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.
Facing unexpected costs and need a quick loan? CashFloat is a UK-based short-term loan provider, offering loans between £200 and £1,100. Apply for a loan online and you could get an instant decision and same-day payout. Our review can help you decide whether this is the right lender for you.
Have a poor credit history? CashFloat is still willing to consider you. And if you’re accepted, you can pay back part or all of your loan as early as you like without being charged early repayment fees.
How do CashFloat loans compare with the rest?
If you’ve used the CashFloat calculator to get a quote and want to see if you’re getting a good deal, you can use the table below to find out how much a comparable loan is likely to cost you from some other popular short-term lenders:
We compare payday/short-term loans from
What's in this review?
- How do CashFloat loans compare with the rest?
- Key features of a CashFloat loan
- How does a short-term loan from CashFloat work?
- What are the different repayment options?
- What are the eligibility requirements?
- How do I apply for a loan from CashFloat?
- Is high-cost, short-term borrowing a good idea?
- Frequently asked questions
Key features of a CashFloat loan
- Loans of £200-£1,100. The amount you’re able to borrow will depend on your personal circumstances.
- Bad credit accepted. CashFloat funds thousands of bad-credit payday loans.
- No early repayment fees. Repay back your loan as early as you like without facing additional charges.
- Online application. Simple online application.
- Quick cash. If approved, receive your loan the same day.
How does a short-term loan from CashFloat work?
To secure a CashFloat loan you must first complete the online application form. Here you’ll need to select the amount you wish to borrow and provide some personal and financial details. Decisions on applications usually take between one and three hours. Your decision will be confirmed via email.
CashFloat may need to ask a few extra questions in order to decide. If this is the case, it will phone you.
If you’re approved, you could receive your loan the same day. Repayments are taken monthly using a continuous payment authority (CPA).
You can pay part or all of your loan back early. This will save you money on interest and you won’t be charged any early repayment fees for doing so.
What is a continuous payment authority (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 it wants to, and to take payments of different amounts without consulting you. Most payday loan companies will use CPAs to collect your repayments, although you can cancel this at any point by either consulting with your provider or your bank.
What are the different repayment options?
It’s possible to borrow the following amounts for the following periods of time. Repayments will be taken each month, but you can pay back your loan as early as you like.
- £200-£250. 1-2 months
- £300. 1-3 months
- £350-£450. 2-3 months
- £500-£600. 2-4 months
- £600-£850. 3-4 month
- £900-£1100. 4 months
What are the eligibility requirements?
You should only apply for a CashFloat loan if you’re certain you will be able to make the repayments, and you meet the following criteria:
- UK resident
- Over 18 years old
- Have a UK bank account
How do I apply for a loan from CashFloat?
- Choose how much you want to borrow and your repayment period.
- Fill out your personal, contact, employment and financial details.
- Receive a decision within a few hours.
- If accepted have your cash could be transferred the same day.
Did you know?
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.
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk 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.
Frequently asked questions
More guides on Finder
How to get a £200,000 loan
If you’re considering applying for a £200,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
How to get a £150,000 loan
If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
How to get a £100,000 loan
If you’re considering applying for a £100,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
Starting a business with no money
This guide will help you successfully start a business – even if you currently have no money to fund it.
Fly Now Pay Later review: Pros, cons and costs
Is spreading the cost of your trip overseas with Fly Now Pay Later right for you? This guide includes a round-up of pros and cons and our expert verdict.
Compare the best business loans and financing of 2020
Secure the finance you need to get your company off the ground or get it to the next stage of its evolution with a small business loan.
What credit score do I need to get a mortgage?
While there’s no minimum credit score you’ll need to be eligible for a mortgage in the UK, it’s helpful to know how your credit rating can affect your chances, and the loan terms you’re likely to get.
Best temporary car insurance
We’ve reviewed and rated the best temporary car insurance companies that the UK has to offer and ranked them based on key policy features and benefits.
free2 loans review
free2 claims to provide “free thinking finance”, offering unsecured personal loans specifically designed for over 55s.
Loans for small businesses affected by coronavirus
Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.