Cash loans, or payday cash loans, provide a temporary financial boost, for customers facing an urgent bill or emergency situation. Wizzcash loans help provide customers with quick access to cash or the funds they need, when they’re in a bit of a tight spot. Of course, this is subject to a successful application.
What Are Cash Loans?
Cash loans are typically a small loan that customers use when they need access to cash, fast! You can apply for cash loans online and have the money transferred into your bank account once your application is approved.
Loans from Wizzcash are designed to be a kind of emergency borrowing, and a financial product that is only used when customers are genuinely in a bit of a tight spot, perhaps facing an unexpected bill that they had not budgeted for. This is because payday loans are a kind of high cost short term credit. This means they are designed for one-offs and should not be considered a continuous source of credit.
How To Use Wizzcash Loans Safely
There is a current concern throughout the UK wherein financial literacy levels are expected to be at an all time low. This concern is founded on research that indicates a third of adults in England and Northern Ireland were unable to answer basic mathematical questions about household items they might buy, such as discounts.
This might seem unrelated to cash loans and emergency finances, but experts state “there’s a direct link between basic financial literacy and being able to make big financial decisions, such as knowing the implications of getting a mortgage with a certain interest rate. People can end up having quite a financial shock.” This highlights how many people may be applying for cash loans, or any kind of credit, that they do not fully understand. Some people may be agreeing to financial services or products without properly investigating the affordability, which could lead to missing repayments and worsening your financial situation.
To help our customers make informed and responsible financial decisions, Wizzcash endeavour to be as transparent as possible about the cost of our loans. You will see a loan calculator on our homepage which can tell you clearly (without loads of unnecessary financial jargon), how much your monthly repayments are going to be and how much it is going to cost you to borrow from us.
We strongly recommend that you only borrow how much you need. Applying for bigger cash loans than is absolutely necessary could seem really appealing, but the ramifications could be dangerous. You can select how much money you want to borrow within our lending remit to help prevent this kind of harmful financial behaviour. We facilitate quick access to cash, so you can handle unexpected costs without too much fuss.
Unfortunately, lacking financial literacy in the UK is supported by the fact that 52% of 7 -17 year olds state that they have not had any meaningful financial education at home, school or in any other setting. This demographic will soon be in the prime demographic for payday loan borrowers (the most common borrower is aged between 18 and 25). They could be relying on this kind of financing because of a lack of financial education and lessons in budgeting. We talk about budgeting tips and how to care for and protect your finances over on our blog, providing industry-wide insights to help our customers practice better financial behaviours.
Furthermore, a sub-par financial education could be why 61% of respondents in the same study also stated that they do not focus on the long term when it comes to money. This highlights just how many people might not understand the consequences or the responsibility of taking out a cash loan, or entering any other financial agreement.
Here at Wizzcash, we know that understanding the loan agreement is crucial when it comes to prioritising your money and budgeting for your repayments.
How Does A Cash Loan Affect My Credit Score?
Data from Which? shows that 47% of people haven’t checked their credit report; this does suggest that there are a large portion of UK consumers that may not fully understand the gravity of this profile. In turn, 26% of those who have checked their score get the data from Experian, despite the fact you have to pay for this data. This also highlights that consumers are not financially literate and do not know how to access information about their finances. A cash loan from Wizzcash is a short term loan. We provide detailed information on how our loans could affect your credit score.
Taking out a cash loan online will not negatively affect your credit score as long as you are able to adhere to the repayment terms set out for you. Credit scores are like an individual’s financial history that tells lenders how reliable they are. All banks, online creditors, credit reference agencies and financial service institutions will interpret or rank a credit score differently. In the UK there are three credit reference agencies that collect and interpret personal and financial information about consumers.
Late repayments or missed repayments for a cash loan, like with any loan, can have a negative impact on your credit score. It is also important to know that an application, whether successful or unsuccessful will appear on your credit file. This is because credit inquiries are one factor that make up your credit score (although it is expected that this is only about 5 – 10% and inquires will not stay on your profile for the maximum terms, which is six years).
It is crucial to ensure that the money is readily available on the dates you are scheduled to make cash loan repayments in order to maintain your credit score. Wizzcash will send reminders to customers just before their payment is due.
Cash Loan Alternatives
If you are looking to take out a cash loan, or any kind of high cost short term credit to buy something that isn’t 100% necessary, or it’s something that can be put off until after your next cheque comes in, we recommend patience. The on-demand lifestyle could become an increasingly concerning problem within the consumer credit market, because we are less likely to want to wait for the things we want to buy. Insufficient explanations surrounding financial products and loans could also be one of the reasons consumerism is moving this way, favouring instant gratification above all else, because we are unaware or unconscious of the responsibilities of borrowing.
As cash loans are quite low-value, there might be other means to get quick access to cash without taking out this kind of loan. Organising an overdraft with your current account provider, borrowing from friends or family or using a credit card could all be a cheaper option. It is imperative you look into the terms and conditions of all lines of credit, so you won’t be surprised by any last minute fees or unexpected interest that could actually worsen your financial situation.
How Much Can I Borrow With A Cash Loan?
Wizzcash offer loans between £200 and £1000. Loans of just a couple of hundred pounds like this are just enough for customers to deal with the emergency at hand, without over-committing to loans that are too big and unaffordable. It is important that you only request to borrow as much as you actually need. For example, if your car has broken down and it’s going to cost £350 to fix it, you could apply for that exact amount rather than choosing to borrow a £500 loan that could cost you so much more.
Here at Wizzcash, we are a payday loan lender, but we are also a broker. This means if you are looking for a cash loan outside our lending remit, we could still help connect you with a panel of trusted lenders that may be able to fulfil your request.
Applying For Credit With Wizzcash
All our applications are online. You will need to provide us with some simple information about yourself to ensure you are a suitable candidate to apply for our cash loans online:
- You will need to be 18 years old
- You will need to be a legal UK resident
- You will need to be employed
- You will need to show a regular monthly income of £750
We will always keep you up to date with the status of your application via email or SMS.