Cashfloat operates as a direct lender that offers payday loans. They handle the entire loan process from application commencement to completion. Notably, Cashfloat considers all credit scores, providing a level playing field for applicants with varying credit records. Their services promise same-day funding for all approved financial loans up to ₤1,500, allowing urgent cash needs to be met quickly.

The repayment plan devised by Cashfloat is convenient, giving borrowers the option to repay their loans as early as they wish or by spreading the cost over a maximum of 9 easy monthly instalments. Loan applications typically range from ₤300 to ₤1,500.

Cashfloat presents an illustrative example for prospective borrowers to understand what their repayment schedule might look like. For instance, if an applicant borrows ₤700 for 6 months, the first monthly repayment will be ₤168.45, the next four monthly repayments will be ₤224.60 each, and the last monthly repayment will be ₤112.20. The total repayment for this loan scenario comes to ₤1,179.05. The interest rate is 185.39% per annum (fixed), with a representative APR of 611.74%.

Additionally, the lender offers loan durations ranging from 3 to 9 months. The rates lie between 295.58% APR and a maximum APR of 1294%. Borrowers are warned of potential monetary troubles in case of late repayments.

Cashfloat's loan application process is reportedly brief, as it takes 2-3 minutes to apply. While they are a fully FCA authorized lender, license no: 714479, it is noteworthy that their loan products do not require a guarantor. For those looking to secure payday loans online, Cashfloat could potentially offer a viable option. However, potential borrowers are advised to reach out for money advice from resources like moneyhelper.org.uk in case they need assistance in handling their financial affairs.

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