£400 Loan - Borrow 400 Pounds Today

If your savings don’t stretch to cover the cost, a £400 loan could be a financial fix in the event of an unexpected expense, such as urgent car repairs or replacing a broken household appliance.

Cashflex is a credit broker and could help you search for a suitable £400 loan.

How long will I have to repay a £400 loan?

With Cashflex, you can search for a £400 loan with a repayment term of either 3, 6, or 12 months.
Remember, the longer the term, the more you’ll pay in interest. Shorter terms provide a smaller window to repay your balance, but the cost of borrowing will be lower.
Before you apply for a loan, you should be sure that you’ll be able to afford your monthly repayments without leaving yourself short when covering the cost of your essential outgoings, such as bills and groceries.

Can anyone get a £400 loan?

Whether or not you’re approved for a loan will depend on several factors, including your eligibility and credit score, as well as affordability checks carried out by your loan provider.
Eligibility criteria will vary between lenders, although generally, in order to apply for a loan, you’ll usually need to:

• Be over the age of 18;
• Be a UK resident;
• Have a UK bank account and valid debit card; and
• Have a regular source of income paid into your bank account.

You can search for a loan with Cashflex if you meet the above criteria.

Can I get a £400 loan with bad credit?

Getting approved for a loan when you have bad credit can be challenging. If you do find a responsible bad credit loan lender, you should be aware that you could be offered a higher rate of interest and might not be able to borrow as much money as you need.

Some of the lenders on the Cashflex panel specialise in loans for people with bad credit, although you should think very carefully about whether a loan is the right choice for you before you apply.

I have no credit history; could I apply for a £400 loan?

Having no credit history, often referred to as having a ‘thin’ credit file, usually occurs if you’ve never paid bills or borrowed credit before. This may be particularly common in young people.

A thin credit file could affect your chances of being approved for a loan. With no evidence of how you’ve managed credit in the past, lenders could view you as riskier.

Cashflex works with several lenders who are willing to consider applications from people with no credit history, but you should bear in mind that you could be presented with a higher interest rate.

What’s the difference between a credit broker and a direct lender?

Using a credit broker, such as Cashflex, to help you search for a suitable loan could save you time.

When you apply for a loan directly with a lender, you will only be applying for that company’s own product(s). On the other hand, a credit broker is able to scan a panel of different lenders at the same time. Cashflex works with over 30 responsible lenders to search for a suitable loan for you.

Using a credit broker could also help protect your credit score.

Each time you apply directly with a lender, they will carry out a hard search, which will remain visible on your credit file for up to 12 months. Undergoing multiple hard searches within a short period of time could damage your credit score.

Cashflex uses soft search technology to match you with a loan. A soft search will not affect your credit score and will only be visible on your credit report to you and the company that carried out the search.*

**If we’re able to match you with a loan and you choose to make a full application with the lender, the lender will carry out a hard search or use Open Banking as part of their process. A hard search will affect your credit score.

Jargon buster: Open Banking is a safe and secure type of affordability check, used by authorised and regulated third parties, such as lenders. Open Banking provides a recent, read-only insight into your financial activity via your online bank account. Only you can choose who can view your information and you can withdraw your consent at any time.

How does the Cashflex process work?

Searching for a £400 loan with Cashflex is straightforward.

1. Choose a repayment term for your £400 loan and fill out our online form. This should take around five minutes.

2. In just 60 seconds, we’ll run a soft search and scan our panel of lenders.

3. If we find you a suitable match, you’ll be redirected to the lender’s website. If you’d like to go ahead with the loan, you can make a full application directly with the lender.

4. The lender will carry out some additional checks, which could include a hard credit search or Open Banking. If the lender is happy with the outcome of their checks, you’ll be sent a loan agreement.

5. Take your time in reading through the terms and conditions of the loan agreement before deciding whether to sign and return. Your money could be sent the same day your application is accepted.**

How quickly could my money be sent?

Each lender will have their own payout timeframe. Some of the lenders on the Cashflex panel are able to send your money the same day your application is approved.

**The time it takes for the money to become available in your account will depend on your bank’s policies and procedures.

What happens if you can’t make loan repayments?

If you’ve taken out a loan that you’re no longer able to afford and you’re struggling to manage your repayments, you should contact your lender. A trained advisor should listen to your concerns and the details of your situation with empathy and will be keen to discuss any options that may be available to help ease the financial pressure.

Can you get financial advice for free?

Yes. Free, impartial and confidential money and debt management advice can be found through a range of charities and organisations, such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.