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.
You should be a UK citizen You should be more than 18 years old You should have a bank account in the UK and with a valid debit card You should have a regular income of not less than ?800 You should have a valid address Have internet connection Personal details – these include your name, contacts, address, and marital status Work details – these details include your employer’s name, how much you make, how long you have been with the company, and when you get paid. You also need to provide your bank http://paydayloansohio.net/ account details. Expenditure details – you should provide details including mortgage, expenses on food, entertainment, transport, and utilities.
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 ? every month. Once the 90 days elapse, you will have paid an interest amounting to ?. 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.