Cashfloat might be right for you! Find out why. We are a moral direct lender, and we are here for you. Give us a chance to help.
You’ve heard all the horror stories of people who took out payday loans and then couldn’t pay them back. Don’t get caught in the same trap. It is so easy to fall into the cycle of debt, taking out one payday loan to cover another. Western Circle Ltd. trading as Cashfloat has put together a full guide to advise you of whether a Cashfloat loan is right for you.
How to Decide if Cashfloat is Right For You
Cashfloat is a responsible direct lender. We provide transparent, affordable and responsible short-term loans to citizens in full time employment in the UK.
Before applying for a loan with us, we strongly recommend that you read our product guide. Don’t worry, it’s not as scary as it looks. We wrote this guide using simple language with our customers in mind. In the guide you can find all the information you need about how our loans work, who our loans are for and how to apply. Our business goal is not to give as many loans as we can. Instead we are dedicated to helping as many people as we can with providing the right loan for them.
But please remember, we designed our responsible short term loans to help customers through a temporary financial shortage. You should not use them as a long term borrowing solution. We are not always the cheapest option in the market and we would like to encourage our customers to compare our interest rates with alternative financial institutions on the market.
What you need to apply for a loan
Getting a responsible short-term loan from us requires that you have a full time employment; you have an active bank account and an associated debit card to your main bank account. You will also need to earn a minimum NET monthly income of £1000 and be able to show us that you have enough disposable cash at the end of the month to accommodate the loan repayments. If your NET monthly income is below £1000 or if you are in temporary employment or in receipt of benefits, we will not be able to offer you a loan.
Our highly trained team always try to ensure that our customers pay the minimum possible, not the most that the FCA allows. We design our collection practices to promote fairness and find mutual solutions that will benefit both parties.
Please understand that we do not accept applicants who are already dealing with a debt management company. If an applicant does apply while they are already having their debt managed by a third party, we generally will not accept repayment offers from the said third party.
Will You Be Approved for A Loan?
We receive and assess thousands of loan requests every week, and we commit to giving our customers the loan that is appropriate to their current financial situation. Therefore, we have developed an affordability evaluation system to help us determine whether our loan is right for you. We don’t rely on technology, for example computer systems to approve or decline loans. Our highly trained team of underwriters make every approval decision because our business success is based upon our customers’ ability to afford their loan repayments. We need to make sure that Cashfloat is right for you.
We formulated our loans with the FCA cost cap in mind and we never charge hidden fees. Prior to any loan, we always present to the customers the potential costs involved during the life cycle of their loan, like interest payments or default fees. You can find a summary of terms below.
If you need any additional information then please feel free to contact our friendly support team or take a look at our frequently asked question page.
All short-term loans are defined with the following cost framework:
- The maximum loan value we allow is twice the principal. When a customer borrows £200 they never have to repay more than £400.
- We never apply any card authorization fees.
- CPA cap(Continues Payment Authority) restricts to 2 attempts unless the cusomter gives authorisation – our system will try to collect the scheduled repayment amount in full as agreed in your loan contract. We will not use any partial amounts or different dates for automated collection purposes.
- Default fee is £15 if customer fails to pay by 5pm on a scheduled repayment day.
- Most of our loans have no penalty interest. You simply continue to pay the ongoing amount at a daily rate.
- All our loans are capped with a daily interest rate of 0.8%. The actual interest 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.
- Loan arrears interest is accrued for a maximum of 60 days:
Representative Loan Example APR 997%
|Total amount payable||£863.24|
|Interest pa (variable)||270.10%|
|Default fee (per loan)||£15|
*Example calculated based on loan taken on 20.05.2017 for 4 month (4 monthly payments at the last Friday of the month)