If you find yourself in a financial bind, CashFloat may be the short-term lender to help you get out. CashFloat offers short-term loans. Customers can get loans of up to £1,100.
However, as much as you may require cash quickly, it is beneficial to get to know the lender before committing to a loan. To assist you, we have conducted a thorough study of every crucial factor you should be aware of before joining up.
Our detailed CashFloat loan review will tell you everything you need to know and much more. Continue reading to find out if it is the right service for you.
What exactly is CashFloat?
A screenshot of the payday loan application process at cashfloat.
CashFloat is a UK-based short-term loan service that offers loans ranging from £200 to £1,100. It takes pride on its simple application process, quick acceptance, and prompt rewards.
Western Circle Limited, which is a fully regulated organisation under the Financial Conduct Authority (FCA), operates the company.
Its loans are designed exclusively for borrowers with bad credit, so it does not evaluate applications solely based on credit score.
As an authorised direct lender, it attempts to make the borrowing process safe and simple.
It includes a variety of loans for different applicants, adjustable terms, and favourable eligibility requirements. We’ll learn more about the platform down below.
CashFloat is a highly reputed short-term lender that offers three different loan solutions to satisfy the needs of its various candidates. It has a straightforward online application process and provides quick approval and money. The lender’s rates are among the lowest in the industry, and its customer service is outstanding.
The Benefits and Drawbacks of a CashFloat Loan
- The FCA regulates and fully authorises it as a lender.
Provides a quick application and approval process
Funding is accessible on the same day.
Offers one of the UK’s lowest APRs, with daily interest rates as low as 0.5%.
When your application is refused, it may connect you to alternative lenders; it has a mobile app for quick funding on the go; and it has a loan calculator that provides transparency into fees and rates, allowing you to compare it to other providers.
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Cons
- Low loan limit
- Applying for a loan here may have an impact on your credit score because the lender will do a hard credit check.
What is the process of obtaining a CashFloat loan?
CashFloat attempts to differentiate itself from other lenders in a variety of ways. One of the distinctions is that it evaluates borrowers not just on credit but also on affordability. As a result, bad creditors who have the ability to repay the loans can qualify.
Another distinguishing element is the provider’s ability to handle loans quickly. The application and decision-making processes have been shortened to provide same-day funding. And the borrower pays nothing more for this. The sole requirement is that you apply within business hours.
Borrowers are also encouraged to save money by making early repayments on the platform. As a result, it does not charge any fees for early payments. At the same time, it provides an opportunity for conversation if you are unable to meet the payback.
Fees and assistance
Its customer care crew is pleasant and always willing to assist, even if it means rearranging payments. All you have to do is phone ahead of time and make the necessary arrangements.
If you fail to make payments and do not notify the support team, you will be charged a default fee. And the outstanding balance will accrue daily interest, with a maximum repayment period of 60 days.
Missed payments not only result in default fines and interest accrual, but they also have a negative impact on your credit score. Because the supplier reports to credit agencies, you may have difficulty obtaining finance in the future or find it very expensive if you have a low credit score.
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Disbursement of funds
A loan calculator is available on the website. You will have the option to assess the greatest fit before applying for a loan. You can use it to set the loan amount and term, then assess the repayment amount to see whether it is reasonable.
If you agree with the terms, you may begin the application process by completing the application form. After you submit your information, the provider will offer you a decision within 1 hour to 3 hours. The decision will be sent to you through email.
They will call you if they need to confirm any details or ask questions before approval. If they approve your application, you will most likely receive funding the same day. Begin making repayment arrangements as soon as you receive the money.
These are normally done on a monthly basis utilising a continuous payment authority (CPA). A CPA is essentially a recurring payment in which you authorise a corporation to withdraw monies on a regular basis from a specified account.
Interest Rate and Repayment
In contrast to a debit credit, this provision permits the company in question to withdraw funds whenever they want and accept payments in varied amounts without consulting you. You can cancel the CPA at any time by contacting the lender or your bank and making the necessary procedures.
The lender provides precise loan amounts for specific terms. They are as follows:
1 to 2 months – £200 to £250
£300 for one to three months
£350-£450 – 2 – 3 months
£250-£600 – 2 to 4 months
3 to 4 months – £600 to £850
£1,100 to £900 – 4 months
You can only borrow a maximum of £500 as a new customer on the platform. However, if you demonstrate creditworthiness by repaying the entire loan within the specified time frame, you may be eligible for the full amount.
Another intriguing feature of the lender is that if it fails to fund your application, it will request permission to refer you to another lender. If you accept the request, you may be able to find funds without having to repeat the onerous application procedure.
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Despite the fact that the official maximum daily interest rate for short-term loans in the UK is 0.8%, CashFloat offers loans starting at 0.5%. And because it is simple interest, the ultimate sum is less than it would have been if they had utilised compound interest.
What types of loans does CashFloat provide?
CashFloat provides a number of loan options to satisfy the demands of various borrowers. These are some examples:
Loans for the Short Term
These are online credit facilities with various payback choices. Borrowers are notified in advance of all upcoming payments via the platform. All loans are debited utilising easy direct debit card methods.
Payday Advances 2.0
The site provides an innovative alternative to typical payday lending. With this option, you can access your cash as quickly as you need them and pay them back whenever you want to save money on interest. Aside from the fact that it can be funded the same day, the loan has one of the greatest acceptance rates compared to other products on the site.
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Money on the Spot
Under the Money on Demand programme, you can utilise the site’s mobile app to rapidly access money. It is available as a free download and provides the quickest approach to obtain cash. Furthermore, on the mobile platform, the app employs bank-grade security.
The Creation and Borrowing of CashFloat Accounts
CashFloat’s account creation and borrowing process is incredibly simple and intuitive.
1. On the website’s homepage, scroll down to the area marked “Complete our secure application.”
Page for CashFloat registration
Begin by entering the loan information, which includes the loan amount, length, and payday. Fill in your personal information next, beginning with your name, date of birth, and email address, followed by your phone number and postcode. You will also need to enter your address and marital status.
2. Describe your monthly income and that of your partner.
Enter any additional sources of income and the number of dependents you support.
3. After that, you’ll need to enter your spending, including any shared charges.
Rent, food, and transportation expenses, as well as loan repayments and other credit commitments, may be included.
4. Provide your employment information, beginning with your job type and title, firm name and industry, and length.
Provide your work phone number and email address, as well as your website and postcode, among other information.
5. Finally, you must input your bank account information, where the lender will deposit your cash.
It is critical to exercise caution while signing up for these items. This is because you can wind up owing two to three times the amount borrowed on longer-term loans, and many people struggle to repay short-term loans without reborrowing.
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Criteria for CashFloat Loan Eligibility
It is not difficult to qualify for a loan on the site. Here are the requirements you must meet:
- You must be at least 18 years old.
- You must be a UK resident.
- Have a current UK bank account
- Get a job
- Have a steady source of income
- Borrowers Must Provide Information in Order to Receive a CashFloat Loan
Here is the information you will need to supply when applying for a loan on the site:
- Personal information
- Contact information
- Specifics about your home
- Details about your marital status and your employment
- Information on earnings
- Bank account details
What are the borrowing costs for a CashFloat loan?
CashFloat is one of the most affordable short-term lenders around. Here are its fees and borrowing costs:
APR – 997%
£15 late payment/default fee
Fee for arrangement (origination) – nil
There is no early repayment penalty.
Consider the following illustrative example:
The loan amount is £ 500.
4 month loan period
4 installments
APR – 997% Repayment amounts – £215.81
The total sum repaid is £863.24
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Customer Service at CashFloat
One of CashFloat’s most notable features is that it offers superior services, including customer assistance. The overwhelming majority of favourable client evaluations reveals this, which is remarkable for a short-term lender.
Conclusion
CashF-loat receives our complete endorsement as a dependable and solid short-term finance supplier. It is a reasonably priced service provider with an excellent reputation for customer service.
It provides a variety of loan alternatives and even allows borrowers to obtain funding on the go via a mobile app. There are no application or prepayment costs. The only fees you may incur are default fees.
The application process is uncomplicated, and funding is almost instant. The only disadvantage is that they will need to examine your credit, which may have an effect on your score. Furthermore, the loan limit is rather modest. Overall, this is an excellent tool to use when you need quick access to emergency funds.
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FAQ
What’s the distinction between short-term and payday loans?
While short-term loans can be repaid in increments over time, payday loans must be paid in one large sum on payday. CashFloat provides both sorts of loans to meet the needs of different applicants in varied situations.
Can I reapply if CashFloat rejects my application?
Yes. However, you can only have your loan authorised if the factor that caused your loan to be denied has changed.
Can I get a loan with terrible credit?
Yes. CashFloat evaluates your credit score alongside other criteria, rather than just the score itself. To qualify for a loan with negative credit, you must complete the fundamental requirements mentioned below. However, you would also need to demonstrate that you have a consistent source of income to demonstrate that you can afford the loan.
Is it feasible for me to obtain a loan without having my credit checked?
No. The FCA requires licenced lenders, among other things, to ensure that the loan will help an applicant in their current condition. CashFloat, as a responsible lender, conducts extensive credit and affordability checks on all applicants prior to approval.
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Is it feasible for me to obtain a loan without having my credit checked?
No. The FCA requires licenced lenders, among other things, to ensure that the loan will help an applicant in their current condition. CashFloat, as a responsible lender, conducts extensive credit and affordability checks on all applicants prior to approval.
Is borrowing from CashFloat risky?
Yes. CashFloat is an FCA-regulated lender with a secure website that uses industry-standard encryption protocols.
Which countries are eligible for CashFloat loans?
CashFloat provides services throughout the United Kingdom.
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