Cash advance loans are designed to help people in emergency situations, such as when your car breaks down or receiving an unexpected expensive utility bill. Wizzcash offer cash advance loans to help people get back on their feet. We only lend responsibly and to those who can afford to repay back safely.
“Great experience and reasonable rates of interest. The flexibility of the loan allows repayments over 3 months which is great.” Dan, London
What Are Cash Advance Loans?
Cash advance loans are exactly what they say on the tin – they aim to give you a little extra cash to help you out before your next pay check. They can be used for a huge number of reasons, such as unexpected medical bills, emergency repair work in your home or to fix a broken down car.
What Are The Different Types Of Cash Advance Loans?
There are a few types of cash advance loans that exist on the market that may be suitable for you. Firstly there’s unsecured loans, whereby no assets or collateral are placed against it. Payday loans, are paid back in full with interest on the customer’s pay day. 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) and 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 advances which are repaid over 3 monthly instalments. The APR on our 3 month loan product is 1265% which is very competitive on the payday loan market and very flexible as it can be repaid over a more affordable repayment plan. Smaller repayments over longer periods of time could help to eliminate the financial pressures associated with payday loans. What’s more is that Wizzcash allows you to repay early at no extra cost – just 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 a criteria in order to ensure that only people who can afford 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 UK resident.
How Does The Application Process Work For Cash Advance Loans?
The application process when applying for cash advance payday loans is simple and user-friendly to ensure that the process is as hassle free as possible. With us, customers can borrow up to £1000 and repay over 3 monthly instalments. All applications are made online on desktop, mobile and tablet. All you need to apply is an internet connection. Our application takes approximately 5 minutes to complete and we ask you to fill in a number of 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 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 a series of affordability checks 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 Cash Advance Loans?
The FCA regulate all financial firms in the UK, and therefore have implemented a number of regulations across payday loans. In 2015, the FCA introduced a number of payday loan price cap regulations, ensuring customers are protected from accumulating increased debt due to high percentage rates and fees. The three main changes put in place by the FCA include:
• Maximum daily interest reduced to 0.8% per day.
• Default fees capped at £15.
• Maximum total cost of payday loans capped at 100% – meaning people will never pay double the amount that they borrow.
What Is Responsible Lending?
Responsible lending is where cash advance loan lenders act in a customer’s best interest by ensuring affordability, transparency and support throughout the entire process. At Wizzcash, we are very committed to responsible lending, and have put a number of practices in place in order to keep in line with this. We are also an FCA approved company so you can be sure that your details are safe with us.
How Can An Online Cash Advance Loan Help Me?
There are a number of benefits when it comes to using a cash advance loan, including the quick and hassle-free application process, flexibility and helpfulness. There are a number of different reasons why people may use a cash advance payday loan, but they should only be used for financial emergencies.
Why Choose Wizzcash For An Online Loan?
If you’re looking to borrow fast from a lender that you can rely on, then turn to Wizzcash. With many years of experience and as an FCA authorised lender, you can be sure that you are in the safest of hands when it comes to borrowing online from us. We ensure that all of your personal information is 100% confidential, and also ensure that we are totally transparent from start to finish. As a responsible, direct lender, we will match your needs to the loan that we believe that you can afford, and run a number of affordability checks in order to protect your finances.
How Will APR Affect My Cash Advance Loan?
APR is a combination of the fees, charges and interest that is accumulated with a cash advance loan. There are a number of reasons as to why you should choose a cash advance loan, but it is important that you understand what all of the numbers mean during your application. This is why our online calculator provides you with all of the information that you need to make an informed decision. One of the reasons why people often turn to alternatives of cash advance payday loans is due to the high amounts of interest, but in some circumstances, people do not always have this option. APR will tell you how much you will owe at the end of your loan.
Will Applying For A Cash Advance Payday Loan Affect My Credit Score?
We understand that when people turn to 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 if you miss a repayment, when you apply it will leave a footprint on your credit history.
How Does The Application Process Work?
Our entire application is online and takes just a few minutes to complete. We ask you to fill in a number of details, and require that you do this honestly, and then we will fill out a number of checks. Once these are complete, 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, we will pass on your details to an alternative loan provider that may be able to find you a suitable substitute – although your debit card details will not be passed on. Simply, choose how much you want to borrow, fill in our application, we will verify your cash advance payday loan, cash will be transferred to your bank once approved and the repayments will be made automatically via continuous payment authority.
Apply for a cash advance loan online with Wizzcash today!
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk