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Cash4UNow Review 2020 – Is it Recommended?

CASH4UNOW offers payday loans of between £100 and £1,000. With loan terms of 4 or 6 months, this gives you more time to repay the funds back.
Kane Pepi
Author: Kane Pepi

Last Updated: October 13, 2020
 2.4/5

Are you looking to raise a bit of extra cash with the best payday loans provider, but need a bit more time to repay the funds? If so, it might be worth considering the merits of CASH4UNOW. The online lender allows you to borrow between £150 and £1,000, with loan terms starting at 4 months.

You’ll be given a maximum of 6 months to repay the money, and the funds will be taken from your debit card in equal payments when you receive your monthly salary.

Moreover, CASH4UNOW is often able to execute a same day loan transfer, which is ideal if you need emergency funding. However, the lender is known to charge extortionate interest, with a representative rate of 1,314% APR advertised.

As such, we would suggest reading through our in-depth CASH4UNOW Review prior to making an application. We’ll cover everything you need to know – such as eligibility, interest rates, repayments, and customer support.

Table of Contents

    Try Our Recommended UK Payday Loan Provider 2020:

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    Although spreading your payday loan payments over 4-6 months might free-up a bit more cash at the end of each month, this is going to amplify the overall interest that you pay back. As such, consider repaying the loan off much sooner to reduce the interest!

    What is CASH4UNOW?

    CASH4UNOW is an online lender that specializes in payday loans. However, unlike other payday loan companies active in the space – such as Drafty Loans and LoanPig, CASH4UNOW allows you to repay the funds over a longer period of time. This starts with a minimum term of 4 months, up to a maximum of 6 months. On the one hand, this can be beneficial if you don’t have the required funds to repay the loan off in its entirety when you next get paid. 

    However, with the lender known to charge high rates of interest, you could end up paying almost double the amount you borrow. In fact, CASH4UNOW advertises a representative rate of 1, 314% on its website, which is sky-high. As is the case with most representative rates, this is the amount that the lender wishes to market, so you could end up paying even more.  

    Screengrab of the Cash4UNow homepage

    Nevertheless, the platform allows you to borrow a minimum of £100, up to a maximum of £1,000. However, first-time customers are capped to short-term loans of £600. If you take out a loan with CASH4UNOW and repay it back on time, you will then be able to apply for a larger amount. 

    The application process itself is completed online or via your mobile phone, as the lender does not operate any physical branches. This means that you should receive a decision on your loan application in less than a few minutes of submitting it. If you’re approved on the spot, you could receive the funds later in the day.

    What are the Pros and Cons of CASH4UNOW?

    CASH4UNOW Pros:

    ✅Offers short-term loans of between £100 and £1,000

    ✅Allows you to repay the funds between 4-6 months

    ✅Approved applicants might receive the funds later in the day

    ✅The entire application can be completed online

    ✅Early repayment possible without additional fees

    CASH4UNOW Cons:

    ❌ Huge representative rate of 1,314%

    ❌ Unable to check eligibility via a soft credit check

    How Does CASH4UNOW Work? 

    CASH4UNOW operates largely the same as any other payday loan company present in the online space. Without any physical branches, everything needs to be completed online. To get the ball rolling, you’ll need to head over to the CASH4UNOW website and choose the amount you wish to borrow, and whether you want to repay the loan in 4 or 6 months. You then need to enter the date in which you receive your monthly salary, before clicking on the ‘APPLY NOW’ button.

    Next, you’ll be taken to the main application page. Once again, the process is largely the same as any other online financing application, insofar that you will need to enter some personal information. This covers your first and last name, home address, date of birth, marital status, number of dependents, and contact details.

    Cash4UNow loan application page

    You’ll then need to provide some information on your employment status – such as your job title, how much you make after-tax, how long you’ve been with your current employer, and your line manager’s contact number. The lender will also ask you to enter your monthly outgoings. This includes your rent/mortgage payments, average utility bills, and any other debt obligations you currently have outstanding. Finally, you will need to enter your UK bank account and debit card details.

    CASH4UNOW does not allow you to assess your eligibility on a soft credit check basis. This means that regardless of whether or not you are approved, the application itself will appear on your credit report.

    Take note, the debit card needs to be linked to the current account you provide in your application. Once you submit the application, CASH4UNOW will then run a credit check on you. If you’re approved on the spot, you’ll be able to view your pre-approval rates. If you’re happy with the interest rate offered, read through and sign the digital loan agreement. All being well, you should then receive the loan funds later in the day.

    How do I Repay my CASH4UNOW Loan?

    Once you sign the digital loan agreement, you will have your repayment terms broken down. This will include the amount that you need to repay each month, and for how long. Each monthly repayment will include the respective interest rate. With that being said, you will need to agree to a continuous payment authority (CPA). This means that you are authorizing CASH4UNOW to take your monthly repayments automatically.

    Explanation of how Cash4UNow works

    In a similar way to a direct debit, this ensures that you never miss a payment and thus – ensures that you avoid falling behind on your loan. However, unlike a direct debit, a CPA allows CASH4UNOW to take as much as they want from your card – as long as it mirrors the conditions outlined in the loan agreement that you signed. This might be the case if your monthly repayment was declined due to inefficient funds, and the lender attempts to take smaller amounts until the payment goes through.

    How Much Do CASH4UNOW Loans Cost?

    If you’ve taken out a payday loan in the past, then you’ll know first hand just how expensive they can be. In this respect, CASH4UNOW is no different, so you should be prepared to pay a high rate of interest. However, the lender will base its APR rates on a number of variables, so you won’t know the specific rate until you make an application. As we mentioned earlier, the lender does not generate a soft credit check, meaning that the process of assessing your rates will be posted to your credit report.

    If you’re unsure on your eligibility with CASH4UNOW, it might be best to use a lender that offers a soft credit check application.

    Nevertheless, we’ve listed the main variables that CASH4UNOW will look at when assessing your APR rates.

    ❓The amount you need to borrow

    ❓How long you need to borrow the funds for

    ❓Your current credit score

    ❓The historical relationship with debt

    ❓When you next receive your salary

    ❓How much you earn

    ❓Whether you have any CCJs on your credit file

    Although you won’t know your specific rate until applying, CASH4UNOW does give us a rough idea of how much you are likely to be charged on the loan.

    💸 CASH4UNOW lists a representative rate of 1,314% on its website. This four-figure rate is going to cripple you in the long-run, especially if borrowing a larger amount from the lender. Nevertheless, now that we know the representative rate, we can calculate a brief example.

    💸 Let’s say that you were to borrow £200 over a 4-month term. In doing so, you would need to make four equal payments of £83. This would take the total repayment amount to £332, meaning that you would pay £122 in interest. This example yields an annualized APR rate of 292%.

    💸When you consider that high-street banks typically offer loans at single-digit APR rates, this once again highlights just how costly CASH4UNOW is. With that said, you likely won’t be suitable for a high street bank loan if your credit is less than ideal, so you’re effectively forced to use a payday loan lender in times of need.

    💸 You won’t need to pay any other fees to obtain a loan from CASH4UNOW, as everything is built into the interest rate. The lender also allows you to repay the loan off early at no extra cost, which is definitely something you should aim for. However, you will be charged a late payment fee if you fall behind on the loan.

    Am I Eligible for a CASH4UNOW Loan?

    As is the case with most payday loan companies, it will come as no surprise to learn that CASH4UNOW has an extremely low eligibility threshold. This is even the case if your credit profile is damaged – as long as you can prove you have an income of some sort.

    If you have access to an overdraft facility, it might be best to utilize this as opposed to taking out a payday loan. If you’re able to repay the funds in quick-fashion, you will save a considerable amount of interest.

    However, not everyone will be eligible for financing with CASH4UNOW, so be sure to read through the eligibility requirements listed below before applying.

    ✔️ Credit Check

    Although CASH4UNOW will perform a fully-fledged credit check, you are not required to meet a minimum credit score. Instead, the lender is looking to see what your historical relationship with debt is like.

    For example, if you’ve got heaps of prior defaults and CCJs, you might have your application rejected.

    ✔️ Minimum Monthly Income

    CASH4UNOW requires all applicants to have a minimum income of £600 per month. The lender does not explicitly state whether this needs to come in the form of employment per-say, so it’s possible that your income can come via benefits.

    However, this would also indicate that you do not have the financial means to be taking out more debt, so tread with extreme caution.

    ✔️ UK Resident and 18 Years +

    You will need to be a UK resident to apply for a loan with CASH4UNOW. Moreover, you will need to be aged between 18 and 65 years old.

    ✔️ Valid UK Bank Account and Debit Card

    You need to have a valid UK bank or building society account, alongside a debit card. The debit card needs to be from the same account that you receive the loan funds, as this is where the CPA will be linked to.

    Customer Service at CASH4UNOW

    If you need to speak with a member of the CASH4UNOW customer service team, you can contact them on the following:

    📱Phone: 0113 887 3434

    📧 Email: [email protected]

    ✉️ In Writing: 7 Limewood Way, Leeds, LS14 1AB

    Support at CASH4UNOW is available Monday to Friday. This covers 8 am to 8 pm between Monday and Thursday, and 9 am to 5.30 pm on Fridays.

    CASH4UNOW: The Verdict?

    In summary, it’s much the same with CASH4UNOW. By this, we mean that the lender operates much like any other payday loan company in the space. You will be able to apply for a loan of between £100 and £1,000, and everything can be completed from your desktop or mobile device. Once the loan is approved, you could have the funds deposited into your bank account the same working day.

    With that said, CASH4UNOW does allow you to borrow the funds for a longer period of time, which might make your monthly repayments more manageable. However, extending the length of the loan is going to cost you much more in interest. This is especially the case when you factor in the published representative rate of 1,314%. In real terms, this means that a £200 loan over the course of 4 months would end up taking the total loan amount to £332.

    This amounts to £122 in interest, which is huge. Ultimately, a payday loan lender like CASH4UNOW should only be used as a last resort option. If you need access to emergency funding, it is highly recommended that you explore other financing solutions.

    Try Our Recommended UK Payday Loan Provider 2020:

    • Get an Instant Quote
    • Apply within 2 Minutes
    • Friendly Support Service
    • FCA Regulated
    *Subject to lender requirements and approval.

    FAQ:

    What interest rates does CASH4UNOW charge?

    CASH4UNOW advertises a representative rate of 1,314%. This would yield £122 in interest on a £200 loan over 4 months. With that said, you'll only know your personal APR rate when you go through the application process.

    How much can I borrow from CASH4UNOW?

    CASH4UNOW allows you to borrow from £100, up to a maximum of £1,000. However, if you're yet to take out a loan with the lender, you'll be capped to £600 on your first application. .

    How do I repay my loan with CASH4UNOW?

    The only repayment option available at CASH4UNOW is to set up a CPA (continuous payment authority). This means your monthly repayments will be taken from your debit card automatically.

    Does CASH4UNOW perform soft credit checks?

    Unfortunately not. On the contrary - and regardless of whether or not your application is approved, the application will be posted to your credit report.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of online publications.