Lender in Focus 8.1: Cashfloat Overview and History

 

Lender in focus cashfloat overview and history

Cashfloat provides payday loans and short term loans that are both simple and flexible. CashLady takes a look into the history of Cashfloat and at the services they offer to their customers.

Short term loans and payday loans are usually designed to help you to pay an emergency expense. Or, to give you the extra cash you need to keep you going until your payday.

Payday loans are traditionally repaid in one instalment, usually on your payday. Any type of loan paid back in two or more instalments are typically known as instalment loans.

Cashfloat offers both payday loans and instalment loans online. Cashfloat refers to their instalment loans as short term loans.

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

Existing customers are able to borrow up to £1,100.

Cashfloat offers loan terms of between 1 and 4 months. How long you can borrow the money for – your loan term – will depend on how much you want to borrow.

If you borrow £200 or £250, you can choose from a loan term of either 1 or 2 months.

Choosing to borrow £300 would result in a loan term choice of between 1 and 3 months.

£350 to £450 can be borrowed over 2 to 3 months and £500 can be borrowed over 2, 3 or 4 months.

The maximum loan value of £1,100 will have a duration of 4 months.

If you choose to apply for a loan with Cashfloat, your repayment date would usually be your payday and you would pay back your loan in equal instalments. For example, if you took out a 4-month loan, you would pay it back in 4 equal instalments, on your paydays.

Cashfloat encourages prospective borrowers to consider exactly how much they need before applying for a loan. If you borrow more than you need, you will be paying more interest.

How much interest you will pay on your loan, depends on the amount you borrow and your loan term.

FCA caps mean that Cashfloat cannot charge more than 0.8% interest per day, on the amount you borrowed.

With Cashfloat, you can repay your loan before it is due at no extra cost. By repaying your loan early, you could save money on interest because you only pay interest on the amount of time that you have actually had the loan.

Eligibility Criteria to apply for a Cashfloat loan

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

Before taking out any loan, you should make sure that you will comfortably be able to make the repayments.

Company information

Cashfloat is the trading name of Western Circle Ltd. Their company registration number is 7581337.

Western Circle Ltd also trades under www.peraloans.co.uk.

Cashfloat’s head office is based in Brent Cross, London. Their address is: 2a Highfield Avenue

London NW11 9ET.

Cashfloat’s website address is: www.cashfloat.co.uk

Their telephone number is: 020 3757 1933

And their email address is: CLIENT-SERVICE@CASHFLOAT.CO.UK

Cashfloat’s offices are open from 9 am – 5:30 pm, Monday to Friday. Their offices are closed on weekends and public holidays.

Financial Conduct Authority registration

Cashfloat is authorised and regulated by the Financial Conduct Authority (FCA).

Their FCA registration number is: 714479

Authorisation can be checked on the Financial Services Register at www.fca.org.uk.

Cashfloat is also a member of the Consumer Credit Trade Association (CCTA).

Data Protection

Cashfloat is registered with the Information Commissioner’s Office (ICO). Their registration number is Z3305234.

Cashfloat says that they will protect you and your information and that you can be sure that your information is safe with them.

Their privacy policy is available to view on their website.

Right to cancel your loan agreement

The Consumer Credit Act states that borrowers have the legal right to withdraw from their loan agreement within 14 days of signing a loan contract. If you would like to withdraw from your loan agreement with Cashfloat, you must return any money you have received, together with any accrued interest. You should contact Cashfloat as soon as possible if you decide you would like to withdraw from your loan agreement.

Information about Cashfloat

Credit checks

As a responsible lender, Cashfloat will carry out credit checks on anyone who applies for a loan with them. This is because they only want to lend to customers who are able to repay.

Cashfloat says it cares that its customers are not borrowing over and above what they can afford. Something which would potentially send borrowers into an ‘endless spiral of debt’. They also say they care that their customers are able to comfortably make the monthly commitments without having to starve.

Cashfloat currently works with Call Credit, who supply them with information about your affordability and credit history.

However, Cashfloat says that even if your credit file is not perfect, you may still be able to take out a loan with them. They understand that everyone misses a bill here and there and that it is quite rare to find someone with a perfect credit history.

As long as they can tell you are in control of your finances and your finances are not in control of you, they will be willing to trust you with their money. Cashfloat mentions that it looks at factors such as whether you have any recent defaults. Along with, whether you have ever had a CCJ and how much money you already owe to your creditors.

Cashfloat have developed an affordability matrix to help them to assess if the loan it offers is the right loan for you. More information about this can be found here.

Promotional activities

Does Cashfloat have a television advert?

Western Circle Limited says it is committed to 100% fair marketing.

They do not advertise on TV, as they say, they do not believe that cartoon characters on TV, trying to convince people to take out a loan, are particularly helpful.

Cashfloat says that it focuses on quality and effective communication. They say they invest a lot of effort to ensure their clients understand who they are and the product they are getting. Also that they do not need additional ‘artificial kickers’.

Do they advertise on Google?

No, Cashfloat does not have a Google ad at present.

Do Cashfloat charge fees?

Cashfloat does not charge hidden fees and they will always present you with the full costs of your loan.

As per the FCA rules, Cashfloat has a total cost cap of 100% on their loans. Therefore, if you borrowed £200, you would never have to pay back more than £400 (excluding any legal costs).

They do not charge card authorisation fees and will make a maximum of 2 attempts to collect your repayment amount for each instalment due.

If you fail to make a repayment and do not let Cashfloat know by 5 pm on the scheduled repayment date, you will be charged a default fee of £15. (paid only once per loan)

You will never pay more than 0.8% daily interest and the days in arrears is capped to 60 days. This means you will only incur interest for a maximum of 60 days after going into arrears.

Cashfloat does not charge an application fee.

Has Cashfloat ever been fined?

CashLady could not find any evidence of Cashfloat being fined.

Anything I need to be aware of about Cashfloat?

Only a few weeks ago, the FCA reportedly warned consumers about a clone of FCA-authorised firm Cashfloat.

Before giving your details to any business, make sure that they are the real deal.

Social Media

Facebook

When CashLady.com checked in January 2017, CashFloat had 188 people following their Facebook page and 190 likes.

Their last post, around a week earlier, was a link to their press release. It talked about how new analysis showed that there was a 21% increase in loan shark activity in the UK.

Twitter

Cashladyccould not find a Twitter account for Cashfloat.

Instagram

CashLady could not locate an Instagram account for Cashfloat.

Do they have an App?

Cashfloat does not have a mobile app but customers are able to login to their account online.

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