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Care Finance short-term loans review

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

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

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

How do Care Finance loans compare?

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
£50 to £800
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£100 to £1,000
Representative example: Borrow £250 for 30 days at a rate of 292% p.a. (fixed). Representative APR 1270% and total payable: £310, in 1 payment of £310.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

Compare up to 4 providers

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

Lending Stream Instalment Loan
On Stride Personal Loan
Peachy Loan
PiggyBank Short Term Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
247Moneybox Payday Loan

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?

  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:

  • 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

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*Disclaimer: The offers compared on this page are chosen from a range of products finder has access to track details from and is not representative of all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The use of terms "Best", "Top", "Cheap" including variations, are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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