When Too Little Borrowing Becomes A Problem

If you’re the sort of person who has gone quite a few years without borrowing money for any reason, or you’re a younger individual, it may come as a surprise just how hard it is to find a suitable lender. Unfortunately, many mainstream lenders are reluctant to lend to borrowers who haven’t got a loan history. Although this seems counter-intuitive (after all, surely people who are capable of managing their finances so that borrowing is seldom required are a good lending risk?), the reality is that lenders want information on how good an individual is at paying back borrowed money. This gives them the data they need to assess risk. If you haven’t borrowed cash, there will be no relevant data on your credit record. This then causes you to become a bad credit risk in the eyes of payday loan lenders!

Wizzcash.com is a payday loan direct lender. This means if you have a successful loan application with us we will communicate and lend directly to you. In the event that we are not able to help you, we are also a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 36 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organisation.

 

Is It My Fault If I Have Bad Credit?

There are multiple reasons why people may end up with a poor credit score. The reasons can usually be grouped into two main categories:

The first category are people who end up with a poor credit rating simply because they haven’t borrowed enough. Credit ratings are determined by a number of variables – a key influencer relates to how well debts have been repaid. The greater the amount of money which has been repaid on time, the higher the credit score and the more borrowing opportunities there are available. People who are new to borrowing will not have the history of successful repayments needed to obtain a good credit rating, so will end up with a lower credit score (popularly termed a bad credit rating).

The second category of people to obtain a “bad” credit rating are those who have failed to make debt repayments on time. Loans which fall into arrears, missed rental payments or failure to pay the instalments on a higher purchase agreement may all result in notes being made on an individual’s credit file, which in turn adversely affect their credit score. In these cases, it’s important to note that you may not be able to find a lender willing to provide you with a loan. For this reason, you should work on improving your credit score prior to applying.

Bad Credit Payday Loans From Wizzcash, The Responsible Lender

As a responsible lender, we credit check every prospective borrower who approaches us for a loan, and run affordability checks so both parties can be confident in your ability to make the repayments. However, that does not mean that if you have a less than perfect credit rating you will not be approved for a loan. We will not lend to people who we believe do not have the resources to comfortably make their loan repayments. Particularly when it comes to payday loans, where the repayment period is extremely tight, we need to be as confident as we can be that people who turn to us for money are in a position to repay it.

A defaulted payday loan costs customers added interest and charges. We don’t want our customers to end up paying far more than they should, simply because they may not have the money to pay what they owe. For this reason, we do not lend to “bad credit” customers when the bad credit has been run up due to financial difficulties or problems in servicing existing debt.

Wizzcash Complies With FCA Guidance

We offer payday loans bad credit history sufferers can rely on, at the same time as fulfilling our obligations to act ethically and in line with FCA guidance. There has been considerable publicity in the last few years about the ethics of payday loan companies. When you apply for a bad credit payday loan, we will ask for enough information for us to be as sure as we can be that:

  • You are who you say you are
  • You have stable financial circumstances
  • You are not burdened by unmanageable debt
  • You are in a suitable financial position to repay the loan

We understand that some people will be disappointed by being turned down for lending, but our objective is always to lend responsibly. If we don’t think you have the ability to repay the money you borrow from us, we work with FCA guidelines and may therefore be unable to accept your application.

Transparent Payday Loans For Bad Credit Individuals

When you borrow from us, you’ll always be clear what the borrowing fees are, how much interest you’ll be charged, what the period of repayment is and what your total repayment amount will be. Following FCA guidance, we do everything we can to ensure our customers are completely clear about every aspect of their lending when they borrow from us.

Wizzcash.com is a payday loan direct lender. This means if you have a successful loan application with us we will communicate and lend directly to you. In the event that we are not able to help you, we are also a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 36 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organisation.

 

Am I Eligible For One Of The Wizzcash Bad Credit Payday Loans?

To access any form of borrowing from Wizzcash, you need to be:

  • Over 18
  • A UK resident
  • In current employment and take home a minimum of £750 a month

Your credit score is taken into account but won’t necessarily be the deciding factor in whether we accept or reject your application. Although we will consider applications from a wide range of individuals, we normally only lend to people who have poor credit because of a limited or non-existent borrowing history. We do not usually lend to people who are currently in arrears with repayments or have other financial difficulties, as they may be best helped by other organisations.

If you’re not sure about any aspect of the services Wizzcash offers, or how you go about making an application, our friendly, professional customer care team are on hand to help. For anyone that’s struggling to get a cash advance because of a lack of borrowing history, a payday bad credit loan from Wizzcash could be the perfect solution to the problem.