If you’re in need of some urgent cash to cover an urgent emergency repair or medical emergency, then a cash loan could help you out. Get the amount of money you need to get you out of a fix with a cash loan. Find out more about cash loans and how to apply with Wizzcash below.

“Great experience and reasonable rates of interest. The flexibility of the loan allows repayments over 3 months which is great.” Dan, London

We are a Direct Lender

  • No Fees for Applying
  • Quick Approval
  • No Early Repayment Fee

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

What Are Cash Loans?

Typically, cash loans are small, unsecured loans that you would borrow to cover emergency expenses. Cash loans are often also referred to as payday loans, instalment loans, online loans, bank loans and flexible loans. While, once upon a time, it was common to get a cash loan on the high street, consumers are increasingly opting to use the internet to find fast cash loans.

Cash loans are a type of payday loan, meaning they are usually unsecured. This means a cash loan is not secured against any assets. An example of a secured loan is a mortgage. With a mortgage, your house could be at risk if you are unable to make the repayments on it.

Once approved for a cash loan, the money is normally paid straight into your bank account, and with same day cash loans you will get your money within 24 hours. For cash advance loans, read more here.

What Would I Use A Cash Loan For?

Cash loans can be taken out for a host of urgent reasons and should only be used in a financial emergency for the short-term. Here are some of the most common reasons why people apply for cash loans:

• Emergency home repairs.
• Emergency dental work.
• Paying unexpected bills.

It is important that you never end up relying on payday loans in order make ends meet every month, or for frivolous spending. Cash payday loans are designed as short term help for a financial emergency, when your monthly pay check cannot cover an urgent expense, and you have exhausted all other cash borrowing alternatives.

How Many Cash Loan Providers Are There?

There are probably hundreds of cash loan providers on the market. However, it’s important to do your research when applying for a cash loan as different providers will have different fees, processes and application methods. Wizzcash are a direct lender who practice responsible lending under FCA regulations.

How Do Cash Loans Work?

Cash loans work like other common types of loan. If you’re applying for cash loans online, you would complete the application process (the Wizzcash application process takes just a few minutes), then the lender will assess you. Lenders typically perform a number of checks when assessing you for a cash loan, including whether you’ll be able to pay the loan back on time. If approved, you would normally receive fast cash loans in your bank account within a few hours.

When Do I Need To Pay Back A Cash Loan?

This really depends on the terms of the cash loan you apply for. However, if you take out a payday cash loan, you would be required to pay back the loan, with interest, by a certain time. This is usually within a month. If you choose to take out an instalment cash loan, then you can benefit from a number of staggered payments over a period of months, rather than one lump sum at the end of the month.

What Are The Fees On Cash Loans?

Some cash loan lenders levy fees, usually if you fail to make a payment. Check with your lender to find out what kind of fees they charge. Due to the FCA’s cap on fees, you can never pay more than twice of what you borrow. Here at Wizzcash, our only charge is a £15 default fee, which you will only have to pay once throughout the duration of your loan.

What Is APR On A Cash Loan?

APR is a combination of the interest rate and any fees and charges a lender adds onto the loan. APR stands for Annual Percentage rate, and it tells you how much it will cost you to borrow money on top of the actual loan itself. When paying back the loan, you will also have to pay back interest and any fees and charges. We can provide you with an easy way to calculate the  real cost of your payday loan, with the help of our cash loans online calculator when you apply.

Cash Loans Example

If you take out a flexible cash loan with Wizzcash at £200, you would pay the £200 plus the £103 in interest, paying back in 3 monthly instalments of £100.94.

What Are The Requirements For A Cash Loan?

Different lenders will have different requirements when it comes to approving cash payday loans. At Wizzcash, our lending criteria is as follows:

• You need to be at least 18 years old.
• A UK resident.
• Employing, earning at least £750 after tax.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

 

What Type Of Cash Payday Loan Checks Do Wizzcash Carry Out?

Here at Wizzcash, we carry out a a number of checks when you submit your application, in order to ensure that our customers can afford to pay back the loan, and is not left in financial trouble. As a responsible lender, we will only lend to those who our affordability checks deem fit to pay the loan back. Not only are there eligibility requirements (see above), we also carry out affordability checks and a credit check too.

Can I Get A Cash Loan With Bad Credit?

We work with credit reference agencies who will run checks to understand our customer’s suitability. Your credit score gives us a better indication of your previous forms of credit, but if you have bad credit that does not necessarily mean your application will be rejected. The FCA require all responsible and authorised cash loan lenders to carry out a credit check, but we take into account affordability checks too. If we believe that you will pay your loan back on time, and you meet our eligibility requirements, then your application is more likely to be accepted.

Can Late Repayments Affect My Credit Score?

The simple answer is yes. When you apply for a same day cash loans with us, it will leave a footprint on your credit file. While this will disappear in 12 months, the footprint is visible to other financial institutions. Not paying back your loan on time can affect your credit score, and this will be visible to other lenders in the future, reducing your chances of your approval for taking out a loan elsewhere. Late repayments can have serious financial implications, even though the cash loan is unsecured.

How Easy Is The Online Cash Loan Application Process?

When applying for cash payday loans through Wizzcash, the application process should take no longer than 5 minutes. Once you have chosen how much you want to borrow and for how long, fill out the application form. Then, we will carry out a series of checks and if you are successful, we will verify your loan by SMS & email. If you want to take out a same day cash loan, then your money will be in your account within 24 hours. Your repayments will then be transferred to us out of your bank account automatically on the day that they are due.

Are Cash Loans Online Regulated?

The FCA has placed tighter regulations on cash payday loan lenders in order to ensure the loans are far more secure and that lenders operate a safe way to borrow money. When you choose fast cash loans from Wizzcash you will benefit from the FCA regulations, meaning interest rates and fees and charges are capped.

Is Wizzcash A Responsible Direct Lender?

Here at Wizzcash, we do not offer a broker service to those who are approved, and we will only fund loans that are directly applied for via our website. As part of our responsible lending commitment, we ensure transparency across our website so that all costs of a payday loan are clearly displayed for all of our customers. We ensure that our process is entirely responsible. We do not charge any fees on application, and also run industry-required affordability tests in order to ensure that our customers are eligible and financially competent enough to pay back the loan without falling into trouble. We ensure that there are no broker fees, and we deal with your application directly.

What Are The Benefits Of Using Wizzcash?

On top of our responsible lending and FCA regulatory practices, there are a number of other benefits when you use Wizzcash when applying for cash loans online. Firstly, we ensure that there are no application fees, and the only fee that we do charge is a once-per-loan default fee of £15. In addition to this, we encourage early repayment by ensuring that there is no early repayment fee for our customers. If you are able to pay back your cash loans early, please do so.

Finally, we also ensure that all of our cash payday loan applications are approved or rejected quickly, so you can get same day cash loans quickly. We understand that a cash loan for an emergency needs an answer quickly, and so we aim to get in touch to let you know over the phone or via email if your application is accepted, and confirm a few quick details. We will then transfer the funds to your bank account within an hour.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk