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Thinking about a Cashfloat loan? Try Moneypod instead

If you’ve been looking for a CashFloat loan, have you stopped to consider that there may be something better for you out there?

Factors such as loan terms, lending limits, interest rates, and other special offers differ from company to company. While it’s likely you already have a lender in mind, this doesn’t necessarily mean they’re the most suitable option for you.

A good loan requires the right product at the right time for the right person. That’s where we come in.

At Moneypod, we’re leading credit brokers. That means we work alongside a huge number of lenders in the UK to make sure you receive the perfect loan for you.

So should you choose a CashFloat loan or a loan organised by Moneypod?


Who are CashFloat?

CashFloat – also known as Western Circle – are a direct lender based here in the UK.

The company say that they aim to raise the bar in the short-term credit market through “fundamentally good morals and advanced artificial intelligence technology”; offering safe, fair and affordable payday loans to their customers.

CashFloat have a very impressive 4.9 out of 5 stars rating on reviews.co.uk, and a further 4.8 out of five on Smart Money People.


What is a CashFloat loan?

Loans from CashFloat are designed to be streamlined; offering fast, flexible, and simple funding solutions to their customers in the UK.

The company offer loans of between £200 and £1100, with Cashfloat allowing customers to repay their loan in up to four manageable instalments over terms of either three or four months, depending on your needs.

Their online application form takes just three minutes to complete, followed by a 90 second wait on average to receive your instant lending decision. If approved, the money will appear in your account in just one hour.


What are the requirements of a CashFloat loan?

As with all lenders, CashFloat have their own set criteria in order to accept someone for a loan. First, the company ask that all applicants must be aged over 23 years’ old.

Applicants must be employed with a regular income coming in. This lets CashFloat ensure the customer will be able to make their scheduled repayments comfortably.

Furthermore, you’ll need to be a UK resident with a UK bank account, debit card, and email address.


What’s the difference between CashFloat and Moneypod?

As it says on their site, ‘CashFloat is a proud direct lender’. What this means is that they deal with individual loan applications sent to them from start to finish, providing customers with their own loan packages.

If they accept you, you’ll receive your CashFloat loan on the same day as your application. However, if your application is not accepted, CashFloat will also offer to find you another fully authorised direct lender that may be able to help.

That’s when CashFloat essentially switch into a credit broker like Moneypod.

Moneypod works by pairing up customers with lenders based on the amount they’re looking to borrow, how long they want to borrow for, and a number of criteria to give them the best chances of being accepted for credit.

You will only be able to access CashFloat’s broker services if you are first rejected for a loan from them. Through Moneypod, you’ll be able to compare lenders from all over the UK to find the best deal first time.


What are CashFloat’s FCA registration details?

CashFloat comply with all responsible lending laws and are fully authorised to lend by the Financial Conduct Authority under the registration number 714479.

This authorisation also means CashFloat is regulated by the FCA to follow the rules set out to protect customers. Most recently, the FCA set price caps within the short-term loan market to keep costs from spiralling, including:

  • A 0.8% cap on charges each day, working out at £24 per month on every £100 you borrow
  • Penalty fees of a maximum of £15 if you’re late with a payment
  • A total limit of 100% of the loan value for all interest and charges. That means, if you borrowed £250, the most you could ever be asked to repay would be £500.

As your credit broker, Moneypod are also approved and regulated by the FCA. Our registration number is 727348, and you can find us on the Financial Service Register.

We also make sure that all of our lending partners are FCA authorised before they can lend to you.


How do I apply for a CashFloat alternative?

Moneypod can help you find a CashFloat alternative that best suits your individual needs.

Simply fill in our easy online form to submit your application to us. We’ll need to know your contact information, as well as some details about your employment, income and outgoings. This is so we can find a loan deal that you can comfortably afford to repay.

Once we have this, our computers and staff can start sorting through our database of more than 200 lenders in the UK. We’ll be looking out for those offering the loan terms and amounts you’re wanting and narrowing down your options to those most likely to accept you for credit.

You’ll then be able to apply to your chosen lender for your loan. If accepted, you’ll receive the money the same day. Working with Moneypod is a fast and efficient process that ensures you get the best deal possible.


What are the advantages of a credit broker rather than a direct lender?

If you were to hunt around for the best loan to suit your needs yourself, you’d need to spend countless hours searching through different direct lenders’ websites, potentially making multiple applications to see what they will offer.

Credit brokers are able to do all this hard work for you. With Moneypod, we’ll sift through our panel of over 200 payday and short-term loan providers to find the most suitable deal for you.

And, since we work so closely with our lending partners, we know exactly what it is they’ll be looking for in an application. This means we can refer you to those most likely to accept you.

If you were to go to these loan providers directly, they would each need to perform their own credit searches. These checks can then be seen by all lenders in the future, including mortgage providers. Too many searches on your file can reflect negatively on your creditworthiness, and could result in you not being accepted for finance further down the line.

Moneypod carry out our own soft credit history checks when you apply through us. That means only one search (from your actual lender) will show up on your credit file to support potentially dozens of applications. When you select the most suitable lender, they’ll run their own checks before handing over any money.

We also receive a commission from our lenders when we pass a successful application their way. This allows us to offer our broker service to you completely free of charge.


Am I eligible for a Moneypod loan?

At Moneypod, we have certain criteria that make someone eligible for a loan through us. Our lenders each have their own specific requirements, which is why we cover the most basic things you’ll need to secure a loan, including:

  • Aged over 18
  • UK resident
  • In employment
  • Earning at least £500 per month
  • Have a UK bank account
  • Have an email address

If you meet all of the above, you’re good to apply to Moneypod. We’ll then be able to start matching you up with suitable lenders most likely to accept your application.


Why choose a loan from Moneypod?

We’re here to do all the hard work for you. Simply tell us what you’re looking for and a few personal details, and we will search through our database of FCA lenders to find the match that’s right for you.

Moneypod’s broker service is completely free to you, so there is no reason not to compare top UK lenders to ensure you get the best possible deal on your loan.

To find the perfect loan for you, apply with Moneypod today.