£1000 loan from Wizzcash could be a convenient way to access funding to pay for a break down, doctors bill or something else that has come up unexpectedly. Here at Wizzcash, we provide payday loans to our customers to help them in unexpected and emergency situations. The amount of money you can borrow from us is flexible, but our maximum loan value is £1000. We are also able to fulfil requests for lower values, but we stick to providing small loans to help you out of a tight spot.
Our loans are repaid over 3 months, which means you don’t have one lump sum bill to pay on your next payday and you can make sure your finances work for you. Wizzcash also do not charge early repayment fees, for ultimate flexibility! £1000 loans from Wizzcash will always be subject to a successful application.
Loans of this value have become commonplace in the market today, especially as we enter uncertain financial times, and there is no shortage of lenders offering services like this. There are both official and unofficial lenders, which the FCA states makes data inconclusive but they do state that the top 10 lenders make up 85% of the total number of loans. We will always recommend that you research your options extensively so that you can find the right deal and the right terms for you and your circumstances. We understand that you might be in a bit of a tight spot and experiencing a crisis, but it is important to think through financial decisions and always use an FCA regulated lender to ensure you are protected.
Is It Possible To Borrow £1000 Today?
It’s quick and easy to apply for £1000 loans online with Wizzcash. Our application form is simple, and we will always explain the process to you as best as possible. If your application is successful, you could see money in your account within the same day you apply.
Same day loans will depend on the time you apply and how long it takes us to process your application. If you apply and are approved within office hours, money can be transferred instantly. We do run affordability checks to ensure we are lending responsibly.
What Can You Spend Your Loan On?
£1000 loans could go a long way, especially when you are experiencing a financial crisis or facing a problem. Although there are no regulations or restrictions on what you can spend your loan on once you have been approved, we recommend that a £1000 loan is only used (and applied for) in a genuine financial emergency.
There are no enforceable restrictions on how you can spend a payday loan, but one of the reasons stricter lending criteria came into action in 2013 is because of irresponsible use of these loans. Small, £1000 loans may not seem like a lot of debt, but anecdotal reports highlight how this kind of borrowing can spiral out of control, particularly when used on non-essential expenditures.
One man states that his first payday loan was for £100, which is so much lower than a £1000 loan and may even seem more manageable, but, after continuous use, the individual found themselves in serious debt that required serious actions. He took the first loan out to help
This individual case started in 2008, before stricter lending criteria were implemented by the FCA. Many payday loan lenders, including Wizzcash, will now limit how many outstanding or historical payday loans a customer can have. This is because if you look like a habitual user or are depending on payday loans, your financial security may be at risk. Interestingly, data shows that 75% of customers take out more than one loan in a year but the average customer takes out 6 high cost, short term loans in a year. This information is contradictory to FCA regulations and responsible lending practices. The same study found that the average loan is £260 and the most common amount borrowed is a £100 loan.
One of the reasons our loans start at £200 is because it is bigger figure and thus a bigger financial commitment; repeat customers who are using this kind of credit harmfully are less likely to opt for our loans or use them frivolously. £200 – £1000 loans are designed to help with things like:
- Unexpected bills that you haven’t budgeted for, such as those accrued when you switch energy service provider just to mention one.
- Home repairs that would cost far more than your monthly budget could stretch to accommodate, for example if your roof develops a leak and needs a repair.
- Medical emergencies, such as an emergency dental consultation that comes with a high-price or a veterinary bill when the family pet is hurt.
- Car or vehicle breakdowns, this is always an urgent issues, especially when it is your means of transport to get to work or care for children.
These are just a couple of examples of what could be considered an emergency bill. If you are looking for a £1000 loan that is not for unexpected or emergency reason you could be practicing harmful behaviours that could affect your credit score. This could affect your eligibility for credit in the future, such as when you apply for a mortgage.
£1000 loans should also not be considered a sustainable source of credit and should not be used as a means of debt consolidation.
Is It Best To Borrow £1000 Or Another Amount?
Taking out a £1000 loan is no small matter and before you commit to the cost, it is important that you recognise you can pay this back in full. It is also extremely important that you only borrow the sum that you will actually need. For example, if £850 is going to pay for your car to be repaired or new boiler to be installed, then it is good financial practice to request the amount rather than the maximum £1000 loan.
If you do take out £1000 loan, this will make your monthly repayments higher. If you cannot budget to meet these repayments and miss one, it could negatively impact your credit score. It could be quite unrealistic to expect someone to repay £1000 plus any necessary fees in one lump sum, so our three month repayment schedule provides customers with as much flexibility as possible. Wizzcash also do not charge early repayment fees, so if you are able to pay back your loan early, we won’t charge a penalty for you getting ahead.
How Much Will It Cost To Borrow £1000
£1000 is the absolute limit for what we can lend here at Wizzcash. Our loans are what is known as HCSTC, (high cost short term credit) which is a type of financial product that has a minimum APR of 1000%. This can be quite an expensive way to borrow money, which is why we say it’s not a sustainable source of credit.
APR is subject to change, so the cost of a £1000 loan could also change. Our interest is fixed at 0.8% interest per day. To ensure our customers fully understand all the fees applicable to our loans, you can check out our loan calculator to get in touch if you have any queries.
Wizzcash work to FCA regulations to ensure we are protecting consumers from debt cycles and practicing ethical lending to customers who can afford it. Reports highlight that short term and payday loan borrowers have a higher rate of indebtedness than the UK average. One step we take to protect our customers from debt is by adhering to the FCA capped fees, which means you can never be charged more than 100% on your borrowed loan amount. A £15 late fee may also apply.
How To Apply For £1000 Loans
If you feel like a payday loan is the best option for you, we are here to help. You can apply for a £1000 loan online (or the sum that suits you) by using our application form. It only takes a couple of minutes and we will get back to you as soon as possible with an answer.
Wizzcash’s eligibility criteria for £1000 loans is fair and in line with responsible lending best practices. In order to apply, you will need to meet the following minimum criteria:
- Our applicants must be at least 18 years of age
- Our applicants must be a UK resident
- Our applicants must be in some form of employment and take home a minimum of £750 a month
Further to our criteria, we also run a series of checks that are designed to assess your eligibility for a £1000 loan:
- An employment check – we run this check to make sure that you are indeed in some form of employment.
- An affordability check – we run this check to make sure that you can afford to pay back your loan amount, plus the interest accrued on the loan itself.
- A credit check – we run this check in conjunction with credit reference agencies, this allows us to gather an understanding of your suitability.
Wizzcash are a payday loan direct lender, but we are also a broker. In the case that we are unable to help you ourselves, we may be able to connect you with a trusted partner who could help you on your way.