Facing unexpected costs and need a quick loan? CashFloat is a UK-based short-term loan provider, offering loans between £300 and £1,500. 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.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.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.
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:
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.
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.
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.
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:
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.
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.
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