Not upheld: Irresponsible lending complaint against Lendable Limited
Financial Ombudsman decision DRN-6354444 of 2026-06-23T00:00:00+00:00. Irresponsible lending complaint against Lendable Limited. Outcome: Not upheld.
Decision detail
| Reference | DRN-6354444 |
|---|---|
| Decision date | 2026-06-23T00:00:00+00:00 |
| Firm | Lendable Limited |
| Product | Personal loan |
| Claim type | Irresponsible lending |
| Outcome | Not upheld |
| Remedy | For loan two: (1) Calculate total repayments made by Mrs F and deduct from total amount received; (2) If overpaid, refund overpayment plus simple interest at Bank of England base rate plus 1% from date of overpayment to settlement; (3) If capital balance remains, work with Mrs F to agree affordable and sustainable repayment plan; (4) Upon full payment, remove all adverse credit file entries. HMRC tax deduction applies to interest awards. |
Summary
Mrs F complained that Lendable irresponsibly provided two loans (£1,000 each in March 2024 and April 2025) that were unaffordable and resulted from inadequate affordability checks. Lendable upheld the complaint regarding loan two and agreed to remove interest and charges, but rejected the complaint regarding loan one. The ombudsman found that Lendable's checks for loan one were reasonable and proportionate, with Mrs F's verified income and assessed disposable income of £1,080 sufficient to meet payments. The ombudsman did not uphold the complaint regarding loan one and confirmed that Lendable's remedial actions for loan two constituted fair resolution, subject to specified implementation requirements.
The Ombudsman's reasoning
The ombudsman found that Lendable's affordability checks for loan one were reasonable and proportionate given the loan amount, type and cost, and Mrs F's overall financial circumstances. The checks included income verification, expenditure assessment using statistical data where appropriate, and review of existing credit commitments. Mrs F's credit file showed good management of existing debt with no arrears or defaults. With net monthly disposable income of £1,080 after accounting for loan one payments, Mrs F could meet the monthly obligations and retain sufficient income for day-to-day expenses. The ombudsman found no evidence of financial difficulties at the time of loan one approval that should have alerted Lendable. For loan two, Lendable had already upheld the complaint and agreed fair remedial actions.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Lendable Limited, all decisions | 2 | 0% |
| Irresponsible lending, all decisions | 30,675 | 37% |
| Personal loan, all decisions | 23,643 | 29% |
Source
Read the original decision on the Financial Ombudsman Service website