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Looking for Payday Loans Online?
Fast Online Application With an Instant Initial Decision
Our short-term payday loans require a simple online application, and we’ll usually get back to you within 2 to 3 minutes with a clear quote so you can decide whether you’d like to proceed.
Same Day Funding on Approved Applications
If we’re able to approve your application, and you decide to go ahead, we’ll work to ensure you receive fast funding, depending on your bank’s processing times, so you have your money as quickly as possible.
Flexible Repayments and No Early Repayment Fees
Find yourself able to repay earlier than you’d thought, or want to make additional partial payments? We’re happy to offer options to repay earlier, in full or in part, as suits you, and never charge any penalties – in fact, you’ll reduce the total interest you pay!
What Are Payday Loans and How Do They Work Today
Payday direct loans are a world away from the original lending options, many of which were provided by unauthorised lenders and put additional pressure on borrowers needing help to tide them over due to a short-term blip.
How Payday Loans Have Changed in the UK
Consumer protection standards have transformed payday loans, making life’s unexpected situations easier to handle. Most loans are now repaid in fixed, pre-agreed instalments rather than as a lump sum and are subject to caps on maximum interest rates and overall repayments.
How a Cashfloat Payday Loan Works in Practice
We offer the flexibility to choose how long you need to spread your loan, with emergency payday loans ranging from £300 to £1,500 and the option to pick repayment days that coincide with your payday. You’ll get all the important information upfront, including the interest charge and total cost.
When a Payday Loan Might be Suitable
Cashfloat is committed to our responsible lending policy, and we might approve a payday loan if you have short-term cash flow gaps, emergency expenses, or timing differences between your salary and a big bill. Regardless of the reason, we only lend if we know you can manage the repayments.
How to Apply for a Payday Loan Online
Cashfloat’s easy payday loans application process takes the time and stress out of accessing safe financing! Here’s how it works, step by step.
Step 1 –
Complete the Online Application Form
Tell us some information about you, your income and finances, what you’d like to borrow and for how long. The form takes just a few minutes to complete, and we never charge an application fee – so if we’re not able to help this time, you won’t pay a penny.
Step 2 –
Credit and Affordability Checks
Credit checks are incredibly important to help us make fair decisions, and in some cases, we’ll need to ask for extra documents, such as bank statements or payslips, to reach a quick decision.
Step 3 –
Decision and Signing Your Agreement
If your loan is approved, we’ll send you a clear, transparent quote with detailed information on interest rates, repayment terms, and the total payment – this is for you to review in as much time as you need. If you want to proceed, you can sign the agreement and return it to us.
Step 4 –
Same Day Payout and Managing Repayments
When we receive your agreement, we’ll get to work and can often make a same-day payout depending on your bank. Repayments are set up according to your preferred schedule, and you can log in to your account to review all the details and confirm that your debit card details are correct for us to collect instalments via Continuous Payment Authority.
Need a payday loan quickly?
Let’s start!
Repayment period: Three months, Two monthly payments of £ 230.26 , last month repayment of: £ 230.27
APPLY NOWRepay over 4 months, First month repayment of £ 136.62 , 2 monthly repayments of £ 212.55 , last month repayment of £ 129.07
APPLY NOWWho Can Apply for a Payday Loan
All reputable payday lenders need to uphold a commitment to responsible lending, and there are some criteria we’d ask you to check before you submit your application.
Basic Eligibility Criteria
We can consider applications for fast payday loans from UK residents with a British bank account and debit card who are at least 18 years old and have a regular source of income.
When You Are Less Likely to Be Approved
Our ability to accept your application may be limited if you don’t currently have any income, rely solely on benefits, or have very low earnings, because this may mean you can’t be sure you’ll be able to manage your repayments, and borrowing could put your financial health at risk.
How Your Credit Score and Recent History are Assessed
As a payday loans online direct lender, we’re able to consider all credit scores, and don’t feel that this is the only criterion that should affect your eligibility! However, we’ll need to take a close look at affordability and your money management to ensure you’re not borrowing more than you can afford.
Why Choose Cashfloat for Payday Loans
Finding yourself short of funds and with payday some distance on the horizon, or being landed with an urgent expense you’d not budgeted for, can be incredibly stressful. Our instant payday loans are subject to comprehensive regulation and responsible lending criteria to ensure we can often help, even if you’ve got a bad credit score.
FCA Authorised Direct Lender, Not Just a Broker
With experience in providing short-term loans since 2016, we’re an FCA-regulated lender with no third-party involvement. That means your data is safe, isn’t shared with anyone else, and you’ll never pay brokerage or intermediary fees.
Responsible Lending and Strong Affordability Checks
Our teams consider every application using fair, responsible assessments that protect borrowers from unaffordable loans while ensuring we can consider people with low or imperfect credit scores.
Cashback on Interest for Perfect Repayment History
The Cashfloat Cashback Programme is free and applied as standard. Simply keep up with all your repayments, and we’ll be delighted to refund 5% of the interest you’ve paid as a small thank-you from us to you.
Highly Rated By Customers Across the UK
We’re highly rated as one of the top payday direct lenders online through countless review platforms, and we’re delighted to have a 98% recommendation rating and 4.8 stars out of five on Reviews.io from 799 customer comments.
- LAnne I says, ‘A great company, very helpful and great service.’
- Abimola S reports ‘Cashfloat is very easy to apply. They are accurate, efficient and supportive, always ready to help.’
When Should You Use a Payday Loan
There’s never a great time to find yourself with an urgent short-term cash gap, but we can often provide quick approvals in a range of scenarios.
Typical Situations Where a Payday Loan Can Help
Some of the common headaches our borrowers are dealing with include a shortfall in wages, often due to starting a new job, needing to cover emergencies like a car or boiler repair, or paying an urgent and expected bill to avoid arrears.
Making Sure the Loan Is Genuinely Affordable
It’s hugely important that applicants use our loan affordability calculator to ensure they’re confident they can cover their repayments, and to focus on budgeting to avoid the need to look for urgent borrowing in the future.
When You Should Avoid Payday Loans
There is a wealth of short-term borrowing guidance available within our resources. Still, we’d advise against relying on payday direct loans if this is becoming a necessity to cover essential household costs.
Recurring Bills, Rent or Mortgage Arrears
Lots of people apply for a payday loan in a one-off emergency, but you shouldn’t depend on short-term loans to make up for regular shortfalls in your income, or because you’re at risk of defaulting on your mortgage or rent.
Borrowing to Repay Other Debts or Overdrafts
Taking on more debt to repay other loans can be a slippery slope, leading you to pay more and more in interest. Alternatives like debt consolidation plans may be advisable and help you regain control of your finances.
What To Do Instead if You Are Already in Difficulty
If you’re consistently struggling, you may well be eligible for government support, be able to apply for benefit income, or can seek free debt advice through organisations and charities like Citizens Advice and StepChange.
Are Payday Loans Bad or Unsafe?
Online payday loans are often valuable and necessary resources for people with occasional and unexpected financial pressures who need safe, quick cash loans – but they’re also a type of borrowing that should be used carefully and responsibly.
The Risks if Used Incorrectly
The higher costs of payday loans when compared to other products, and the impacts of potential missed payments on your credit score, can be detrimental, and it’s key to ensure you look at different ways to rebalance your outgoings and income if you’re heading into possible spirals of ever-higher debt.
How UK Regulation Now Protects Borrowers
Gone are the days of unlimited interest charges, and regulated lenders like Cashfloat adhere to all of the Financial Conduct Authority (FCA) rules. These protect consumers by capping daily interest at 0.8%, limiting total repayments to twice the original amount, and ensuring default fees can’t exceed £15 per loan.
Using Payday Loans as One Part of Your Financial Toolkit
Small payday loans can be an easy way to cover gaps in your income, but shouldn’t be treated as a regular funding source. We’d suggest you think of a payday advance loan as just that – a way to bring forward delayed income as a last resort for short-term emergencies.
How To Check If a Payday Lender Is Legitimate
Unfortunately, there remain unscrupulous organisations purporting to be credible payday lenders, and it’s essential that you conduct a few quick checks to ensure you’re not entering into an agreement with an unauthorised, unregulated provider.
Using the Financial Services Register
Anyone keen to verify whether a payday lender is credible can visit the Financial Services Register, entering the lender’s name and/or the FCA registration number they display, to see if the details match.
Direct Lender vs Broker and What That Means for You
Payday lenders may not always offer direct loans; that means they’re representing another lender and acting as an intermediary or broker. For consumers, that means the online application you’re completing will be passed to a third party and that you might be paying more in brokerage fees.
Cashfloat is a longstanding payday loans direct lender, which means we can offer a near-instant decision and lend straight from us to you.
However, if we’re not able to help for whatever reason, we will do our utmost to find you a lender through our free brokerage service – we’ll always tell you if this is the case and make sure you’re happy to proceed before we do anything further.
Red Flags to Avoid
Any payday lender that offers guaranteed approval should be avoided – this isn’t something any regulated payday lender online would ever be able to offer! You should also be cautious of:
- Lenders with no FCA number or who can’t be found on the FCS register
- Payday loan companies that offer to lend with just a soft eligibility check
- Any company that doesn’t disclose upfront all payable fees and interest
- Pressure tactics to encourage you to sign an agreement within a certain timeframe
Your data, bank card details and finances are confidential and valuable, so it’s always better to be safe if you have any doubts.
Cashfloat is an FCA Authorised Direct Lender
Cashfloat is part of the Western Circle Group, the flagship brand of the leading financial technology firm that aims to help people across the UK deal with short-term financial emergencies safely and without putting themselves at risk.
Who We Are and Who We Serve
Having supported applicants since 2016, many of whom have been turned down by their banks, we’ve extended loans to 100,000 people and counting. We are specialists in offering fast online applications with no guarantor needed, no hidden fees, and clear repayment terms.
Our Responsible Lending Policies in Practice
Responsibility is a foundational value, and we’re a longstanding member of the Consumer Credit Trade Association (CCTA), providing fair credit assessments that consider the whole application rather than just credit scores.
Technology, Decision Engine and Data Security
Cashfloat’s advanced decision engine assesses each application on its merits and delivers the ultra-fast responses we’re known for, while ensuring every piece of data is secure and properly protected.
Cashfloat’s Cashback Program
As part of Cashfloat’s commitment to offering exceptional value to every customer, we introduced our cashback programme, which enables on-time payers who’ve managed their money well to claim back 5% of their loan interest – with no catches!
How the Cashback Programme Works
Simply keep up with your repayments throughout the duration of your loan, and check that you’ve paid at least £50 in interest, and you’ll be able to submit a survey a week after your loan period ends and claim your cashback.
Who Is Eligible and How to Claim
Our cashback programme is exclusive to payday loans, and you can log in to your Cashfloat account to view the full terms and verify your eligibility.
Read more about cashbackWill My Payday Loan Application Be Accepted
It’s never possible to guarantee loan approval or to confirm in advance whether we’ll be able to accept your application – that’s because this all depends on our affordability assessment process. There are, though, some things you can do to improve the potential that we’re able to say yes.
Factors That Improve Your Chances
Registering to vote and having a consistent address history, along with a stable income, are all positives that help us approve your application!
It’s also important to complete all the information on the form and to upload any supporting documents in good, readable quality – rest assured, we’ll not use your work details to contact you.
However, affordability is the most vital aspect, and we need to be sure you can manage your payday loan before we can offer to lend.
Common Reasons Applications Are Declined
While we’ll always extend a loan where we can, there are situations where we can’t, often because we can see that you’re overstretching your budget, already have expensive borrowing or have recent missed payments and defaults that tell us you’re struggling with your finances.
It’s also sometimes not possible to approve a payday loan if you’re applying with multiple lenders at once.
Checking Your Affordability Before You Apply
As you’d expect from Cashfloat, we make affordability checks easy for everyone, and you’re welcome to use our Affordability Calculator before you submit your application to get a good idea of whether we’re likely to be able to help.
Check my affordabilityCashfloat is a consumer favourite for direct payday loans in the UK.
We’ve worked hard to create a high standard for fair borrowing from the beginning. We are a direct lender who puts our customers’ needs and requirements before ours. Always.
FAQs: Payday Loans in the UK
What is a payday loan?
A payday loan is a small unsecured loan (usually between £300 and £1,500) borrowed over a short term (usually less than nine months) at a high interest rate. They’re called payday loans because the repayments are debited on the borrower’s salary day. They used to be obtained in payday loan shops, but these days they’re more commonly borrowed online from direct lenders like Cashfloat.
Are payday loans and short term loans the same?
Payday loans fall under short-term loans as they’re typically borrowed over a few months only. When payday loans were introduced back in the early 2010s, lenders typically offered them for just one month until the customer’s next payday. Still, almost all payday loans today are synonymous with short term loans in that they’re repaid over several instalments instead of one lump sum. For example, Cashfloat’s loans are payable over up to 9 months.
How long does the process take with Cashfloat?
Cashfloat’s application form only takes 3-5 minutes to complete. Once the application has been submitted, you’ll receive an instant initial decision. If your loan has been pre-approved, we may need additional documentation to reach a decision. You’ll be prompted to upload the documents online, but if you’re struggling, you can always send them by email instead to info@cashfloat.co.uk. You can always speed up the process by calling 0203 757 1933 (option 1) and talking directly to a loan adviser.
How are loan repayments made?
We will process the loan repayments via Continuous Payment Authority (CPA) on the mornings of pre-arranged dates, typically aligning with your salary payment days. You can review and confirm these repayment dates in the loan contract before signing the agreement. The payment will be debited using the card details you provided during the application process.
What happens if I can’t pay back my loan?
If you’re struggling to pay back your Cashfloat loan, you’ll need to contact us immediately. A dedicated account manager will discuss your situation and help you set up a suitable arrangement. We recommend that you contact us before the repayment due date to minimise the impact that non-payment can have on your credit file.
Will borrowing from payday loan lenders affect my credit score?
Applying for a loan will possibly affect your credit score as this may show in your credit file. Repaying your loan on time should increase your chances of being approved for future credit, especially with other High-Cost Short-Term Lenders. However, it may decrease your chances of being approved for more significant, long-term finance, such as a mortgage. This is because it could indicate that you have trouble managing your finances.
Do I need to provide payslips when I apply?
We can usually verify your income without any payslips. If we are unable to confirm your income automatically, we may ask you to upload payslips during the application process.
Do you fund over the weekend?
We don’t fund on Saturdays, but we fund from 9am to 5.30pm on Sundays and Bank Holidays. If you want to speed up your decision, you can call one of our underwriters on 020 3757 1933 and press option 1.
Can I repay my payday loan early?
Yes, if you borrow through Cashfloat, you can repay your loan in full or make partial payments at any time! Repaying your loan early is a good way to reduce the total amount of interest you’ll pay, if your circumstances have changed and you’re able to afford to do so. There are never any penalties or extra fees for settling your balance before the originally scheduled end date.
What information do I need to provide during the application?
Our application form is completely online and requires a few key pieces of information, such as your personal details, address history, income and bank account details. We need to ask for this to ensure we can carry out a fair affordability assessment. In some cases, we might ask you to upload bank statements or payslips to support your application, and we’ll let you know if we need any of these documents.
Can I apply for a payday loan if I have a low credit score?
You can, and we’re able to consider applications from people with a wide range of credit profiles. Having a low score doesn’t automatically mean we’ll turn down your application, because the most important factor is whether the repayments will fit comfortably within your monthly budget.
How much can I borrow with a payday loan?
Our lending ranges between £300 and £1,500, although the exact amount we’re able to offer will depend on your income, existing spending commitments and the outcomes of our affordability check. First-time applicants may be offered a smaller credit amount than returning customers, but we’ll always strive to be fair and responsible.
Is there a maximum cost cap on payday loans in the UK?
There is, and UK regulations set by the Financial Conduct Authority (FCA) state that no lender can ever charge you more than a daily maximum of 0.8%, and that the total amount you repay can never be more than twice the original loan . There are also mandatory limitations on other charges, like default fees, and these rules are there to ensure that borrowers can’t be charged excessive costs.
What should I do if I notice a problem with my application or details?
If you’ve noticed an issue or believe you’ve inadvertently submitted incorrect information or need to update something, please contact our support team as soon as possible! The team will try to review and correct the application before it reaches the final decision stage.
Will applying for multiple payday loans at once reduce my chances of approval?
Yes, and this is never advisable. Submitting several applications in a short space of time could mean you rack up multiple hard searches on your credit file, which may reduce your likelihood of being accepted. Having lots of credit searches, especially in quick succession, can indicate serious financial pressure. It is far better to complete one application after having reviewed all the options, and to seek debt management advice if you’re trying to find a loan and have been turned down several times.
Other helpful loan resources:
We hope we’ve been able to answer most of your questions about payday loans. If you’d like to learn more about different types of loans, check out these pages: