Cashfloat, a UK-based direct lender, has shared insight into how essential support systems protect the interests of potential borrowers, from the point at which a consumer considers applying for a loan and compares products through to the entire lifecycle of a loan agreement.
The company has long stressed that while short-term borrowing can offer financial relief for households facing unexpected costs or cash-flow gaps, the guidance they receive can have a considerable impact on their financial well-being.
Customer Support Initiatives Cashfloat Offers Borrowers
Conversations around lending tend to focus on approval rates and interest charges, but the regulated lender has emphasised that the way firms share information is just as important as the cost of borrowing.
Cashfloat has stated that clarity is pivotal from the first point of contact, when a consumer is deciding whether to apply for credit. This includes ensuring they see clear eligibility criteria, have transparent breakdowns of costs and fees, and can ask questions before making decisions.
The lender has outlined several resources that borrowers should anticipate having access to from any reputable lender:
- Transparent pricing structures, with total and monthly repayments clearly shown
- Fair, thorough affordability checks to prevent over-borrowing or repeat cycles of debt
- Flexible repayment options that are compatible with borrowers’ incomes
- Accessible support during financial difficulty, especially for those in financial distress
- Signposting to debt advice services where extra help might be needed
- Early repayments without penalties, helping consumers reduce interest where possible
In addition, the short-term loan specialist has stated that support shouldn’t end once a loan is approved and funds are transferred.
Consumer’s financial circumstances can change unexpectedly, which means many borrowers may benefit from the assurance that they can contact their lender for advice if they are having, or think they might have, trouble meeting their repayments.
Benefits of Consumer Guidance When Making Borrowing Decisions
Chief Operating Officer Peter Kimpton speaking on behalf of Cashfloat says, ‘Borrowing should, of course, always be approached with care, but we believe it’s equally important that lenders take full responsibility for the way products are structured and supported, not just when consumers are applying for credit, but at all stages.
Our customer service teams speak with people every day, whether they are already Cashfloat customers or need information about their borrowing options, and for whom aspects like varying repayment periods and APRs aren’t necessarily familiar.
Offering clear details about how loans, affordability checks and repayments work, and being on hand to explain how different products compare, how to plan repayments, or what to do when challenges arise is all part of our commitment to helping consumers improve their financial outcomes and feel confident when they’re making important decisions.’
The lender has an extensive library of articles and resources published on its website. These include eligibility checkers, which do not require a hard credit search; detailed explainers about borrowing terms and loan types; repayment planners, which enable consumers to change loan amounts and repayment durations to compare costs; and a free affordability assessment tool.
Peter adds, ‘Rising living costs are putting lots of household budgets under pressure, and particularly when consumers are considering short-term credit for the first time, they must know what they are applying for and committing to, or where alternatives such as financial assistance or debt repayment schemes would be better suited to their circumstances.’
About Cashfloat
Cashfloat is a UK direct lender providing online lending services. Cashfloat considers applications from customers with a range of credit histories, subject to eligibility and affordability checks. Cashfloat is fully authorised and regulated by The Financial Conduct Authority.
Customers experiencing financial difficulty may benefit from seeking free and independent debt advice before taking on additional borrowing.
