Lender in Focus 8.5: Cashfloat FAQ

Cashfloat FAQ

Cashfloat FAQ

If you want to know more about Cashfloat, the Cashfloat FAQ could be a great place to start.

When you are considering taking out any type of finance, such as short-term loans or instalment loans, it is important to ensure you understand how the process works. Looking at the FAQ page on a loan provider’s website can help you to get a better idea about the lender and their business practices.

CashLady takes a look at the Cashfloat FAQs as they could help to answer some of your questions. Particularly about what they offer and what you could expect if you apply for a loan with them.

Cashfloat FAQ: What is their name?

The company is actually registered as Western Circle Ltd but everyone calls them by their trade name, Cashfloat. Generally, when Cashfloat is contacting you directly, they will say they are Cashfloat. Yet, if their staff are trying to get hold of you on a work or home number, they will call themselves Western Circle. (So you need not worry about any nosy colleagues or relatives).

Is Cashfloat a fully authorised firm?

Since May 2016, Cashfloat has been fully authorised by the Financial Conduct Authority (FCA). This means that the FCA has given Cashfloat full permission to supply consumer credit and trust them to do this responsibly. Responsible lending is the foundation of Cashfloat’s business.

How much does it cost to apply for a loan with Cashfloat?

It does not cost anything to apply with Cashfloat.

Cashfloat does not believe that customers should be charged just for applying for a short term loan. If you are approved, all charges and interest will be included in your loan agreement so you do not need to worry about hidden costs. Cashfloat believes taking care of their customers includes making sure costs are transparent. This is so you understand exactly how much your short-term loan will cost.

What criteria do I have to meet to take out a loan with Cashfloat?

In this Cashfloat FAQ, Cashfloat state to take out a loan with them, you must be a UK citizen with a UK bank account, be in full-time employment and at least 18 years old.

How much should I borrow?

New customers to Cashfloat can apply to borrow anywhere between £200 and £500. Existing customers are able to apply to borrow up to £1,100 (1116% APR).

You may be tempted to ask for more than you need, just in case. But the more you borrow, the more interest you will need to pay.

You may also be under the impression that the less you apply for, the more likely you are to be approved. But that is not true. If you ask for less than you need, you may end up having to take out another loan with another company. Sadly this could result in more interest and charges than if you had applied for what you needed in your initial application with Cashfloat. It is important to borrow responsibly, by working out how much you need and borrowing the right amount.

Is Cashfloat’s system a fully automated lending system?

Cashfloat’s ‘well-tuned decision engine’ helps to give them the full picture of a customer’s financial situation before they decide whether to approve their loan application. However, the final decision is left for humans to make.

This results in their loans being considered from a mathematical and logical point of view. Cashfloat’s business model is not based purely on statistics but on the unique situation of every individual. Their intention is to help as many people as possible who are having temporary financial problems.

Can I still get a loan from Cashfloat if my credit file is not perfect?

Cashfloat frequently asked questions

Probably, yes. Cashfloat understands that everyone misses a bill sometimes and that it is quite rare to find someone who has a perfect credit history. As long as Cashfloat 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 will consider factors such as if you have ever had a CCJ. Along with whether you have any recent defaults and how much money you have outstanding to your creditors (if any). Cashfloat has developed an affordability matrix to help them decide if the loan they offer is the right loan for you.

How long will it take Cashfloat to check an application?

Depending how many applications they have, Cashfloat says it will take an average of 1-3 hours to check your application.

How long does it take to receive the money?

If you are approved for a loan with Cashfloat, the money should be sent to you within the hour. This works out at an average of 4 hours, from application to the money in your bank account.

What if I want to repay my Cashfloat loan earlier than agreed?

Cashfloat does not charge you to repay your loan early. If you choose to repay your loan early, you could actually save money because you only pay interest for how long you have actually had the loan.

Where is Cashfloat located and what are their opening times?

Cashfloat’s head office is in London at 2a Highfield Avenue, NW11 9ET. These offices are open from 9 am – 5:30 pm, Monday to Friday. During this time you are able to contact their professional customer support team. This team can help you with repayments, applications and any general queries that you may have. You can call Cashfloat on 020 3757 1933 or email them at CLIENT-SERVICE@CASHFLOAT.CO.UK.

Cashfloat aim to respond to emails within 24 hours during the working week. Their offices are closed on public holidays and at weekends.