CashWave vs Lending Stream

When it comes to short-term borrowing, choosing the right product can save you money, reduce financial stress, and provide peace of mind. Today, we’re comparing SteadyPay’s CashWave with Lending Stream, two options designed to help you cover unexpected expenses or manage short-term cash flow. While both products offer support during financial challenges, the differences in cost, repayment terms, and overall approach are significant.

Cost of Borrowing: Who Offers the Better Deal?

CashWave by SteadyPay

With CashWave, borrowing £300 over 90 days costs a flat £90, thanks to a simple subscription fee of £30 per month. There’s no interest, hidden fees, or surprise charges.

• Representative Example: Borrow £300, repay £390 in total.

• Repayment: 3 equal monthly instalments of £100 + £30 subscription fee.

• Total Cost: £90.

Lending Stream

Borrowing £300 from Lending Stream over 6 months comes with a much higher cost, thanks to a 1271% APR. This means you’ll pay nearly double the amount you borrow.

• Representative Example: Borrow £300, repay £578.36 in total.

• Repayment: 6 monthly instalments of £96.39.

• Total Cost: £278.36.

The Verdict:
CashWave’s £90 total cost is far lower than Lending Stream’s £278.36, making it a significantly more affordable choice for short-term borrowing.

Repayment Terms: Flexibility vs Commitment

CashWave by SteadyPay

CashWave keeps things simple with a 3-month repayment period:

• Borrow £300 for up to 90 days.

• Repay in 3 equal instalments (£100 per month) plus the flat subscription fee.

• If you repay early, you only pay for the months you use, saving even more.

Lending Stream

Lending Stream requires a 6-month repayment commitment:

• Borrowers must repay in 6 monthly instalments, spreading the repayment over a longer period.

• While this longer term may reduce monthly repayments slightly, it dramatically increases the overall cost due to compounded interest.

The Verdict:
CashWave’s shorter repayment term allows you to clear your debt quickly and avoid high costs, while Lending Stream’s 6-month term locks you into paying far more over time.

Eligibility and Accessibility

CashWave by SteadyPay

CashWave uses an internal AI credit rating system, which looks beyond traditional credit scores. This makes it accessible to users who may have poor or limited credit histories. Once approved, you can withdraw funds whenever needed, and there’s no cost if you don’t withdraw.

Lending Stream

Lending Stream also considers borrowers with poor credit but relies on traditional affordability and credit checks. While they do approve users with lower credit scores, their high APR makes the product more costly and potentially risky for borrowers already in financial difficulty.

The Verdict:
Both products offer accessibility to those with poor credit, but CashWave’s ability to avoid costs if funds aren’t withdrawn provide a more responsible and flexible option.

Purpose and Approach

CashWave by SteadyPay

CashWave is designed as a short-term financial solution to help users manage unexpected expenses without falling into a debt spiral. The no-interest, flat-fee model ensures users can repay affordably and quickly, making it a responsible borrowing option.

Lending Stream

Lending Stream positions itself as an alternative to payday loans, with a longer repayment period to reduce the immediate burden. However, the total repayment cost can make it challenging for borrowers to escape the debt cycle.

The Verdict:
CashWave’s consumer-first approach focuses on affordability and simplicity, whereas Lending Stream’s high costs and interest rates can make borrowing riskier.

Which One Is Right for You?

If you’re looking for:

• Lower borrowing costs: CashWave is the clear winner with a flat fee of £90 compared to Lending Stream’s £278.36 for the same amount.

• Simpler repayment terms: CashWave’s 3-month plan lets you clear your debt faster.

• Transparency: CashWave provides clear, predictable costs with no hidden fees or confusing interest calculations.

Lending Stream may suit borrowers who need a larger loan amount or prefer a longer repayment period, but the significantly higher costs make it a less affordable option.

Final Thoughts

When it comes to short-term borrowing, CashWave by SteadyPay stands out as a responsible, transparent, and affordable solution.

Take control of your finances with SteadyPay—because borrowing should be simple, fair, and affordable.