What are £300 Loans?
£300 loans are small loans that can be useful if you ever need to help yourself out a financial emergency. Applying for a £300 payday loan is simple and straightforward and we have a streamlined process here at Wizzcash which means that if you need £300 and quickly, you can apply through us and have a decision in a very short space of time. Furthermore, should your application be accepted, we can transfer your money into your account.
Our £300 loans are designed to help you out when a sudden expense occurs and your paycheck isn’t sufficient to cover it. We do not recommend that you use any short-term loan from us as a long-term debt solution.
Your £300 Loan
We have a great deal of flexibility as a lender and do in fact provide loan amounts as low and £200, and as high as £1000. In regard to our £300 loans, we have compiled a brief list below that details some of the reasons as to why individuals decide/need to take out a loan with us at Wizzcash. It is of course by no means an exhaustive list:
- An emergency repair or replacement to your car or to your mode of transport (such as a push bike) especially if said transport is essential for work
- To fix or replace an appliance in the home that is essential to everyday life, such as a washing machine or the boiler
- In order to pay for an unexpectedly large utility or personal bill i.e. a bill for the dentist should you need emergency work done on yourself, or for an overly large gas bill from winter that requires immediate payment
How Do £300 Payday Loans Work?
Borrowing a £300 payday loan from a lender such as us can be straightforward. You will fill in an application form and submit it to us. If you are accepted, then you can have your £300 loan in your bank account the same working day. You would then repay your loan amount plus interest over a three-month period. Simple.
A £300 Loan Repayment Example
For clarity, we have outlined a representative example below.
Your total loan amount: £300
Amount of time you have to repay the loan in full: 90 days
Interest is Fixed at a rate of 292% per year – 0.8% interest per day
The total amount you will repay on your £300 loan: £454.26, this will be paid in 3 instalments of £151.42
Representative 1265% APR. (True as of 24/04/19).
Are You Eligible?
We have a set of criteria in place that each applicant must meet in order to be eligible for any loan with us. This means that so long as you do indeed fulfil the criteria, then you will be eligible for a loan with us. We have put this in place in line is with responsible and ethical lending practices, which ensures that we lend to people who are in a strong enough financial position to repay their loan. Our application criteria are as follows:
- Over 18 years of age
- A resident of the U.K
- In a form of employment which earns you at least £750 per month after tax has been deducted
Do We Run Credit Checks On All Applicants?
Yes, we do run a credit check on all of our applicants and we also run an affordability check to ensure fully and completely that a £300 loan is right for you.
Credit score check: this allows us to garner insight on your financial history
Employment check: this makes certain that you are employed and are therefore eligible as per our eligibility criteria
Affordability check: this is completed so as to fully ensure we make the correct decision regarding your loan application
Can You Still Get A £300 Payday Loan With A Poor Credit Score?
When we consider a loan application, we look at many factors, therefore having a poor credit score does not automatically disqualify you from securing a £300 loan with us. We understand that individuals that have a poor credit score are often those who require financial assistance from time to time and we, therefore, take that into account when making our decision. If we are satisfied from our checks that you will be able to repay your loan in full and on time, then your application for a loan with us is likely to be accepted.
Our FCA Authorisation
The FCA, or, Financial Conduct Authority, are a regulatory body whose job it is to manage the fairness, honesty and transparency of the U.K financial markets whilst protecting customers and consumers. Here at Wizzcash, we make sure that all of our lending practices and processes are in line with FCA regulations, we are also fully FCA authorised. We operate within the guidelines as set out by the FCA so that we protect our customers as much as we can.
Our Commitment To Responsible Lending
We are responsible lenders and are fully committed to ethical lending practices. Our services and our loans of £300 are here for individuals to use in financial emergencies and our recommendations are always that our customers use them for help in the short-term. At each stage of the loan process we promote transparency and clarity and we do not charge any hidden or unscrupulous fees. Further to this, all of the information that we provide our customers is simple and easy to understand (this includes the application process itself) and we will always make sure that individuals are fully aware of repayment amounts and dates.
Repaying Your £300 Loan
All of our loans of £300 are taken automatically by way of continuous payment authority. As stated, we will always make sure you are aware when a payment is due to leave your bank account, this will include informing you of the exact day this payment will come out of your account.
If we are unable to take a scheduled repayment, then this will unfortunately be recorded on your credit history. This could affect you in the future should apply for any other form of credit, including another loan with us, as well as a mortgage or a personal loan.
If you are struggling to repay your loan, then we would suggest that you contact us immediately. We can work with you to establish a more manageable repayment structure in extreme circumstances and can also signpost you to debt management agencies who can help you with practical advice in regard to the management of your personal finances.
Repaying Your £300 Payday Loan Over 3 Months
Unlike other lenders, our £300 loan amounts, as well as all of our loans, are set at a 3-month repayment period. It allows you to budget accordingly, and it also means that you aren’t tied into repaying a loan over a period of 12 months, or longer in some instances.
Why Choose Wizzcash For Your £300 Loan?
We are an ethical, fully FCA authorised lender and we take responsible lending practices very seriously here at Wizzcash. We are committed to ensuring that we only provide loans to individuals who are able to repay their loan amount in full and on time.
We run a series of checks to ensure eligibility and affordability, and we ensure that we do not lend to anyone who cannot afford it. All our applications are online, however if you would like more information then you can contact us, and we will get back to you with an answer or a resolution as soon as we can.