At Cashfloat, our customers’ safety is of the utmost importance. We are closely monitoring the coronavirus (COVID-19) situation in the UK, and we are here to support our customers during this challenging time. Cashfloat understands your concerns both for your physical health and financial stability as the virus continues spreading in the UK.
We are committed to helping our customers through this crisis.
Safety is our priority, and we encourage all our customers to limit themselves to potential exposure to the coronavirus. All of our online services will continue as usual. As always, customers will be able to apply for Cashfloat loans entirely online or using our Credit on Demand app. You will also be able to login to your account to easily manage your loan online. We advise our customers to use online financial services versus in-person as much as possible to limit the risk of exposure.
We do not recommend borrowing short term online loans if your income has reduced or your expenses have risen. Rather, we recomment that you seek help from government agencies and other help trusts during this difficult time.
How the Coronavirus is Affecting the UK Economy
Between business shutdowns, job layoffs, school closures, and social distancing, many UK consumers are wondering if the economy will ever be the same again. People are unsure how they will cover basic living costs and businesses wonder if the coronavirus will send them into administration. Here at Cashfloat, we strongly believe that with some careful planning, UK consumers, businesses, and the economy at large will be able to weather this storm.
Protect your Personal Finances
- Three-month mortgage holidays and credit card forbearance are now available for those who are struggling. The impact on your credit score is currently unconfirmed. However, banks did offer a similar repayment break before the coronavirus outbreak without an impact on your credit score. Likely, these repayment holidays will not bring your score down either.
FAQ’s about Coronavirus
I think I might have coronavirus. What should I do?
My employer put me on unpaid leave because of coronavirus. What are my rights?
If you have been placed on unpaid leave due to the coronavirus pandemic, you should speak to your employer about your contract terms. You may be entitled to statutory guarantee payment. If you are not eligible for SGP, you can apply for Jobseeker’s Allowance from Jobcentre Plus.
I was laid off from my job due to COVID-19 and now I can’t pay my rent. What can I do now?
If you have been laid off from your job because of COVID-19 and you do not qualify for statutory guarantee pay, you should apply for Jobseeker’s Allowance from Jobcentre Plus. This will provide you with income until you are able to go back to work or find a new job. You should speak to your landlord about an alternate arrangement for paying your rent in the meantime. The government has temporarily banned evictions so they would have to wait at least 3 months before taking any legal action against you. If you are behind on your rent payments, you should deal with rent arrears.
I don’t think I’ll be able to make my loan repayment this month. What do I do?
If you think you won’t be able to make your scheduled loan repayment, please contact us as soon as possible. We understand you are experiencing a challenging time financially, and we are happy to work out an alternate payment plan with you.
Coronavirus Rights for Employees
The unfolding COVID-19 situation is impacting UK businesses of all sizes across every industry. Cashfloat brings you a summary of your rights in the workplace during the coronavirus crisis. As always, public health and safety is the top priority, and we urge customers to listen to government directives.
If you are considered at-risk and have been instructed to stay home and self-isolate, please do so.
- If your employer offers you the option to work from home, you are entitled to your regular salary.
- If your workplace needs to close and you are placed on furlough, you are entitled to 80% of your regular salary from your employer. Your employer may or may not choose to give you the last 20%.
- If you are afraid to go to work because of coronavirus, speak to your employer. You may be able to work out working conditions that decrease your risk of exposure. Alternatively, you can discuss taking a holiday or unpaid leave. Your employer does not have to agree to this.
Coronavirus Guidelines for Employers
- Employers should offer employees flexible working options, if possible, such as working from home using work laptops or mobile phones.
- If working from home is not possible, employers should ensure that their work environment complies with the NHS’s guidelines for proper social distancing.
- If an employer needs to lay off workers, they need to discuss it with their employees as soon as possible. Depending on the terms of the contract, employers may be obligated to pay employees regular wages or statutory guarantee payment.
Cashfloat is here to help during the Coronavirus outbreak
We will continue to monitor the situation and remain available to answer any questions or concerns you may have. We are committed to keeping our customers well informed. We will update this page frequently with information we feel could be useful to you. We wish all of our customers good health, safety, and financial security in these uncertain times.