Who are we?
Welcome to Western Circle Ltd trading as Cashfloat.co.uk
At Cashfloat, we pride ourselves in our level of transparency. Our products are designed with the FCA cap in mind, as well as on your level of affordability. We enforce strict cost control on open loans, defaulted loans and rollovers. We never charge hidden fees and, prior to any loan, we will always present you with all the costs involved during the life cycle of your loan. Please read our detailed guide to our short term loans to ensure you fully understand what you are signing up for by applying for a loan with Cashfloat.
Our registered office address:
2a Highfield Avenue, London NW11 9ET
We are a company registered in:
England and Wales under company number 7581337.
We are registered:
Information Commissioner’s Office Register: registration number Z3305234
Our cost framework
All of Cashfloat’s short term loans are defined with the following cost framework:
- Total cost cap of 100% – the maximum loan value we allow is twice the principal. Therefore if you borrowed £200 you would never have to pay more than £400 (excluding legal costs).
- Card authorization fees are £0 – no card authorisation fees are applied.
- CPA cap to 2 attempts. Our system will try to automatically collect only the amount agreed in your loan contract for scheduled repayments. We will never charge partial amounts or try to collect on dates that are not agreed as per your repayment plan. We will make a maximum of two attempts for each instalment due.
- Our default fee is £15 and paid only once per loan if our customer fails to pay without letting us know beforehand by 5pm on the scheduled repayment day.
- Arrears interest: most of our loans have no additional arrears interest. You simply continue to pay the ongoing daily interest. In some cases we charge the gap between the current loan daily interest and 0.8% as arrears interest as long as your loan is in default. In any case, you will never pay more than 0.8% daily interest and never more than double the capital borrowed (not including legal charges). If you are not sure what is being charged, please contact our friendly staff who will be more than happy to explain it to you.
- Daily interest: all of our loans are capped with the maximum daily interest rate of 0.8%. The actual interest is usually less, as it is calculated according to the amount and the duration of the requested loan. The maximum interest cap covers all loan statuses including rollover, loans in arrears and any operational fees.
How do we apply interest to your loan?
All of our short term loans are based on simple interest, we will never charge interest on the interest – also known as compound interest. This means that as you repay your loan, the interest would only be calculated on the remaining capital. Because we want the best for our customers, if you repay your loan early you will only have to pay interest for the amount of time you actually had the loan, saving you money.
Example of a representative loan:
This representative loan example is taken from our statistical analysis of most common loan requests on our website. When you apply for a short term loan with us, we always display the costs below for your requested loan.
|Duration of loan||4 months (4 monthly payments)|
|Total amount payable||£863.24|
|Interest rate: PA (variable)||270.10%|
|Default fee (per loan)||£15|
|Card verification fee:||£0.00|
* Example is calculated based on a loan starting on the 1/1/2015.