Cash Kitty Review 2021 – Read This Before Applying

When you need some extra cash to get you to your next paycheck, you should consider getting help from an online service like Cash Kitty. We get it, the economy is tough, and your budget may get out of hand from time to time. You can consider getting a same-day loan from lenders in the UK.

This is an excellent solution. But there’s only one problem. So far, you’ve only received bad reports about personal loan providers. The internet is full of scam stories and all your friends advise you to stay away. But before you write off these lenders, it’s essential to have all the facts. Let’s have a look at Cash Kitty, for instance. Is it worth your time? Is it safe and secure or will it rob you blind?

To help you make an informed decision, below is a fact-filled Cash Kitty review. It contains all the information you need to decide if it’s the right platform for you or not.

What is Cash Kitty?

Before we get into Cash Kitty, you should note that financial emergencies are not unique. Everyone experiences financial crises from time to time. It’s because of this that the short term loan industry in the UK continues to thrive. And with the increased demand for short term loans, there’s an influx in the number of lenders in the UK. This makes it difficult for you to choose on that is ideal for your situation. And if we are being honest, choosing the best short term lender in an emergency, when you are under pressure, is an impossible task. But this is why Cash Kitty was created – to help you choose the best lending facility.

You see, Cash Kitty is not your typical personal loan provider.  Instead of lending cash, the company acts as a broker matching its customers to the best lenders in their database based on the information they provide. You could say Cash Kitty is all about reducing your research time and ensuring you get the best possible loan through a simple online form. But though Cash Kitty improves your chances of getting a loan when you need it most, every loan application is subject to the requirements of the lender and approval.

Now, Cash Kitty is a brand by William Elis Sinclair, a company authorised to operate in the UK and regulated by the FCA under reference number 618190. The Information Commissioners Office also licenses it under the registration number ZA033005.

Before you apply for a loan with Cash Kitty, they insist that you review your reasons. Ask yourself if you really need to spend the cash or if you have alternative ways of financing your expenditure. They also insist on evaluating your ability to pay back the money within stipulated timeframes. Also, if you feel you’ll need to take multiple short term loans in the following months, they insist you consider long term loan options.

Pros and Cons of Cash Kitty

Those who have used the platform before have a lot to say about their experience. Some love the platform, and others don’t. Below is a quick breakdown of the pros and cons of the Cash Kitty.

How does Cash Kitty work?

Cash Kitty is a loan provider that allows users to submit loan applications and connects them to multiple lenders in its network through a single application. So instead of lending money, it uses the information on your application to get you a short term loan.

Their selling point is that they save you research time and help you get a loan that’s perfect for your financial situation in the shortest time. Whether they achieve this selling point experience is debatable, as seen on the pros and cons section.

So the process starts by filling a form. Cash Kitty then sends this form to lenders in its database, but after verifying your credit history through Credit Information Services like William Ellis Sinclair and others. There is no way a user can know which third-party provider will review the application before it’s complete. But what is a given is that all these Credit Information Services have a 14-day free trial, after which they require a monthly membership costing between £10 and £30 (if your loan application is rejected and you’d like to know why you can use these services). Since Cash Kitty isn’t the lender, once your loan is approved, they pass you on to the lender in question and you deal with them directly. The loan terms that apply are those of the lender and not Cash Kitty.

Cash Kitty doesn’t charge any fees, protects your personal details, and doesn’t have paperwork.

What loan products does Cash Kitty offer?

The loan products on offer depend on what the lenders in its network offer. The products include:

What other store services does Cash Kitty offer?

Aside from connecting you to lenders, Cash Kitty doesn’t offer any other financial service. The services you can take advantage of are those your lender offers.

Cash Kitty account creation and borrowing process

The process is simple and straightforward, as outlined below:

Eligibility criteria for Cash Kitty

Like any other Same Day Loan company, Cash Kitty has criteria it follows to screen users before they make applications. The eligibility criteria help to save time and resources for all parties involved. For Cash Kitty, it means they don’t have to go through a long list of applications in which more than 50% don’t meet the requirements, and for customers, it means that your chances of a loan approval increase. Below are the bare minimum requirements for Cash Kitty loan applicants.

Information borrowers need to provide to get Cash Kitty loans

The information you should provide is split into:

What countries does Cash Kitty accept?

Cash Kitty works with lenders in the UK. As such, it means that it only works for UK citizens or residents. If you don’t have a bank account debit card or a physical address in the UK, you cannot apply for the loan

What are Cash Kitty loan borrowing costs?

By now, it should be clear that Cash Kitty is only a broker in this ecosystem and not a lender. So the question is, how does the company make money? Because whether they are a broker or a lender, they are a company and need profits to operate. Indeed they earn money but not through charging direct fees (some lenders in their network may have some fees). Instead, Cash Kitty allows you to borrow loans in the range of £100 and £5,000. The upper limit is high because it works with different lending companies.  From the money they ‘lend,’ they get a commission from the lender (more on this on the FAQ).

If you apply for a £400 loan and wish to repay it within 90 days, you will repay £187.31 every month. Once the 90 days elapse, you will have paid an interest amounting to £161.92. This puts their interest rate at 161.9% pa with a representative of 305.9% APR.

Because of these costs, Cash Kitty advises that you think through the choice of taking short term loans before finalising the application process. You should only borrow what you can afford to pay back. An easy way of determining whether you can afford to repay the loan is to determine your disposable income and subtract from the total amount you apply for including interest. If you have enough money left to afford monthly repayments, then complete the application.

Cash Kitty customer support

Cash Kitty is entirely an online service. Because of this, they do not run a traditional call centre. Some users consider this a downside. But with their business structure, Cash Kitty doesn’t see the need to have a customer support centre.

If you experience trouble while on their website (you find the application process confusing for you or cannot find some valuable information), you should email them on [email protected]. They claim to respond within 24 hours to any queries. You can also reach out through their phone number: 01740 582046. To reduce the need of reaching out, Cash Kitty has an FAQ section.

However, if you are servicing a loan and have questions about the loan, then you should contact the specific lender for more assistance. This system works because individual lenders and not Cash Kitty set the money and the loan rules and regulations for the loan. When your loan is approved, you’ll know which lender offered the loan, and you will get relevant contact details at that point.

Is it safe to borrow from Cash Kitty?

How can you trust a company that shares your information with third-party companies? Cash Kitty makes your application available to lenders in their database. It also gets Credit Information Services from William Ellis Sinclair or other third-party providers. Though your concerns are valid, there is nothing to worry about since the company seems to have covered all its basis.

First, Cash Kitty protects all information you provide on the website with 256-bit encryption technology. And all lenders in their database adhere to a strict code of conduct as stipulated I the Online Lenders Alliance. This alliance ensures that customers are fairly treated and always in the know. Overall, Cash Kitty claims the security it offers its clients is at par with that of traditional banks.

Cash Kitty review verdict

As a broker platform, Cash Kitty receives decent reviews. It reduces the time spent looking for lenders in the UK and ensures you work with safe lenders in the UK. Since it’s a brand, Cash Kitty is careful with the companies that it works with to maintain its public image and offer the best service. However, they could offer a little more information on the lenders they work with before completing the application process.

FAQ