Frequently Asked Questions
What is a Rapid Cash Loan?
A Rapid Cash
Loan is a loan of up to £500 repayable up to 30 days away.
What if I get paid weekly?
No problem at all,
the loan will be repayable on the agreed date.
How will I know if my application has been approved?
Rapid Cash use an electronic system to approve your loan. It will
tell you on screen if you have been approved straight after
completing your online application.
What do I need to get a Rapid Cash Loan?
You must be at
least 18 years of age, are employed either full or part-time, an active bank account
and a debit card.
How much can I borrow?
You can borrow an amount from £80 to £500 depending on your
circumstances.
Do Rapid Cash use credit checks for approving a loan?
Rapid Cash use their
own data, publicly available data and credit reference agency's when
making the best decision in order that
you are able to repay us. We also rely on these electronic methods
of checking your credit worthiness to offer a fast efficient
service. For your guidance please refer to the guide notes below
A condensed guide to the use of your personal information by ourselves and at Credit Reference and Fraud Prevention Agencies
We may use
credit reference (CRA) and fraud prevention (FPA) agencies to help
us make decisions. A condensed guide to how we, CRAs and FPAs will
use your information is detailed below. If you would like to see
more information about this you may find the full version at
www.rapidcash.uk.com/legal.html or call 0844 5858 111 and we will
send you a leaflet.
By confirming your agreement to proceed
you are
accepting that we may each use your information in this way.
How we will use your data
1. We will
search at credit reference and fraud prevention agencies for
information on all applicants and their financial associates’;
if you are providing information about others, on a joint
application, you must be sure that you have their agreement.
If you give us
false or inaccurate information and we identify fraud, details may
be passed to credit reference and fraud prevention agencies.
2. We will use the information provided to us by credit reference
and fraud prevention agencies to help make credit or credit related
decisions about all applicants, to verify their identity, for the
prevention and detection of fraud and/or money laundering, and to
manage accounts. If you borrow from us and do not make payments that
you owe us, we will trace your whereabouts and recover debts.
When credit reference agencies receive a search from us they will
place a search "footprint" on your credit file whether or not this
application proceeds.
The information which we and other organisations provide to the
credit reference and fraud prevention agencies may be supplied by
credit reference agencies to other organisations and used by
them to perform similar checks. Organisations may access and use
from other countries the information recorded by fraud prevention
agencies.
Your data may also be used for other purposes for which you give
your specific permission or, in very limited circumstances, when
required by law or where permitted under the terms of the Data
Protection Act 1998.
I am a tenant, is this a problem?
No,
customers who are tenants or home owners can apply for a Rapid Cash Loan.
Do Rapid Cash contact current or previous employers?
No, none of the
information you provide will be divulged to any third party without
your prior agreement or unless required by law.
How long will it take to get the money?
As soon as
you electronically sign the loan credit agreement document we can transfer
your money directly into your bank account using a FasterBACS, CHAPS or BACS
transfer. Rapid Cash cannot guarantee a FasterBACS transfer can
be used as not all bank accounts can accept these. A CHAPS transfer is a guaranteed same day payment to
any type of bank account, there is a £25 charge for this service which is
deducted from your loan amount. Alternatively you can choose a free
BACS transfer, your cash will take 3 to 4 working days to reach your
bank account, BACS will also be used if you select FasterBACS and we
are unable to use this service.
Can I get an extension to my loan?
Yes, you can
extend part or all of your loan, simply by paying a fee.