Sometimes in life we just don’t know what’s around the corner. From broken fridges and poorly pets, to unexpected emergency situations, there are any number of unanticipated circumstances which can leave us strapped for cash – with an urgent financial need.
These emergency expenses can leave individuals feeling confused, stressed and alone, which makes finding the right solution quickly really important. There are a number of options you may want to consider when you need a short term cash injection, but one route open to you is to borrow money from a short term lender – like us!
Here at Wizzcash we offer short term loans from £200-£1000 which you can pay back over three months. We also work fast, running best practice tests and affordability checks in just a few hours so we can get your loan into your bank account on the same day you apply.
But before we share any more details about our service, it’s time to cover some of the basics of borrowing money…
Borrowing Money: The Basics
If you’ve never borrowed money before, you’ll probably have a lot of questions. We’ve tried to answer some of the most important ones below, so you can make the right decision and find a short term loan which works with your budget, lifestyle and needs.
- How much should I borrow?
Most lenders will offer you a range of loan amounts to choose from. Some specialise in small loans, others will allow you to borrow more , just because you can borrow more, doesn’t mean you should borrow more. Take some time to consider your financial situation and the emergency expense you need to cover. What is the smallest amount you could borrow to cover the cost? This is the amount you should borrow.When you take out more than you need, you’ll be paying more in interest over the long term. Decide on your minimum requirement and don’t be tempted to request a more sizeable loan unless it is absolutely essential.
- How soon can I receive my loan?
This is a really important question for first time borrowers who find themselves in a tight spot. Often emergency expenses are pressing, which means it’s really important to receive your loan promptly.
The amount of time it takes to process and pay your loan will depend on the lender you choose. Here at Wizzcash, we can process and check applications quickly, delivering whole lump sums to your bank account in a matter of hours.
Other providers can be quicker but may not conduct the necessary financial checks to ensure you’re using the right product, this may result in potential complications in the long run, and some take a little longer. If you have an urgent need, get in touch with lenders in advance to confirm how long the process typically takes. We offer a dedicated phone number and email address you can contact us on with any concerns you may have.
- How long should I borrow money for?
Payday lenders vary widely when it comes to repayment terms. Put simply, a repayment term is the length of time you will be paying back the money you borrow. The shorter your loan period, the less interest will be built up (although shorter term loans typically have higher rates of interest). Longer term loans tend to have lower rates of interest and will be repaid with smaller, regular repayments until the loan period is complete.The option you choose will depend on your personal financial circumstances. If you need to borrow money to cover an expense until pay day, shorter term loans are often more affordable. If you need to borrow money to cover an emergency expense but will not have enough to repay the loan in the coming days or weeks, longer term loans give you the flexibility to break your repayments down into manageable chunks, giving you time to budget for repayments over a number of months.
At Wizzcash we offer a three month loan. Our three month loan has an APR of an industry-competitive 1265%.
- Can I afford the interest?
Every time you borrow money from a lender, you’ll pay back more than you receive. This might sound obvious, but it’s really important to remember this fact. The more you borrow, the more interest you accrue. The longer you borrow, the more interest will develop. APR is the figure which explains how much interest you can expect to pay on borrowed money, so make sure you take note of this number.
- Why is the APR for Payday Loans So High?
The APR for payday loans is high because APR is calculated at an annual interest rate and is therefore taking a loan which lasts only a few weeks and multiplying it as though it was a year – leading to APR’s that run in the thousands.
Any good lender should flag up exactly how much interest they charge and how much you will pay on your loan amount before you go ahead with your loan. We offer a helpful calculator which will tell you:
- Your loan amount
- How much interest you’ll pay
- The overall total cost of your loan
It’s essential that you know exactly how much you will be expected to pay back before you borrow money. It’s also important that you feel confident you can afford the additional interest that will build up on your loan amount. If you are unable to meet repayments, debts can grow. This is why we run affordability and credit checks on every customer to make sure you’re in a position to meet repayments and avoid financial difficulty.
- What are my other options?
Short term loans are not the only solution available when you need to borrow money. From credit unions and agreed overdrafts, to asking friends and family, there are a range of alternative ways to access emergency finance. Step Change (the UK debt charity) can help you assess your options.
Why Borrow with Wizzcash?
If you do decide a short term loan is the right way to borrow money for you, Wizzcash are ready to help. We make it easy and stress-free for customers to arrange competitively priced loans from £200-£1000 for three month periods.
We’re responsible lenders, which means we run thorough checks to ensure your loan is affordable. We also work hard to make sure you know your options before you choose to borrow with us to ensure you’re choosing the right financial product for you.
When you apply for a Wizzcash loan, you’ll need to complete a 5-10 minute application process. Our experienced team will then set to work reviewing your credit and affordability checks to make sure we only offer loans to those who can afford them. If we’re satisfied that you’re a good candidate, you can receive your full loan amount in your bank account in a matter of hours.
Do you need to borrow money? You’ve come to the right place, we’re a responsible lender offering competitive rate and flexible services. Get in touch or use our easy online application to borrow money today.