Cash Panda

Cash Panda, short-term loan broker in the UK

Cash Panda is a financial intermediation service operating in the UK through the website cashpanda.co.uk. It presents itself as a credit broker and not as a direct lender: its role is to put applicants in touch with a network of entities specialising in short-term loans. The service is free for the borrower and is funded through commissions paid by lenders or brokers following a successful introduction.

The owning company is Veiran Limited, authorised and regulated by the Financial Conduct Authority (FCA) with registration number 759315, and registered in England and Wales with company number 10347658. Cash Panda is a registered trademark and trading name of Veiran Limited.

How the application works

The process is divided into three steps. First, the user completes an online form. Then, the system processes the application and looks for the loan option that best suits the applicant's profile and circumstances. Finally, once the operation is approved, the user is directed to the lender to complete the process.

The platform uses automated decision technology and a ping tree system that presents the request to the credit and solution providers it works with, in order to find the most suitable offer. The company states that it does not make unsolicited calls, does not ask for any kind of payment and does not request credit or debit card details.

Products and conditions

Cash Panda's catalogue focuses on unsecured short-term loans, with amounts ranging from £100 to £10,000 and terms of 3 to 36 months. The application is free for the user and, according to the information published, the initial check is carried out through a soft search that does not affect the credit history. If the applicant decides to continue with a product, the lender may convert that search into a hard search, visible to other credit providers and with a possible impact on the credit score.

The advertised representative rate is 79.5% APR variable. The representative example on the website corresponds to a loan of £1,000 over 12 months, with a monthly payment of £116.52, a total amount repayable of £1,392.63 and £392.63 in interest. Rates range from 11.8% to a maximum of 1,721% APR, depending on the personal circumstances of each applicant. Finance is subject to availability and status.

The company notes that most loans under £1,000 can be paid into the customer's bank account between ten minutes and one hour, although not all lenders offer this service and some do not make direct payments. Timelines depend on each bank's procedures and policies and on the lender's requirements.

Requirements to apply for a loan

To be eligible for a loan through Cash Panda, a series of conditions must be met:

• Be a legal UK resident.
• Be 18 years of age or older.
• Have a valid UK bank account, a working phone and an email address.
• Have a regular source of income.

The company states that it considers all types of credit profiles and works with a network of specialist lenders to try to find a suitable solution for each applicant.

Warnings about non-payment and debt management

The website includes relevant information about the consequences of failing to meet payments. If the borrower does not repay the loan as agreed, the lender may apply fees and charges that make the operation more expensive, as well as report the non-payment to credit reference agencies, which may harm the credit rating. Each entity applies its own policies on charges and interest.

In the event of non-payment, most lenders make contact by phone, letter or email to renegotiate payment. The debt may be transferred to a collection agency, which would add further charges. If the borrower anticipates being unable to meet a payment, the recommendation is to contact the lender in advance; the lender may offer an extension or renewal of the loan, with the consequent increase in interest. Late payment charges vary by entity and should be checked in the terms and conditions before signing the agreement.

Regulatory framework and data protection

Cash Panda operates under the authorisation of the Financial Conduct Authority as a credit broker, not as a lender or direct loan entity. The company complies with the UK Data Protection Act and is registered with the Information Commissioner's Office under reference ZA204128. The company states that it works with technology providers authorised by the FCA whose software allows applications to be presented to the credit and solution providers it collaborates with.

Services and related topics

In addition to short-term loans, the site mentions other categories of products and informative content: artificial intelligence loans, debt management plans, loans for people with bad credit, cash advances, emergency loans, instant loans, guarantor loans, personal loans, quick loans, £1,000 loans and APR calculator, among others. These sections are presented as resources and guides within the site.

Company and contact details

Cash Panda is a trading name of Veiran Limited, a company registered in England and Wales with number 10347658. The registered office shown in the legal information on the site is 101 New Cavendish St., London W1W 6XH, United Kingdom. The contact address indicated in the contact section is 64 New Cavendish St., London W1G 8TB, United Kingdom.

101 New Cavendish St., London W1W 6XH, UK