Lender in Focus 8.2: Cashfloat advantages

The benefits and cashfloat advantages

The benefits and cashfloat advantages

The popular company Cashfloat offers its customers the opportunity to apply for payday loans and short term loans that are both simple and flexible. CashLady takes a look at Cashfloat advantages in full.

Cashfloat advantages include flexible loans

Cashfloat provides payday loans and short term loans.

Payday loans are usually paid back in only one instalment, normally on your payday.

Cashfloat’s short term loans are also known as instalment loans. Instalment loans are loans that are paid back in 2 or more instalments.

Customers can choose from loan terms of between 1 and 4 months when borrowing money from Cashfloat. However, this depends on the amount of money they would like to borrow.

For example, if you choose to take out a loan of £250, you will be able to opt to pay it back in 1 instalment (a payday loan) or 2 instalments.

Borrowing £400 would enable you to choose a loan term of either 2 or 3 months.

Flexible loan amounts

New customers are able to borrow between £200 and £500.

Existing customers can apply to borrow up to £1,100. This is the maximum amount Cashfloat will lend to its customers.

Fast decision

One of the Cashfloat advantages is that Cashfloat says it takes them an average of between 1-3 hours, during their working hours, to check your application.

After your application has been checked, you will receive an email informing you of whether your loan application was approved. If further information is required, Cashfloat will call or email you.

If you are approved for a loan, you should receive your money in your bank account within the hour.

This means that the whole process, from your application to getting the money into your bank account, takes an average of under 4 hours.

Repay your loan early and save money

Cashfloat does not charge any fees for repaying your loan early.

If you do choose to repay your loan early, you could save money on interest.

Cashfloat advantages include a penalty-free grace period on missed payments

If you cannot make your repayment as planned and contact Cashfloat beforehand, their team will offer you several low or no cost options. These include a penalty-free grace period. As well as breathing space, an agreed repayment plan or rollover options.

The length of the penalty-free grace period can be up to 5 days.

The benefits of using Cashfloat

Application form

Cashfloats’s secure application form is available on their homepage.

The first section of the application form asks you for information about the loan you want to take out. You will need to specify how much you would like to borrow, the duration of your loan (or ‘loan term’), as well as when your next pay days are.

You will also need to inform Cashfloat of when your salary day is. For example, this could be the last working day of the month or the last Friday or the month.

The next section asks you to fill in information about your personal details, such as your name, date of birth and phone number.

You will then be required to disclose your address and how long you have been living there. You will also need to provide your marital status.

In the third section, you will need to divulge your monthly income and your partner’s monthly income. You will also need to specify the number of dependents you have (if any) and any other income you receive, such as child benefits or your pension.

Section four requires you to inform Cashfloat of how much you contribute towards household bills.

Such as food/groceries and utility bills. You will also need to say if you have any travelling expenses (and how much they are), as well as how much you pay towards the monthly rent or mortgage.

In the fifth section, you will need to provide your employment details. Be sure to including your employment type, company name and employment duration. Your job title will also be required here.

The final section requests information from you regarding how Cashfloat should fund your loan. You will need to include your bank name, account number and sort code, as well as your card type.

Finally, you should make sure that you fully understand Cashfloat’s terms and conditions and privacy policy. Tick to say that you do. Then confirm that you have provided accurate financial information with your application. Then, you then agree to Cashfloat acting as a ‘credit broker’ to help you find an FCA-authorised lender if your financial information does not match Cashfloat’s lending criteria.

If you have all the information to hand, the form should take no longer than 10 or 15 minutes to complete.

It takes an average of between 1 and 3 hours for Cashfloat to respond after you have submitted your loan application.

Who can apply?

You are able to apply for a Cashfloat loan as long as you are at least 18 years old, are a UK resident with a UK bank account and are employed with a regular income.

Credit searching

Cashfloat is a responsible lender and carries out credit checks on every customer who applies for a loan with them.

However, Cashfloat says even if your credit file is not perfect, you may still get a loan with them. Because they understand that everyone misses a bill here and there.

As long as they can tell you are in control of your finances and your finances are not controlling you, they will be willing to trust you with their money.

Cashfloat looks at factors such as whether you have any recent defaults, how much money (if any) you have outstanding to creditors and whether you have ever had a CCJ.

Call Credit currently supply Cashfloat with information regarding your affordability and credit history.

Head office based in London

Cashfloat’s offices are open from 9:00 am – 5:30 pm, Monday to Friday. During this time, their customer support team are available to help you with repayments, applications and general queries.