Care Finance short-term loans review

Care Finance specialises in simple, small instalment loans of £100-£150 that are repaid over 3 months.

Updated

Fact checked
Care Finance
Launched in 2010, Care Finance is a direct lender that offers a cash advance against your next few paychecks.

With high, fixed interest rates in line with most short-term lenders, Care Finance says its personal customer service is what makes it stand out against its competitors. If Care Finance declines your application for a loan, it may ask for your permission to pass your details to other lenders. So, be sure to thoroughly check which lender you are applying for a loan from, that it is regulated by the Financial Conduct Authority (FCA), and what its terms and conditions are.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

How do Care Finance loans compare?

Table: promoted deals, sorted by total payable

If you’ve used Care Finance’s loan calculator to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:

How much do you need to borrow?


How long do you need to borrow for?


Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Savvy.co.uk Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
The Money Platform Short Term Loan
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.
QuidMarket Short Term Loan
£300 to £1,500
Representative example: Borrow £300 for 3 months at a rate of 292% p.a. (fixed). Representative APR 1,301% and total payable: £454.37 in 3 instalments of £151.46.
loading

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Savvy.co.uk Personal Loan
The Money Platform Short Term Loan
QuidMarket Short Term Loan

Key features of a Care Finance loan

Product NameCare Finance Short Term Loan
Available amounts£100 to £150
New customer maximum£150
Loan termsto 3 months
Soft search eligibility check
Employer contacted during application
Funding speedProvided the signed Credit Agreement is received by Care Finance by 5pm, the funds should reach your bank account on the same day.
Repayment period optionsMonthly
Weekly
Fortnightly
FCA registration number671064
More Info

Will Care Finance carry out a credit check?

In short, yes, Care Finance will carry out a check with a credit reference agency, but states that this is not necessarily for your credit score – more to confirm your identity. Care Finance also states that it is more concerned with your ability to repay the loan.

How does a Care Finance loan work?

  1. You can apply online using the quick and simple application form.
  2. A Care Finance advisor will contact you to verify your personal details and to talk through your individual financial situation.
  3. Once approved, your loan will be paid directly into your bank account.
  4. Provided the signed Credit Agreement is received by Care Finance by 5pm, the funds should reach your bank account on the same day.

How do I pay back my loan?

Care Finance will debit the money directly from your bank account on the agreed payment dates. These can be flexible to be in line with your paydays but the term will be roughly equal to 3 months.

What are the eligibility requirements?

You should only apply for a Care Finance loan if you are certain you can meet the repayment terms. You must also:

Minimum age18
Min. income£1200 per month or £280 per week
Additional eligibility notesYou must be permanently employed.
You must have a current bank account with an associated debit card.
You must be paid directly by BACS transfer into the same account.

Is high-cost, short-term borrowing a good idea?

Short-term, high-interest “payday” loans from lenders like Care Finance offer a quick fix when you get into difficulty with finances. They are a very expensive method of borrowing though, and should only be considered as a last resort. These loans are unlikely to solve your money problems in the long term, and aren’t suitable for borrowing over longer periods, or for serious debt problems. Before you apply, make sure you’ve considered other options. Is the expenditure you’re planning urgent and essential? If you’re struggling to pay a bill, try talking to your utility provider about a payment plan. Find out about other alternatives at the government’s moneyadviceservice.org.uk.

What is a Continuous Payment Authority (CPA)?

In 2015 the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Alternatives to Care Finance

Here are some sites providing loans like Care Finance loans, arranged alphabetically:

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Lending Stream Instalment Loan
Lending Stream
(Established 2008)
Instalment loans
QuidMarket Short Term Loan
QuidMarket
(Established 2011)
Instalment Loans
The Money Platform Short Term Loan
The Money Platform
(Established 2016)
Peer-to-peer instalment loans
Savvy.co.uk Personal Loan
Savvy.co.uk
(Established 2015)
Instalment loans

Frequently Asked Questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Read more on this topic

  • Buffa short term loans review Buffa offers quick and easy short term loans, but with high rates and limited terms.
  • Updraft loans Updraft lets you avoid the cost of expensive overdraft fees by giving you a low cost loan when you overdraw on your bank account or credit card.
  • Uploan short term loans A "big sister" company to the better-known Peachy, Uploan offers small loans over terms of up to a year, to cover one-off expenses.
  • Overdraft statistics We find out how often Brits are going overdrawn in the UK and how new regulations are set to shake up the industry.
  • Loans like Credio Credio was a popular source of short-term credit online until the lender stopped issuing loans in 2018.
  • Cheque cashing If you need to cash a cheque, it can take three days to clear it with a bank. Cheque cashing services give you immediate access to your money.
  • Lending Stream loan calculator Considering a short term loan from Lending Stream? Use our calculator to work out how much it could cost you plus how much you could save by repaying early.
  • Sunny loan calculator Considering a Sunny short term loan? Use our calculator to work out how much you'll pay back. You can also compare Sunny against the competition and make sure you're getting the best deal.
  • Compare short term loans of £50 to £1,000 Compare live rates from a range of popular lenders on loans over two months or more.
  • Hastee review July 2020 An affordable alternative to payday loan, Hastee Pay's salary advances can be a lifesaver if you need to meet an unexpected expense.
Go to site