Update: In February 2019, The Quick Cash Club (a trading name of Chandler Hart Ltd) went into administration. They are no longer engaging in lending activity.
Information correct as of 22/04/21 (FCA)
Are you considering a loan with The Quick Cash Club? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about The Quick Cash Club for you in this loan guide.
About – Who are the Cash Club?
Quick Cash Club was established in 2012 and operated as a trading name of Chandler Hart Ltd.
Did you stumble onto this page?
Are you at the wrong page? Many people land on this page when they are actually trying to find the Cash Club Loans Login page. Have you done the same? If so, I’m glad we have found you! Now you know the website has been dissolved. Read on for more info.
Loan interest and other charges – the government cap
The Financial Conduct Authority had to start introducing a price cap to protect borrowers from being faced with excessive charges. These include:
- A cost cap of 0.8% per day on the amount of loan you have borrowed – this includes both interest and all fees charged.
- A cap on default fees of £15 – after a default, interest may still be charged, but it must not exceed the original rate of 0.8% per day.
- A complete cost cap of 100% – you should not be asked to repay more than 100% of the amount of money you have borrowed.
These limits apply to all credit agreements with an interest rate of 100% or more per year and that are due to be either fully or substantially repaid within a year.
There were also other regulations which came into force in May 2017. According to these, the lender must offer details of their products on a price comparison website, which should be authorised by the FCA and in addition, borrowers must be provided with a summary of the cost of borrowing.
How to complain about Cash Club Loans UK
If you feel that Cash Club Loans UK are failing to adhere to the required regulations and they are treating you in an unfair way, you have the right to make a formal complaint, and if your dispute is not resolved or they fail to deal with the complaint within eight weeks, you have the right to escalate your complaint to the Financial Ombudsman.
If Cash Club Loans UK do not provide you with a satisfactory conclusion within the specific time period, you can escalate your complaint to the financial ombudsman. You can do this by contacting them by phone on 0800 023 4567 or 0300 123 9123
Continuous Payment Authority – the new rules
Many loan companies will expect you to repay the debt using a Continuous Payment Authority (CPA). With a CPA, the company has permission to take money from your bank.
There are new regulations which have been put in place, and these mean that if the CPA fails to be paid on two occasions, the lending company are not permitted to make any further requests to take money from your bank account.
There are also rules regarding the amount of money they can take using a CPA. They are no longer permitted to take partial payments. If there is insufficient funds in your account to cover the full amount of the payment due, they must not take any sum at all. You can of course agree that they take a partial payment, and in this case, they are allowed to do so, but you must give them advance permission to do this.
What are the next steps if you can’t afford to repay the loan?
By law, lenders must:
- Give you advice on where you can obtain free independent debt advice
- Pause the debt recovery for a reasonable period of time, while you get a repayment plan in place, using a debt advisor if necessary.
- Give you a reasonable amount of time to repay the loan, possibly freezing interest and additional charges.
Getting debt help
These are some of the most widely recognised organisations that provide free independent advice on debt: