Cash advance loans are designed to help people in emergency situations, such as when your car breaks down or for when you receive an unexpectedly expensive utility bill. Wizzcash offer cash advance loans to help people get back on their feet. We lend responsibly and ethically, ensuring that we provide cash advance loans to those individuals who are able to repay their loan amount off safely and in full.
“Wonderful, not much to say just: When no one wanted to help me, they did! Thank you very much!” Marius Cristian, Hayes
What Exactly Are Cash Advance Loans?
Cash advance loans are straightforward and do exactly what they say they do – they aim to give you an injection of extra cash to help you out before your next paycheck. They are versatile and can be used for a wide and varied range of different reasons, such as unexpected medical or vet bills, emergency repair work in your home or to repair a motorcycle or a car.
What Are The Different Types Of Cash Advance Loans?
There are a few different types of cash advance loans that exist on the market today and it is important to understand them all, as this, in turn, will help you realise which ones are suitable for you and which ones are not.
Firstly, there are unsecured loans. With an unsecured loan, you do not offer up collateral or assets against the loan to protect the lender against failed payments.
Payday loans are paid back in full on top of a set amount of interest on the customer’s payday.
Other types of loan include:
- Secured loans (secured against an asset such as a house or car)
- Guarantor loans (where a third party will “guarantee” to pay back the interest on your loan should you fail to repay)
- Personal loans (offered by banks and ranging from £5000 to £25,000). Personal loans are unsecured and tend to have a low APR with fixed interest rates.
What Type Of Cash Advance Payday Loans Do Wizzcash Offer?
Wizzcash offers cash advance loans which are repaid over a period of 3 months in 3 equal instalments. The APR on our loans is 1265% (true and factual as of 15/04/19). Furthermore, at Wizzcash we allow all of our customers to repay their loan amount in full early without incurring a penalty fee or an early repayment fee. All you need to do is pay back the amount borrowed together with the interest accrued up until that point.
Can Anybody Get A Cash Advance Payday Loan?
As a responsible lender, we have put in place criteria in order to ensure that only people who can afford to repay it are able to borrow money from us. You are eligible to apply for a cash advance payday loan if:
- You are over 18 years old.
- Are in employment – earning a minimum of £750 per month.
- Are a resident of the U.K.
How Does The Application Process Work For A Cash Advance Loan?
The application process for cash advance payday loans is simple and user-friendly. This ensures that the process is as hassle free as it possibly can be. With our cash advance loans our customers can borrow up to £1000 and repay this amount over 3 equal monthly instalments. All of our applications are online and can be made using your desktop, mobile or tablet. All you need in order to apply is a steady and reliable internet connection.
Our application process takes approximately 5 minutes to complete and we ask only that you provide us with basic details including employment, household expenses etc. Once your application is completed and sent to us, we will carry out a number of checks to assess your affordability.
What Checks Do Wizzcash Carry Out?
In line with our responsible and ethical lending practices, we carry out a number of checks in order to assess your application to ensure you can truly afford your repayments. Not only do we carry out a credit check, but we also ensure that we carry out an affordability check to make sure we are only lending to those who can truly afford to pay it back.
How Can I Apply For A Cash Advance Loan?
Applying for a cash advance loan with us takes approximately 5 minutes to complete. If your application is provisionally accepted and then passes the underwriting process, funds can be transferred to your bank account in as quick as an hour!
What Are The FCA Regulations On These Loans?
The FCA regulate all financial firms in the UK whilst championing clarity and fairness within the industry. They have implemented a number of regulations across payday loans. In 2015, the FCA introduced a number of payday loan price cap regulations, which protected customers from accumulating excessive debt that was caused by excessive interest rates and fees. The three main changes put in place by the FCA include:
- Maximum daily interest amount reduced to 0.8% per day.
• Default fees capped at £15.
• Maximum total cost of payday loans capped at 100% – what this means is that now nobody should ever repay more than double the amount that they have borrowed.
What Is Responsible Lending?
Responsible lending is where cash advance loan lenders act in a customer’s best interest by promoting affordability, transparency and support throughout the entire cash advance loan process. At Wizzcash, we are committed to responsible lending, and have put a number of practices in place in order to keep ourselves strictly and consistently in line with this. We are also an FCA authorised and regulated company so you can be sure that your details are safe and that we conduct ourselves to the most rigorously high standards of operations.
How Can An Online Cash Advance Loan Help Me?
There are a number of benefits when it comes to using a cash advance loan. The process of procuring one itself has a quick and hassle-free application process, and a high degree of flexibility of cash amounts. Your cash advance loan can be used to help you out of a financial emergency. There are a number of different reasons why people may make use of a cash advance payday loan, and whilst we cannot and would not ever impose a strict rule regarding how a loan can be used, we strongly suggest that your cash advance loan only be used for financial emergencies.
Why Choose Wizzcash For A Loan?
If you’re looking to borrow fast from a lender that you can rely on, then you may want to consider us here at Wizzcash. We have many years of experience and as a fully FCA authorised lender, you can be sure that you are in safe hands when it comes to borrowing online from us. We ensure that all of your personal information is 100% confidential. Additionally, we ensure that we promote clarity and are totally transparent from start to finish regarding interest rates, payments, terms, conditions, dates and times.
How Will APR Affect My Cash Loan?
APR is a combination of the fees, charges and interest that is accumulated alongside a cash advance loan. There are a number of reasons as to why you should choose a cash advance loan, but it is also important that you understand what all of the numbers, percentages, facts and figures mean before, during and after your application. This is why our online calculator provides you with all of the information that you need so that you can make an informed and an educated decision.
Will Applying For A Cash Advance Payday Loan Affect My Credit Score?
We understand that when people turn to or decide to engage with cash advance payday loans, they are more than likely not going to have the perfect credit score. While a cash advance loan will only affect your credit score negatively if you miss a repayment, which other lenders with access to your credit score will be able to see.
How Does The Cash Advance Loan Application Process Work?
Our entire application is online and as mentioned previously will only take you a few minutes to complete. When we ask you to fill in your details, we ask that you do so honestly and to the very best of your knowledge. If your application fulfils our eligibility criteria, we will then carry out the checks that we run against every single applicant. Once these have been completed, we will let you know whether you are provisionally accepted or not, and our underwriting team may get in touch to discuss a few details with you.
If your application is not successful with Wizzcash then we are also a broker and we will link you to a 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.