Borrow Money Online

Often, people try to find cheaper alternatives to payday loans. You may be tempted by offers for things such as a low-interest credit card or an interest-free loan, for example. It’s important to look at the small print, however. Interest free loans, for one, come with catches and hefty fees that can land people in financial trouble. Cashfloat payday loans may be expensive, but you know how much one will cost when you take it out.

One alternative that may work is asking family or friends for an interest-free loan. But remember, when you borrow money from family or friends that they’re not a lending company you don’t have a relationship with. They simply trust you to repay the money. Be careful to make sure you pay the money back when they expect it or you might harm your relationship.

There are still many ways you can borrow money if you have a bad credit score. The best way will depend on how much money you need and under what conditions you want to borrow it.

If you need a short term loan to fix an essential home appliance or for a similar emergency and you have a bad credit score, a payday loan online might suit you best. At Cashfloat, many of our customers have bad credit scores. We perform affordability checks on our applicants, and as long as you can prove you’re able to make the repayments, you can apply with us.

One important thing to know is that you shouldn’t be tempted to take a loan from a lender that provides one with no credit check. No matter what they say. Even if they offer a low interest rate or large loan amount. Credit checks are essential, and the Financial Conduct Authority (FCA) requires all authorised lenders to carry one out on every loan applicant.

Cashfloat has a smooth and straightforward loan process. It usually takes three minutes to complete an application using our online form. We aim to provide an instant decision, with most loan application decisions made within 30 minutes. Once you’re approved and the credit agreement is signed, we also aim to get the money in your bank account within an hour*. If you find your application takes longer than this, you can always contact us to see if we can speed things up.

Repayments are made monthly, starting from the next month. We can also make repayment easier with the Cashfloat Easy Start feature, and we offer flexible repayment plans as well. If you’re encountering any problems paying back your loan after you take it out, you can contact us, and we’ll see if we can help you.

Applying for and taking out a short term loan from any lender will affect your credit report in some way. Responsible lenders will do a hard credit check on every applicant at some point during the loan approval process, and this can affect your credit score. Having a new credit account on your file can also temporarily lower your credit score. Some lenders may also look unfavourably at people who have a payday loan in their credit record. This isn’t always the case, however, and the effect may be minimal.

The most important thing is whether you stick to your repayment schedule. If you manage to stick to your payment schedule and pay your loan back on time, you should actually be able to improve your credit rating. This can help when you go to borrow money again in the future. If, however, you have problems making the repayments, your credit history will be negatively affected.

Note: It’s recommended to check your credit report for mistakes before taking out a loan. You can get this for free from leading credit reference agencies in the UK.

• Guaranteed approval loans: FCA authorised lenders cannot guarantee that you will be approved for a loan. Be wary of loans like this as they will be very expensive and the lender offering it won’t be regulated.
• Doorstep loans: this is when someone gives you a loan at your door and then comes back to visit you to collect repayments. These are sometimes legitimate, but they have a bad reputation and there’s no need to borrow money from someone who will turn up at your house when you can do it online.

Sometimes people struggle to meet their repayment schedule after they borrow money. If this happens to you, it’s essential to contact your lender as soon as you think you’ll have problems. Most lenders will be understanding and will speak to you to try and reach an agreement. They may be able to offer lower interest rates, for example, or a period of time where you don’t pay any interest at all.

For help with debt problems or managing loan repayments, go to moneyhelper.org.uk.

Knowing how to keep yourself safe online when you’re applying for a loan is essential. When you’re looking for an online lender, there are a few things you can look for on their website that will help you to see if they’re legitimate or not.

You can check if their full contact details are clearly displayed and that these can be verified. You should be able to check that they do operate from the address listed and that they can be contacted on the phone. They should also be registered with the Financial Conduct Authority (FCA), and they should be listed on the Financial Services Register. Another safety measure you can take is to check if the website has a secure connection by looking for https in the address bar or for the padlock sign next to the URL.

For more information on borrowing money safely, click here.