Care Finance Review

Company Name: Care Finance and Loans
Trading name of: Care Retirement Options Limited
Registration Number: 6610155
FCA permission: 671064
Representative APR: 1,288.79%
Maximum Loan Amount: £150
Loan Term: 3 months (Instalment lender)
Cost to Borrow £100 for 3 Months: £57
Representative Example: Example: £100 loan over 3 Months (85 days). Annual rate of interest 292% fixed. Cost of credit £57. Total payable over 3 payments: £157. Representative Rate: 1288.79 % APR.
Hidden Fees: NO
Promo Code: NO / 01202 798 981

  • General information
Care Finance is an instalment loan provider and specialise in loans repaid over 3 months. That means loans are repaid over 3 monthly equal payments. For example, if you borrow £100 over 3 months, you will repay around £50 per month. The exact amount will be determined once the exact repayment dates are set.

This is a direct lender based in the UK and the company follows the affordable lending guidelines set by the Financial Conduct Authority.

  • The application process
The application takes place online on the company website, via their quick application form. After selecting your loan amount and your next payday, you will be asked to complete some personal, employment and bank information ; pretty standard for a lender.

Once completed, an employee of the customer care team will get in touch with you to verify some of the personal details you have entered. This is needed to fight against identity theft and fraudsters.

After reviewing all of the information you provided and carrying out a check with a credit reference agency (this is again to confirm your identity, the credit score is not necessarily looked at), it will be decided whether or not to approve or decline your loan application.

Upon approval of your application, the loan amount will be sent directly to the bank account you provided. If the loan agreement is received by CareFinance before 5PM, the funds should be within your bank the same day.
  • Eligibility 
To be able to apply for a loan at Care Finance, you must fulfill the following requirements:
- be 18 years old or more
- have a permanent employment 
- have a current account associated with a debit card
- be paid by BACS transfer to that bank account
- earn a net income of at least £1200 per month or £280 per week

A poor credit history is not necessarily an obstacle. Care Finance will, if needed, ask you the permission to conduct a full credit history check. However in most cases, they will look at all elements of your application but above all will determine if you are able to repay your loan so it does not jeopardise your financial situation.

If you are eligible and approved by Care Finance for a loan, the funds should arrive to your bank within the same day (provided your bank accepts fast transfers).

  • Repayment
The agreed amounts will be directly taken from the bank account you provided during your application (the one the funds were also sent to) on the due dates. Make sure the due amount is available at that date.

The consequences of non-payment can be serious, so you should contact Care Finance as soon as you realise you may be unable to fulfill the signed agreement and repay on the due date. The situation will be discussed with an objective of finding alternative options without incurring heavy penalty charges.
  • Impact on credit history
CareFinance may add details of your loan agreements to your record with different credit reference agencies. In the event you repay your loan, this can be a positive sign for a future application. In the opposite case, this information might be searched for and used for other organisations. 

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