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.
Cash Kitty short term loans review October 2019
Borrow up to £5,000 from this online service when you need a quick cash injection.
Cash Kitty is a broker, not a direct lender. This means it does not lend money itself, but instead introduces you to a provider that is willing to lend to you. It uses details from your application to search its panel of lenders and find the best short term loan to suit your situation.
While using a broker gives you quick access to quotes from a range of lenders, you must always check who you are borrowing from and what their terms and conditions are. It’s also important to understand that there may be cheaper options outside of this panel of lenders.
Cash Kitty receives commission from the lender, and will not charge you a fee for its service. However, if it is unable to match you with a loans provider, it may forward your application to another broker. You will need to check if this broker does charge a fee.
Compare Cash Kitty Loans to similar providers
As well as comparing short term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.
Key features of a Cash Kitty loan:
- Borrow £100 to £5,000. With high interest rates charged daily, you should only take out a short term loan to cover exactly what you need.
- Repay in instalments or in one lump sum. You can indicate in your application form if you would prefer to repay your loan on your next payday, or if monthly repayments would be more manageable. Remember, the quicker you pay off your loan the less you will pay in interest.
- No fee. Cash Kitty receives a commission from the lender for referring you. It will not charge you for using its service.
- Introduction to other brokers. If Cash Kitty is unable to match you with a lender from its panel, it will offer to forward your application to another broker. Always check if this broker will charge you a fee for its service. In your application form you can choose to only be given options that don’t come with a fee.
- View your credit score. If you have been turned down for credit, there is an option on the Cash Kitty website to view your score. UKCreditRatings offers a 14-day trial to find out how lenders view your data and get an idea of who else is linked to you financially, such as through joint bank accounts. Be aware that you will be charged a monthly fee unless you cancel your subscription after the trial period.
What to watch out for
Fast loans and free service from a broker can come with some pitfalls. You should consider these before you apply for a loan through Cash Kitty:
- You don’t know who will see your application. Cash Kitty doesn’t list which lenders are in its network, so you can’t research them before submitting your information.
- Not the lender. While Cash Kitty has a user-friendly website, it’s not the end destination. Once Cash Kitty matches you with a provider, that is the end of its involvement with you. Make sure you are happy with the repayment process of the lender you are ultimately borrowing money from.
- Uncertain terms. You won’t know the exact terms and conditions of your loan until you receive an offer. As they can vary greatly from lender to lender, you will need to spend some time understanding what your specific deal is before you agree.
- Multiple credit checks. While applying to a panel of lenders in one go can save you time, it may also mean that multiple credit checks are performed. This could have an adverse effect on your credit rating.
- High interest. Short term loans have notoriously high interest rates. Other forms of credit may take longer to process, but could end up costing a lot less overall. Make sure you investigate all your options before applying for a short term loan.
Is high-cost, short term borrowing a good idea?
Short term loans offer a quick solution when you get into difficulty with your finances, but they are a very expensive method of borrowing. They should therefore only be considered as a last resort. Short term loans are unlikely to solve your money problems in the long term, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a short term loan, make sure you have considered other options carefully. Is the expenditure that you’re planning absolutely essential? If you can put off a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan. Read more about alternatives to payday loans at moneyadviceservice.org.uk.
How does a Cash Kitty short term loan work?
You can apply for a loan on the Cash Kitty website 24/7 using the simple application form. Choose how much you would like to borrow and for how long, and fill out some basic details about you and your finances.
- Cash Kitty will search its panel of lenders to find you the best deal for your circumstances.
- You will then be transferred to the lender’s own website to complete the process. The lender may ask you some additional questions.
- You will then be asked to sign a loan agreement. Make sure you read the terms and conditions carefully before you commit to a loan.
- Cash Kitty says most of its lenders are able to deposit money into your account within minutes, even over the weekend.
How do I repay my loan?
Many short term loan companies will use a “Continuous Payment Authority” (CPA) to collect loan repayments. Your repayment will usually be taken in full from your bank account on your next payday. It will be taken directly by the lender that you chose to take your loan out with. In some cases lenders will consider repayments via direct debit or by manual bank transfer.
WHAT IS A CPA?A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis. CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you. You can cancel this at any point by either contacting your provider or your bank.
What are the eligibility requirements?
You should only accept a short term loan from one of Cash Kitty’s lenders if you are certain you can comfortably meet the repayments. You must also:
- Be aged 18 or over.
- Live in the UK.
- Be employed and receive a regular weekly or monthly income that is paid into your bank account.
- Have a bank account that accepts direct debits.
Frequently asked questions
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