If you’re looking for emergency funding to get you through the month but have less-than-perfect credit, you’ll likely need to use the finest payday loans provider. This is due to the fact that payday loan companies are prepared to approve applicants with poor credit. CashASAP is one such lender that operates in this industry. CashASAP is an online lender that offers payday loans of between £100 and £750.
CashASAP is a lender that specialises in lightning-fast funding, as its name suggests. In truth, if your application for funding between £100 and £750 is approved, you will likely receive the funds later that same day. However, CashASAP’s interest rates are extremely exorbitant, so we only resorted to them as a last resort.
In light of this, we recommend perusing our comprehensive CashASAP Review prior to submitting your application. We will discuss the specifics of the fees, eligibility, funding periods, customer service, and more.
What exactly is CashASAP?
CashASAP is a payday loan provider in the United Kingdom. The company is an online-only lender, which means it has no physical locations. Instead, the entire loan application procedure is completed online or on a mobile device. CashASAP nevertheless enables you to borrow between £100 and £750. In the overwhelming majority of instances, you will be required to repay the loan on your next payday, as is typical in the payday loan industry.
However, CashASAP also permits you to repay the loan over an extended period. Although this allows you to choose a 3-month loan term, it will increase the overall cost of the loan. CashASAP charges some of the highest interest rates in the United Kingdom’s lending industry.
CashASAp lending firm emblem
In actuality, with a representative rate of 1,390%, this is just below the Financial Conduct Authority (FCA) limits. This is why CashASAP should always be considered a last resort. If you have no other options, the loan provider is extremely flexible about who it will lend money to.
You should be eligible, for instance, if you have a regular income of some kind, are a UK resident, and have no outstanding bankruptcy orders on your credit report. CashASAP is known to deposit the loan funds into your bank account as soon as you are approved, if applicable. This makes the lender ideal for those who need funding quickly, although you will pay a very high interest rate for the privilege.
What are CashASAP’s pros and cons?
CashASAP Pros:
- Offers payday financing between £100 and £700.
- Eligibility requirements are extremely minimal
- Typically, the loan funds are transferred on the same day.
- Choose to repay the funds on your next payday or within three months
- The comprehensive application can be submitted online.
CashASAP Cons:
- Proportional rate of 1,271%
- Expensive compared to an overdraft facility
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How does CashASAP function?
CashASAP, like other payday loan providers in the market, such as Satsuma and Cash Float, is an online-only lender. This means that the application must be completed on a desktop computer or mobile device. Start the process by visiting the CashASAP homepage and deciding whether you want a 3-month multi-month loan or a standard payday loan.
Click the ‘New Customer’ icon once you’ve decided how much you wish to borrow. You will then be directed to the application’s primary page. This will pose a variety of questions concerning your identity. For instance, you will be required to provide your first and last name, date of birth, home address, phone number, and email address. Then, you must provide the name and address of your employer, the duration of your employment there, your after-tax take-home pay, and the date of your next payment.
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CashAdvance.com loan Application
In addition, you must detail your regular monthly expenditures. This will include your monthly rent or mortgage payment, groceries, and utility expenses. CashASAP will perform a credit check on you after you have completed the application form. This is for the purpose of validating the information you supplied on your application, as well as gauging your relationship with debt in the past.
CashASAP, unlike other payday loan lenders in the market, does not conduct gentle credit checks. This means that the loan decision will appear on your credit report regardless of the outcome of your application. Before applying, be sure to carefully review the eligibility requirements.
If the lender determines that you qualify for a short-term loan, you should be instantaneously approved. If you are eligible, you can then view your loan offer. This will include the quantity and interest rate that CashASAp is willing to lend you. If you wish to continue, you must then input your UK bank account and debit card information. The debit card must be attached to the bank account, as repayments will be deducted from this account.
How can I pay back my CashASAP Loan?
After your application has been approved, you will be able to thoroughly examine the digital loan agreement. This will detail the quantity and timing of your repayment obligations. If this is a standard payday loan, you will make a single payment on your next payday. Alternately, if you choose a 3-month term, you will be responsible for three equal installments. No matter which option you choose, the repayment(s) will be deducted from your debit card.
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CashAdvance.com loan application
Known as a continuous payment authority (CPA), you will be required to approve a form authorising CashASAP to automatically withdraw funds from your account. Although it functions similarly to a standard direct debit, a CPA gives CashASAP greater flexibility in collecting your payments. A direct debit, for instance, must be for a fixed amount on a set date each month. In contrast, a CPA permits CashASAP to deduct lesser amounts if there are insufficient funds on your card to cover the full repayment.
How Much Are CashASAP Loans?
As we mentioned before in our review, getting a loan through CashASAP will not be inexpensive. The annualised APR rate at CashASAP will be in the three figures, as it is with other payday loan companies that target those in severe need of cash. That being said, you won’t know how much the lender would charge you for the loan until you apply. Again, this will always be subject to a rigorous credit check, so make certain that you match the minimum standards before proceeding.
You are under no obligation to proceed even if you are approved for a CashASAP loan. If you believe the APR rate is too high (which it almost certainly will be), simply walk away.
Nonetheless, we’ve highlighted the primary factors that CashASAP will consider when calculating your APR rates.
- The amount you must borrow
- How long do you need to borrow the money?
- Your current credit rating
- Your previous experience with debt
- When will you next receive your pay?
- How much money you make after taxes
Although the particular APR rate will vary depending on the above criteria, we have generated some estimations based on the stated typical rates.
You may pay a sample rate of 1,390% if you took out a payday loan from CashASAP, which requires you to repay the money on your next income day. This equates to a staggering annualised APR of 290%. For example, if you borrowed £175 over 19 days, you would end up repaying £201.41.
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Even if you only borrowed the cash for 19 days, this would result in an interest payment of £26.92.
If you borrow the cash over a period of several months, you will have to make three equal installments, which will increase the cost. For example, at a sample rate of 1.271%, a £250 loan paid back over three months would cost you £359.01. This equates to a £119.67 interest payment.
further than what is mentioned in the APR rate, there are no further financing fees to consider. Furthermore, if you want to lower your interest payments, you can always repay the loan early. This is especially useful if you choose a multi-month loan.
Is a CashASAP Loan Right for Me?
Although CashASAP is a payday loan company that caters to those with terrible credit, not everyone is qualified. As a result, we strongly advise reading over the following requirements before beginning the application process.
If your credit score is severely affected, CashASAP will consider other aspects of your financial situation, such as your salary. However, you will almost certainly be required to attach supporting documentation, such as a bank account statement or a recent payslip.
Check Your Credit
CashASAP will conduct a credit check on all candidates who apply for a loan through its website. Although it does not require a minimum credit score, it will want to know how you have dealt with debt in the past. As a result, if you’ve already defaulted on loans – and the loans are still due – you may be ineligible.
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Obtain Employment
All applicants must be employed by CashASAP. This might be part-time or full-time, and there is no set income requirement. As previously stated, you may be required to produce supporting documentation for your stated income.
UK resident and above the age of 18
To apply for a loan with CashASAP, you must be at least 18 years old. You must also be a UK resident. If the lender is unable to electronically verify your identification, you may be required to provide a copy of your passport or driver’s licence.
A valid UK bank account and debit card are required.
Because CashASAP will be electronically transmitting your loan cash, you must have a valid UK bank or building society account. You must also have a debit card linked to the aforementioned account, as this is where the CPA will be tied.
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CashASAP Customer Service
If you need help, CashASAP has a number of support channels that we’ve included below.
📱Phone: 0845 094 1905
Email us at [email protected].
In writing: 12 Gough Square, 3rd Floor, London, EC4A 3DW
CashASAP offers customer service seven days a week. You can reach the team between 8 a.m. and 9 p.m. during the week, and between 8 a.m. and 7 p.m. on weekends and holidays. On Sundays, the support team is available from 9 a.m. to 7 p.m.
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Conclusion
In conclusion, we hope you are now able to make an informed decision about whether CashASAP is the perfect solution for your finance needs. You should proceed with caution before applying, as with the majority of payday loan lenders on the market. The primary reason for this is that the underlying APR rate will be exorbitant. The site, in reality, advertises a sample rate of 1,390% on its payday loans and 1,271% on its multi-purpose loans.
If you choose the latter, you would pay £119.67 in interest on a £250 loan. As a result, it is well worth your time to seek alternate financing before submitting your application. On the other hand, we enjoy that CashASAP allows you to complete the entire application online, and it seldom takes more than 5 minutes. If you are authorised, the cash should be transferred the same day.
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FAQ:
What are the interest rates charged by CashASAP?
CashASAP lists a sample rate of 1,390% for payday loans and 1,271% for three-month loans. However, you won’t know your individual APR rate until you apply.
How much money can I get from CashASAP?
CashASAP provides loans ranging from £100 to £750. If this is your first time applying with the lender, you can only borrow £300. If you pay back your first loan on time, you will be allowed to apply for a larger loan.
How do I repay my CashASAP loan?
You will be required to repay the loan using your debit card, as is the case with most payday lending companies. CashASAP, also known as a continuous payment authority (CTA), will have the legal ability to automatically accept your repayment(s). Furthermore, if the repayment fails due to a lack of funds, it can try for a lower sum.
How do I get in touch with CashASAP?
You can reach CashASAP by phone at 0845 094 1905 or by email at [email protected]. The customer service team is available seven days a week, including holidays.
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