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.
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?
Important information: 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
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.
Key features of a Care Finance loan:
Borrow £100-£150 over 3 months. Care Finance offers small loan amounts over a short period. If you are looking to borrow more, this may not be for you. Existing customers could be eligible to borrow up to £500.
Fixed, high rates. Interest is charged on a daily basis, and realistically this is an expensive way to borrow money.
Early repayment. Care Finance does not charge a penalty if you are able to repay your loan early in part or in full. This is recommended if you can afford to do so as it can save you money in interest.
Late repayment. Care Finance will not charge a penalty if you are late with a payment, but you will pay more in daily interest and are likely to damage your credit rating. Always get advice and speak to your lender if you run into difficulties with repayments.
Is high-cost, short-term borrowing a good idea?
Short-term, high-interest “payday” loans 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.
How does a Care Finance loan work?
You can apply online using the quick and simple application form.
A Care Finance advisor will contact you to verify your personal details and to talk through your individual financial situation.
Once approved, your loan will be paid directly into your bank account.
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:
Be at least 18 years old
Be permanently employed
Have a current bank account with an associated debit card
Be paid directly by BACS transfer into the same account
Receive a net income of at least £1200 per month or £280 per week
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.
Frequently Asked Questions
Care Finance will still consider you for a loan even if you have a poor credit history. The lender is primarily concerned about your ability to repay the loan.
A short-term loan is not a solution to ongoing financial problems and may worsen your situation. You are strongly advised not to use such a loan in these situations. If you have long-term financial problems, you can contact Step Change, Citizens Advice Bureau or a licensed debt counsellor.
The repayments will be made on your next three salary payment dates assuming monthly payments. However, if you are paid weekly or bi-weekly, the repayment period will be amended accordingly but will be roughly equal to three months.
The consequences of non-payment of your loan can be serious and expensive. It is important that you contact Care Finance as soon as you realise that you may be unable to meet the agreed repayment date. You can discuss the situation with an advisor and they will talk through the options available to you. You may be able to agree on how the loan can be repaid without incurring penalty charges.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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