No matter how well you manage your monthly budget, surprise expenses can easily hit your pocketbook. Whether it’s your child’s school trip fee, medical fees, or car repairs, you could need urgent cash at any time.
The best way to manage these unexpected financial situations is by taking small short-term loans. The Cashfloat Payday Loan scheme is designed to help you in emergency cash shortage situations.
Payday loans are sanctioned at higher interest rates for a short tenure that you can repay with your next paycheck. We will give you more information on the Cashfloat Payday Loan scheme next in this article.
Features of the Cashfloat Payday Loan Scheme
Cashfloat being a recognized lender regulated by UK’s direct credit authority. The absence of middle-men and brokers ensures that you get the best APRs on short-term loans.
Since payday loans are meant for emergency purposes, you can even borrow money with a low credit score. In fact, you can significantly improve your credit rating by paying these short-term loans on time.
Another attractive feature of the scheme is that you don’t need to provide any collateral to secure the loan. Throughout your loan tenure, you can manage your account through the online portal provided by Cashfloat.
How to Apply for a Cashfloat Loan
Applying for a payday loan from Cashfloat is a quick and easy process. It is facilitated entirely online by the company and you can start with the following steps.
- Visit the Cashfloat official website and go to the ‘small personal loan’ section of the website.
- Now, go to the ‘Payday Loan’ option and click the ‘Apply Now’ button to kick-start your application process.
- In the application form, you have to fill in personal details like name, residential address, contact info, income, current assets, and liabilities.
- Once Cashfloat runs a soft credit check, the company will approve or reject your application within a minute.
- After approval, the loan amount is sanctioned on completion of document verification.
- Once verified, funds will be in your bank account within a working week.
Interest Rates and Other Charges
You’ll incur the following interest rates and fees while using the Cashfloat Payday Loan scheme.
- APR: The APR is variable and changes based upon credit rating, income, loan amount, and term. If you take £500 for 3 months, you could incur an APR of 1059.4% which would result in a total interest amount of £227.48
- Opening Fee: Nil
- Late Payment Fee: Nil
- Documentation Charges: Nil
- Processing Fee: It is included in the APR.
Payday loans don’t come with the same criteria as bank loans since they are giving you money based on your next pay. As a legal requirement for a valid contract, you must be at least 18 years of age.
Moreover, only residents of the United Kingdom are eligible to apply for the loan scheme. You will also need an active bank account in any recognized UK bank.
Payday loan eligibility is determined through an affordability assessment. The assessment takes a variety of things into consideration, but most importantly they want to know how much your next paycheque will be.
You will also be required to produce address proof (rental agreement, utility bills, etc) and income proof (salary slips, bank statements, etc) for document verification.
If you want to enquire more about Cashfloat Payday Loans, you can get in touch with the company representatives using the following contact information.
2a Highfield Avenue
020 3757 1933
The Cashfloat Payday Loan can be your guardian angel in moments of financial distress. The convenience of borrowing funds for a short time is the key feature of payday loan schemes.
But be warned that they can charge you 1000% percent interest which could result in hundreds of dollars of interest on a small amount of money. Payday loans should only be used in times of emergency.
Disclaimer: There are risks involved when applying for and using credit products. Ensure you consult the bank’s terms and conditions page before agreeing to anything.