

Hi Steven,

We're very sorry to hear this. We'd like to chat to you to find out more and help put things right. We've asked you to confirm your details privately on Trustpilot so that we can get in touch safely and securely and talk to you about how we can improve your experience.

Hope to hear from you soon.

LiveLend

Reply from LiveLend

Nov 5, 2021

Hi J.T,

Thanks for taking the time to share your feedback following your recent LiveLend application. Firstly, we'd like to thank you for your patience - our support team are always working hard to make sure they speak to those who need help as quickly as possible so we apologise for the wait. So that we can make sure the team are aware of your feedback and what application it's connected to, we've asked you to confirm your details privately on Trustpilot so that they can get in touch with you today and chat in more detail. In the meantime though, you've shared feedback about hard searches which we definitely want to investigate as for each loan application, it's important to us that we only carry out one hard search. We've shared a bit more about this below.

As a responsible lender, it's important that we're confident our loan would be right for you. To do this, we carry out a soft search to check whether or not you're pre-approved for a loan based on the initial information you provide. If you're pre-approved and choose to move forward with the loan application, we confirm at this time that the offer is subject to a few additional checks to verify your ID and protect against fraud. These checks require a hard search, which is a visible credit search that can be seen on your credit report.

Although you've already had a loan with us, there's no guarantee that a new loan application will result in a successful result as we're required to verify your details again and make sure the loan would be right for both you and us.
The fact that you've mentioned you've received three hard searches during one application is something we'll definitely look into and we hope you confirm your contact details as soon as possible so we can investigate this thoroughly and resolve things for you.

We're sorry that we couldn't offer you a new loan right now. We understand that this decision is disappointing so we hope we get the chance to speak to you in more detail about your feedback and share more information about your recent application.

LiveLend

Reply from LiveLend

Oct 21, 2021

Hi Catalin,

Thanks for sharing your feedback and we're sorry we couldn't offer you a loan right now.

We've asked you to confirm your details privately on Trustpilot so our support team can get in touch with your directly and chat about your application in more detail. In the meantime though, we wanted to share a bit more information about how we make responsible lending decisions for our customers.

When our customers are looking for a loan offer, we provide a quote directly on our website or through comparison sites such as ClearScore, as you mentioned. This quote has no impact on your credit score and lets you know if you're likely to be approved for the loan based on the initial information you've provided at that stage. Within your pre-approved offer, it's also confirmed that each lender will carry out final verification and affordability checks so that they can be sure their loan is right for you.

Using the verification and security tools we use, we weren't able to offer you a loan right now. We're sorry about this and we understand it's disappointing. We hope we can help you borrow in the future but if you do want to discuss your recent application more with us, please confirm your details and our support team will answer any questions you have.

You can also find more information about how pre-approvals work in ClearScore's helpful article at https://www.clearscore.com/learn/credit-cards/what-is-pre-approval-and-how-does-it-work/.

Reply from LiveLend

Oct 31, 2021

Hi Richard,

Thanks for taking the time to share your feedback and providing an update about your complaint. We're so happy our support team could help you as quickly and as smoothly as possible.

We'll make sure our wonderful team see this feedback.

LiveLend

Reply from LiveLend

Aug 24, 2021

Hi Tom,

Thanks for your feedback. As we designed our Reward Loan alongside our customers, continuing to listen to their insights is incredibly important to us as we grow.

We're very sorry to hear you haven't earned a reward yet, we understand that this can be disappointing.

We know that when you apply for the loan and when speaking to our support team, how our Reward Loan works is explained to you but we wanted to share the detail about your reward eligibility here too. However, if you want to chat in more detail, please get back in touch with our support team and they'll be able to discuss your account and eligibility history safely and securely.

When you apply for a lending product, including our Reward Loan, credit reference agency, Equifax, share one of their scores, an ‘acquisition score’, with us so that we can check your eligibility and ensure we’re providing a quote responsibly.

Once you have our loan, we continue to use a score provided by Equifax but this is a slightly different score, different from what you may see on your Equifax or ClearScore account for example. This score is called a ‘management score’ and it’s the data provided to us, and other lenders, by Equifax to measure your score movement regularly. In some cases, this score can be higher than the score you may see as it doesn’t penalise you if you aren’t registered on the electoral roll. We’ve always used this score to review our customers’ eligibility for a reward and this is also explained on our website, during your application and in our FAQs.

Both scores provided by Equifax are independent scores. We can’t make any change to the information we receive and, as I’m sure you can appreciate, the factors that go into how credit scores move is incredibly complex and we can’t anticipate what they’ll be or have a say in what’s reported to us from the credit reference agency.

We completely understand that not receiving a reward yet is disappointing.

However, we believe in our Reward Loan and are proud to say that it’s helped many customers by reducing their rate and monthly repayments as and when we’ve seen that the score we’re provided with has improved. This was the main reason we launched Reward Loan - to make customers better off and provide them with an opportunity to improve their loan during their loan term. Although you’re not eligible right now, we’ll continue to review your eligibility and get in touch when your rate has reduced further. We hope this will be the case as we want to see as many customers as possible receiving a reward.

As we mentioned, if you'd like to talk in more detail about this, please get in touch with our support team so we can help answer any questions you have.

Thanks again for your feedback.

LiveLend