A payday loan is a type of online loan that is designed for the sole purpose of providing quick cash in terms of an emergency. Usually, a person can borrow £500 – £1,200 urgently and can pay it off bit by bit in the coming months.
Due to the influx of companies that charge high interest rates to their customers after lending them the amount, it is only natural that one might feel a hesitant in selecting any particular payday loan company.
Cash float (Western Circle Ltd) is a trustworthy and responsible payday direct lender in the UK specializes in various types of loans including no credit check & payday. It’s lending responsibly and efficiently is excellent as it offers you quick loans between £200 to £1,100 over a term of between 1 to 4 months. The same day decision making and the payout is an extra edge. As a new customer you can borrow up to £500, however, if you prove yourself trustworthy and repay the loan on time, you can apply for £1,100.
CashFloat is one of the online payday loan companies in the UK. It was founded in 2014 with a mission to make payday loans safe and fair for the citizens of the United Kingdom. They plan to revolutionize the payday loan market to provide reliable and hassle-free loans to their customers.
Cash Float operates on extremely advanced artificial intelligence technology that is designed to protect and help people taking short-term, payday & unsecured loans online. Those with bad credit are also accepted and repayments are typically in four affordable instalments. CashFloat does not require any documentation since the loans are unsecured.
CashFloat believes that payday loan borrowers are regular people going through hard times and only require someone a little trust and patience to sort out their problems. The company has several highlighting features which give it an edge over its competitors:
The company boasts an advanced AI decision engine and a hassle-free online process that checks your application within 2-3 hours to validate your eligibility for a loan.
The rejection criteria are based on passing their extensive affordability checks and are not dependent on the applicant’s credit history. On the off chance that your application is rejected, their team, with your permission, suggests you authorized and trusted lenders saving you from the hassle of finding them yourself.
They wire the required amount directly into your bank account within 4-5 hours of the submission of your application, without any additional charges. Although they claim to be open on all days and even holidays, service can be a bit slow on Sunday’s and public holidays.
Cashfloat offers cheapest representative APRs in the market at 997% and doesn’t charge any arrangement fees for the loan or for early repayment.
If you Borrow £500, Four Monthly Repayments of £215.81 for 4 months, Total repayment will be £863.24 with 270.10% Interest Rate PA and Representative APR will be 997%.Representative APR Example
If you repay your loan early you’ll be benefited by paying less interest. The only fee that is charged by Cash float is a default fee of £15 which you have to pay if you miss a payment. If you don’t settle your daily payments, you will accrue interest until settling your payment up to a maximum of 60 days
In addition to this, the company also claims to not charge a single penny if you repay your loans before the agreed time.
They call to enquire if you missed any payment and try to make any suitable arrangements to help you pay your loan. They charge a fine of 15 £ only if there appears to be no other alternative.
These and many more points help the company gain an upper hand over competitors. Their strategy has been proved to be quite effective owing to the fact that they have progressed rapidly from a small lender company established in 2014 to a big scale online loaning service which is named one of the 50 most trusted companies of 2018 according to an article in The Silicon Review.
Features & Benefits
- Flexible payment date
- Trusted and Authorised by the FCA
- BCCA Member
- Direct Lender
- No application fee
- Free Online loan calculator with every payday loan funded
- 997% Representative APR
- Same day payout
- If your loan request is declined, Cash Float will pass you through to another loan lender
- Loans only for those with regular income or employed
- Bad credit is accepted
- Fast application online
- No documents needed unless required
- Instant decision
- No guarantor needed
For applying Payday loan through Cash Float you:
- Must be over 23 years’ old
- Must be a UK resident
- Need to have a UK bank account with a debit card
- Must have a mobile phone
|Maximum APR 997%||Late payment fee: £15|
|Early repayment fee: £0||Arrangement fee: £0|
As with any high-cost short-term loan the typical warning applies. If you are not in a position to repay your loan on time and in full, you shouldn’t apply because by missing delaying repayments, you will harm your credit file.
CashFloat Loans Offered
The company offers a wide range of loans for different occasions and circumstances but the chief among them have been listed below:
Featured Products & Services
Cash float has been working for four years and offers different products and services such as:
|Short Term Loans||Payday Loans|
|Cash Advances||Instant Bad Credit Loans|
Short term Loans
As the name suggests, a short-term loan is a credit designed to help in an emergency or fix a short-term problem.
- Unexpected home reparations
- Emergency car fixes
- Urgent medical bills
An individual can borrow from £200 to £1100 online and the application is approved within 1-2 hours with the amount being deposited on the very instance once the application is approved.
Customers can choose their payback period and are under no obligation to pay back on the set date. They can pay as early as they are able i.e., They provide flexibility in setting the payback time period.
The simple interest rate charged is approved by FCA and is set to be 0.5 and 0.8 percent per day respectively.
While their short-term credit loan is certainly worth taking, it must be kept in mind that a short-term credit should never be used for solving a long-term problem.
CashFloat Payday Loans
Payday Loans are essentially short-term credits but for those circumstances when you run out of money and your salary day is still quite a few days away.
You can typically get a loan of up to £1,100 within hours with an interest rate of maximum 0.8% per day as approved by the FCA. Since the time of their set-up, the company boasts of having helped over 50,000 individuals in UK.
CashFloat Bad Credit Loans
The consequence of having a poor credit score is that lenders do not generally grant loans to those having bad credit. CashFloats criteria for the eligibility for a loan does not include good credit score.
The customers’ application has to pass through a series of affordability checks which will determine whether the company can lend them the money or not.
Having a bad credit score does not makes you automatically ineligible for a poor credit loan. While the company recommends that you improve your credit score if you are not in a rush, nevertheless they will still deposit the necessary amount in your account if the circumstances are dire.
CashFloat No Guarantor Loan
A no guarantor loan means no involvement of a third party for the loan process. Generally, when applying for a loan a guarantor is present which agrees to pay-off your debt if you are unable to do so.
A no-guarantor loan is also an unsecured loan for the lender as he is taking a risk in providing you a loan especially if you have bad credit. Consequently, unsecured loans are generally more expensive than typical loans and have a higher interest rate.
While CashFloats encourages you to apply for a short-term guarantor loan, it does not prohibit you from applying for a non-guarantor loan especially if the client does not want his financial problems exposed to a third party.
The purpose of of sharing CashFloat reviews is sharing what you have personally experienced. So, that others can benefit from it in making their decisions.
In the case of a direct lender company the reviews are all the more important due to the fact that there have been numerous cases of frauds, scams and companies not upholding their side of the agreement in the world.
CashFloats has numerous reviews from several influential and authentic review based websites that adds to its credibility.
We have listed the rating of several review sites regarding CashFloats as well as which percentage of stars have been allotted the most
According to Trustpilot
CashFloats has an average of 6.4 trust score out of 10 on testpilots.com. The site contains a total of 34 reviews out of which
- 47 % of the customers rated the company to be excellent and 6% rated it to be great
- 9% rated average and 6% gave poor ratings.
- 32 % rated the company to be bad.
The majority of the individuals which reviewed on Trustpilot praised the company’s staff and service graciously. A fraction of the reviewers had problems with the company ranging from the customer support to be rude and abusive, the time taken for the loan to be approve to exceed a day as claimed in their site and numerous other faults.
Of these fractions, a few individuals were regular customers who were lamenting that the company had great reception but has gone downhill in the last few months.
According to ChooseWisely
ChooseWisely has rated CashFloats an average of 3.3 stars out of 5 on the basis of 35 reviews. Majority of the complaints presented in the reviews are of poor customer support and general mismanagement.
This is balanced by an equal number of reviewers gushing about their excellent service and high-quality staff. It has been noted that 90% the individuals who have reviewed on ChooseWisely were the same that reviewed the company on Trustpilot making the number of unique client responses to be quite low.
According to Reviews.co.uk
Describing themselves as the fastest growing Review platform in the UK, Reviews.co has by far the greatest number of reviews in the list with the number of reviews exceeding 500 and at the time of writing the figure was 519 reviews.
Such a vast number of unique reviews help in making the mind of the customer who has come to these sites to obtain guidance from others experience.
CashFloats has an average score of 4.82 out of 5 stars with a 96% users recommendation factor. The vast majority of reviewers, 467 reviews at the time of writing, comment about the fast response time, highly efficient staff, easy application process etc.
In addition to this, the company takes out the time to respond to the compliments and complaints given by its customers.
According to Cash Lady
Cash Lady is a part of the Money Gap Group and is a UK based financial services company which provides short term loans to customers and get them in contact with various payday and short-term loan providers.
Furthermore, it is rated at 4.5 stars out of 5 in customer satisfaction in reviews.co.uk.
Speaking in their guide, Cash Lady examines Cash Floats various reviews from several sites, most prominent among them being review.co.uk.
The article dates to February 2017 in which the company analyzed various reviews given to the company, both for and against it, and gave a suggestion that owing to the vast percentage of customer satisfaction Cash Floats is a recommended loan provider.
To apply for Cash Float loan, you have to fill out the application form online and choose whether your repayment date is a certain date or a specific day of the month. You will be asked to provide your employment details to measure your affordability and creditworthiness that will decide your eligibility for a loan. Your mobile number will be confirmed by SMS and you will have an email within 1-3 hours informing you if your application has accepted or rejected.
If you’re declined, they will take your permission to pass you through to another lender. That means you should find another lender better suited to your financial conditions.
If accepted, the amount will be funded to your bank account electronically within an hour of approval. Repayments will be made on agreed dates which are mentioned on the application.
Summing it all, only those loan broker companies are generally recommended to the clients which have high customer satisfaction and Acceptance Ratio. Cash Floats, a UK based online direct lender founded in 2014 boasts an APR of 997%.
The company employs several tactics which has helped it in making a name for itself in the loan-brokering businesses.
Reading its reviews on various trustworthy sites we can safely conclude that Cash Floats is a legitimate company with highly efficient managements, fantastic loan plans and good customer support.
Majority of their clients have high praises for the company and have recommended it to their families and friends as well.
Due to their diversified loan plans, hassle free application process, responsive customer support and various other factors, it is safe to say that the odds are stacked in favour of Cash Floats overtaking its various competitors in the years to come.
-Registration number: 07581337
-Address: 2A Highfield Avenue, London, NW11 9ET
-FCA registration Reference No: 714479
-Trading names: CashFloat, Quick Loans Express, Paydayloansnet, PeraLoans, PayDay Bad Credit
-Place of business: 2A Highfield Avenue, London, NW11 9ET
Cash Float is one of the most reasonably priced payday loan lenders in the high-cost short-term market. Unlike other UK lenders that offer a meek and flat process, you really have to work hard to find the information you’re looking for and this could leave many customers unsatisfied.