If you want to borrow money online, the good news is there are a huge range of finance options available to you. In the past few years, the number of short-term lenders has exploded. While borrowing money used to be a drawn-out process that could take weeks to arrange, now you can access the cash you need in just a few minutes.
Although choice is always a good thing for consumers, the number of short-term lenders out there can make it more difficult to find the best option for you. Payday loans, instalment loans and quick cash loans are all similar products with subtle differences. For this reason, it is essential you think carefully before you borrow money online and do not just go with the first lender you find.
What to consider when borrowing money online
Do I really need the money?
The first and most important thing to think about is whether you actually need the extra money at all. There are some occasions when you really do need to borrow money fast. If the boiler is on the blink in the middle of winter, or the car breaks down and you can’t get to work, then a loan that helps you out of this sticky situation could be just what you need.
However, there are also other occasions when borrowing money might not be your best option. For example, could you put a little money aside from your income every month to pay for the holiday of your dreams? Or perhaps a family member or a friend could give you a small loan until your next pay cheque comes in?
It’s also worth ensuring you borrow from an FCA-authorised lender – that way you know they adhere to the regulator’s requirements.
What is the real cost of the loan?
Before borrowing money online, make sure you know exactly how much the loan is going to cost. All short-term lenders are now legally required to display the APRs of their loans clearly on their websites. While the APR is a good way to compare the cost of different lenders, it does not really help you understand the actual cost of the loan.
At Wizzcash, you simply select the amount of money you want to borrow, and the amount of time you want to borrow it for, and we tell exactly how much the loan will cost, and how much each repayment will be. You should also make sure you are aware of any other potential costs. For example, what happens if you miss a payment? Or what if you want to repay the loan early?
Can I afford to repay the loan?
You should never borrow money if you’re not 100% sure you can afford to repay it on time, and in full. To consider this question properly, make sure you have a good understanding of the product you are applying for. What is the interest rate? What is the length of the loan? And what are the monthly repayment costs?
The benefit of borrowing money over a longer period of time is that you can reduce the value of your monthly repayments. However, the longer you take to repay the loan, the more expensive the loan is ultimately going to be.
How much can I borrow from wizzcash.com?
Our aim is to help get people back on their feet. To achieve this, we have always maintained a goal of responsible lending. We’ve always offered the cheapest APR in the industry and avoid charging customers unreasonable fees. We’re a direct lender that doesn’t charge customers for early repayment. We also don’t hold anything back, displaying the cost of loans, the APR and the loan duration clearly in one handy place.
“Straightforward and professional, explained everything well, checked all details quickly and kept me informed at all times.” Rob, Cleveland
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Wizzcash.com is fast
Looking to borrow money fast? Successfully approved loan applicants will receive the funds directly into their accounts within the hour. We know how stressful times of financial difficulty can be, so we’ve developed a system to ensure you get the help and peace of mind you need quickly.
Wizzcash.com is credible
Along with many years of experience in the loans industry, we’re also members of key financial regulatory groups. We’re authorised and regulated by the Financial Conduct Authority (FCA) and are members of the Consumer Credit Trade Association. This means all our loans meet the FCA’s strict new regulations.
Wizzcash.com is trustworthy
Wizzcash.com is fair
If you want to borrow money but we’re not sure you’re going to be able to afford to repay it, unfortunately we will have to refuse your loan application. We don’t lend to people whose financial position we think will worsen as a result of the monthly loan repayments. That’s why we run a series of affordability checks and have a number of minimum requirements for all applicants.