An instant loan could help you when you have a car in need of repairs or another unexpected financial or a situation when you need money in an emergency. We understand that you cannot prepare for everything and having access to an instant loans service or quick cash could help you out of a tight spot. Even if you are experiencing an emergency, it is still important you take the time to read and understand the terms and repayments of the loan. Failing to do so, could land you in even more trouble.
What Is An Instant Loan?
Instant loans are designed for applicants who need cash sooner rather than later. Payday loans are often referred to as instant loans, available from Wizzcash on a short term basis. The repayments are spread over three months. This could provide customers with the flexibility needed to handle the emergency situation at hand, without a lump sum repayment.
Do Wizzcash Provide Instant Loans?
Instant loans aren’t actually a dedicated loan that we offer. Wizzcash do provide quick loans or cash once you have been approved. Money could be in your account on the same day or within one working day, depending on the time of approval.
Once approved, and the money is transferred, the loan will show in your account virtually instantly. It’s a kind of misnomer that is generally used for a type of HCSTC loan (High Cost Short Term Credit). HCSTC loans are defined as a financial product that has an APR over 100%.
When taking out a personal loan, the repayment period could be a couple of years because you will likely have had to take out a bigger loan. Of course, it is dependent on how much you borrow, but instant loans could just top up your funds until your next payday, and provide you enough money for you to keep your car on the road, repair your utilities or much-needed appliances and continue with your daily life. There are alternative ways to get access to instant cash loans, including visiting local trade-in shops, in which you could sell your unloved and unused items, giving you money on the spot to deal with the situation at hand without incurring interest costs.
So, How Fast Are Instant Loans?
Wizzcash have the facilities and means to be able to provide loans, depending on the time of your application, transferring money after approval on the same working day. The expected time scale will depend on the time you submit an application and will need to be during office hours for same-day approval.
We help our customers by providing cash once your application is approved. In the meantime, we always strive to give you a decision as quickly as possible so you can take control of your finances and get back to normal. With standard loans, the process from application to approving a borrower and then transferring the funds can take longer, even up to a week or more.
How Can I Get An Instant Loan?
The instant loan application process is simple and can be completed online:
- You will be asked some questions about yourself, your financial circumstances and for your bank account details
- We then run through all the necessary checks to ensure you meet our criteria, set out by the FCA who ensure companies like us are lending responsibly.
- If you have been approved, we will let you know instantly via email or SMS, so you are always kept in the loop.
You will find all the information you need to feel comfortable with your chosen loan amount so you can make an informed decision before you commit to the repayment costs. When customers are in a situation in which they need an ‘instant loan’, they might feel a little frantic. It is really important to us that you make a decision has been thought through.
Approved loans will be transferred to the bank account you provided us with. Depending on the time you make the application, this can happen before the end of your working day. The minimum amount you can borrow from Wizzcash for an instant loan is £200, with a maximum of £1000.
Am I Eligible for An Instant Loan?
When seeking credit in an emergency, you will need to check you are eligible for a short term or payday loan, depending on which repayment schedule is better suited to you.
The financial information you provide us with will include how much you earn per month and what your monthly financial commitments are. From here, we can run a credit check to make sure you are suitable for a loan. You will need to be at least 18 years of age to be eligible for loan. Applicants must also be a UK resident and earn at least £750 per month.
Where Can I Get An Instant Loan Online?
Here at Wizzcash, we are a payday loan direct lender. This streamlines the process and ensures you have access to a loan as quickly as possible. If we are unable to help you ourselves, we could connect you with alternative companies to help you find loans as quickly as possible. This could be alternative lenders, comparison websites or credit information that might be helpful to you.
Is It Possible To Get Instant Loans With Bad Credit?
Everyone experiences pressing financial times in their lives and many of our applicants might not have a perfect credit score. Similarly, those who have not borrowed money before might not have a credit history for us to refer to. We understand that when you are searching for instant loans, you are not in a position to improve or work on your credit profile and will just need fast access to credit, regardless of your historical management of finance. We will try to help wherever possible, but we are a responsible and regulated lender, which means you will still have to meet our strict criteria.
Instant Loans And What They Are Used For
Access to instant loans could be useful for so many reasons, especially because they provide customers with the quick funds they need to help with any number of urgent situations. Our customers need quick access to credit to help with broken down home appliances, car repairs, plumbing problems, unexpected bills or costs that have not been factored into budgets.
It is important that you do not use emergency credit as a regular source of financing to fill a monthly gap or when difficulties arise. HCSTC is not sustainable and could have a negative impact on your credit file. An instant loan can be useful, but they should be considered a last resort option of financing.
What You Need To Need To Know About Instant Cash Loans Before You Apply
Instant cash loans are not a dedicated financial product. Here at Wizzcash, it is important to us that you fully understand all the terms and the full cost of your loan before you commit to it. You should be aware of the repayment amounts as well as the maximum and minimum requirements.
We will use the information you provide us with to assess whether or not you can afford the repayments set out for you. If you do not make the monthly repayments, this may negatively impact your credit score and money problems. So, it’s important you think carefully before applying and you understand all the information – even if you are in a rush – to make sure the loan is right for you.
Paying Back Instant Loans
Repaying an ‘instant loan’ is made simple with our automatic system. We take the repayments directly from your bank account in three instalments on your pay date each month. All our customers should be aware of these dates, but we will make sure to reiterate them to you as we do send you a reminder before the collection dates. You can find information on how to create an accurate budget or money saving tips that could help you ensure that the funds will be in your account on the scheduled days.
If you would like to repay your loan before the scheduled dates, you can get in touch with our team to discuss. Wizzcash do not charge early repayment fees in case you wish to pay back the money early.
As previously mentioned, taking out any loan is a commitment and all our customers should be aware of the knock on effects of missing a payment. Defaulting or forgetting to ensure the money is in your account in time for a payment could seriously impact your credit score. You will also be required to pay a £15 fee for missed payments. You should always ensure you have enough money in your account to cover the repayments. If you are going to be unable to make your scheduled repayment, it is important you get in touch with us before that date. In some cases, we may be able to help you with a new repayment plan or another way to get back on track. Here at Wizzcash, we even strive to ensure that your loan agreement, total repayment amount and how much each instalment will cost you are made clear at every step of the way. You can check how much a loan will cost you on our homepage. Please feel free to contact us if you want to know more about our loans.