It’s common to find yourself short of cash by the end of every month. While you can always wait for the next paycheck, some unexpected expenses may leave you in need of immediate funds.
In such situations, getting some money on credit is a smart financial management decision. One good option for that is the Cashfloat Payday loan scheme. These loans are lent at comparatively higher interest for a very short period of time.
Tailored specifically for emergency use, Payday loan schemes can provide you amount varying from £100 to £1000. To know more about Payday loans and how to apply for one, you can find all the information you need in this article.
Features of the Loan Scheme
Cashfloat Payday loan scheme is a blessing in disguise for many with its multiple attractive features. Cashfloat is a direct lender regulated by the U.K.’s direct credit authority, and so, you deal with the company with no broker in between.
This makes the process transparent, time-saving, and also much more affordable. Most importantly, Cashfloat is a bad credit lender so you can get loans even with a low credit score.
It also brings you the opportunity to boost your credit rating by paying these small loans on time. Furthermore, you can get unsecured loans from Cashfloat so it’s not much financial pressure.
The representative APR is also quite reasonable when compared to other players in the market. The company also a seamless technology in place that helps you manage your loan efficiently.
In order to apply for a personal Cashfloat Payday loan, you need to be older than 18 years and a resident of the United Kingdom. Furthermore, the applicant must have a working and valid bank account in a recognized U.K. bank.
Another important piece of criteria is a stable source of income from employment or other benefits like pension. Finally, your Payday loan amount eligibility is determined based on an affordability assessment.
For document verification, you must be able to produce your proof of address and proof of income when asked by Cashfloat representatives.
How to Apply for a Cashfloat Payday Loan
You can apply to the Cashfloat Payday loan scheme entirely online in a few minutes by following these steps. First, go to the Cashfloat website and check under the loan section, then click on “small personal loan” and then choose “Payday loans”.
Click the “Apply Now” button and move ahead with the application. In the next window, provide required details like your name, residential status, current income, bank account details, loan required, assets and liabilities, etc.
Cashfloat will take a minute to run a soft credit pull and confirm the status of your application. Once approved, the loan amount would be disbursed in the bank account provided by your post document verification within 2 working weeks.
Interest Rates and Fees
While applying for the Payday loan scheme by Cashfloat, you’ll have to pay the following interest and charges. The representative Annual Percentage Rate includes all the applicable fees you might incur on the loan application.
The APR varies according to the amount borrowed and loan tenure. If you borrow £1000 for 6 months, you’ll incur an APR of 652.0% and a total interest amount of £855.85.
If you need further information about the payday loan scheme, you can contact the Cashfloat representatives using the following information. Their head address is Office 8, 2a Highfield Avenue, London NW11 9ET. Their phone number is 020 3757 1933.
You can easily manage to deal with any last-minute financial emergency with Cashfloat loan schemes. However, you must only take the amount you can repay before the due date to avoid piling up more interest.
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.