Cashfloat’s Scientists Upgrade FCA-Compliant Affordability Model

- by Kelly Richards

January 19, 2016 12:00 AM Eastern Standard Time LONDON–(BUSINESS WIRE)–Cashfloat’s data-modelling scientists have developed an advanced affordability model, designed to generate a clearer picture of the client’s affordability. This enables the Cashfloat team to make well-informed decisions about lending, more in line with the FCA compliance framework than ever.

There are many ways of how your credit score can impact your life

Western Circle Ltd (WCL), a London-based lending company trading as, confirms that its new affordability model has been fully implemented throughout the company, with immediate impact. As the FCA turn increasing focus on the adequacy of lenders’ affordability checks, deciding whether a client can afford a loan is harder than ever. This new affordability check may just be the ultimate solution.

To make a decision, lenders turn to a credit rating agency (CRA) to obtain information about the client’s credit rating. However, the raw data is often unclear to read, with inconsistencies between real time data and the credit file, making it difficult for lenders to obtain clear affordability insights from it. The advance affordability data model synchronizes, analyses and evaluates the real-time data on current short term loans together with the complete credit file. It produces a set of affordability parameters that lenders use to support their lending decision.

“This advance affordability model enables the Cashfloat team to have clearer and by far more accurate information at their fingertips when deciding about lending. We take the FCA’s guidelines very seriously, and the raw data provided by the leading UK CRA’s is simply not sufficient,” said Ofer Akerman, Business Intelligence and SEO expert at Cashfloat.

The new affordability model is in full use at for payday loans underwriting, taking the FCA’s compliance framework one solid step forward.

About The Author
Kelly Richards
Kelly Richards is the founder of the Cashfloat blog and has been working tirelessly to produce interesting and informative articles for UK consumers since the blog's creation. Kelly's passion is travelling. She loves her job because she can do it from anywhere in the world! Whether inspiration hits her while sitting on the balcony of a French B&B, or whether she is struck with an idea in a roadside cafe in Moscow, she will always make sure that the idea comes to fruition. Kelly's insights come from her knowledge gained while completing her degree in Economics and Finance as well as from the people she meets around the world. Her motto is: Everyone you meet has something valuable to teach you, so meet as many people as you can!
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Cashfloat is a trading style of Western Circle Limited - Company Registration Number: 7581337. We are fully authorised and regulated by The Financial Conduct Authority. FCA full permission license: 714479. ICO Registration Number: Z3305234

* Cashfloat terms and conditions apply. Applicants must be 18 or over. All loans are subject to affordability, applicant verification and traditional credit checks via various national databases by Cashfloat responsible lending policy. In most cases, loan decisions may take up to 30 minutes during office working hours. If your bank does not support Faster Payments, funds will be sent to your account the same day as approval so long as you’re approved by 16:30.

Representative example: Borrow £900 for 7 months. 1st monthly repayment of £187.92, 5 monthly repayments of £250.56, last monthly repayment of £125.27. Total repayment £1,565.99. Interest rate p.a. (fixed) 198.72%. RAPR 529.09% Our APR includes all applicable fees. Daily interest is capped at 0.74%.

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