Payday Loans from a UK Direct Lender

Before You Apply:
What You Need to Know

•  Soft eligibility check – checking won’t affect your credit score
•  No obligation – approval doesn’t mean you must accept
•  Costs capped by law – you’ll never repay more than 100% of what you borrow
•  Early repayment allowed – repay early at any time with no penalties
•  Fast decisions – same-day funding often available

Takes ~5 minutes • Soft credit check • No obligation

Understanding Payday Loans and Your Options

Payday loans are a form of short-term borrowing designed to help cover urgent or unexpected expenses. They are intended for immediate financial needs rather than long-term borrowing, so it is important to understand how they work, what they cost, and when they may or may not be appropriate.

• Learn more about how payday loan repayments work
• Understand when payday loans may help
• Review alternatives to payday loans
• See how payday loans in the UK are regulated through cost caps
• Find out how soft credit checks work
• Understand how same-day payday loans work

Payday loans in the UK are regulated and designed to provide short-term financial support, with clear rules around costs, repayment, and affordability.

How Payday Loan Costs Work (Clear & Capped)

Payday loans are designed for short-term financial needs and come with higher interest rates than traditional loans. To protect borrowers, costs are strictly capped by UK regulation.

Important: Payday loans are not suitable for long-term borrowing.

UK Cost Caps Explained

• Daily interest cap: maximum 0.8% per day
• Missed payment fee cap: maximum £15 per loan
• Total cost cap: you will never repay more than 100% of the amount borrowed

Representative Example

• Borrow: £700
• Term: 6 months
• Total repayable: £1,179.05
• Interest: £479.05
• Repayments: 1st monthly repayment of £168.45, 4 monthly repayments £224.60, last monthly repayment of £112.20

You can repay early at any time without penalties. All costs are shown clearly before you sign – no hidden fees.

Cashfloat’s Easy-start option allows you to pay less in the first month before getting into your equal loan repayments. It doesn’t cost you more; it just spreads your loan repayments more conveniently.

Will Checking My Eligibility Affect My Credit Score?

No. Your eligibility check uses a soft credit check, which does not leave a visible mark on your credit file.

All payday loans in the UK must follow strict regulatory standards. This includes requirements around affordability checks, ensuring that borrowing is suitable and manageable based on individual circumstances. You can learn more about how these affordability and creditworthiness checks work.

When Does a Hard Credit Check Happen?

A hard credit check is only carried out right before funding, after:

A hard credit check is only carried out on applicants that pass our affordability, credit and fraud checks and choose to proceed to a funding decision. If you decline the offer, no hard search is completed.

How Fast Will I Receive the Money?

Once approved and accepted:

• 95% of approved loans are funded the same day
• 35% are funded within 30 minutes
• Funding is available 24/7 for applicants who complete the application accurately and provide all required information.

Timing can depend on:

• Your bank’s payment processing
• The time of approval
• Completing the application fully and accurately

Applications approved late in the day or on weekends may be paid the next working day.

Who We Are: FCA Authorised UK Direct Lender

Cashfloat is a UK-based, FCA-authorised direct lender, operating continuously under FCA regulation since 2014.

•  FCA Full Permission Licence: 714479
•  ICO Registration Number: Z3305234
•  We lend our own money
•  We not sell or share your data without consent

Authorised and regulated by the Financial Conduct Authority.

What Customers Say About Cashfloat

As a direct lender, we have consistently upheld a high standard for fair borrowing from our very beginning. Our customers’ needs and requirements are always our top priority.

How Payday Loans Can Affect Your Credit File

• Eligibility check: soft search
• Accepting a loan: hard search (temporary dip)
• Repaying on time: may help demonstrate responsible borrowing
• Missing repayments: can negatively affect your credit score

What If I Struggle to Repay?

• Grace period available: upon request
• Contact us early: we will always strive to find a solution you can afford
• No risk to your loan or credit: when you engage early

Ready to Check Your Eligibility?

Find out if you’re eligible with no obligation and no impact on your credit score. A hard credit check is only carried out if you choose to proceed after being found eligible.

Fast • Secure • FCA-regulated