Online Loans

What Are Online Loans?

Exactly what it says on the tin: a money loan you apply for via the internet. The digital age has brought financial lending online, and it’s now easier than ever to find and secure online loans with the help of Wizzcash.

Online loans also tend to be fairly low value (up to around £1,500) and are unsecured – so you don’t borrow them against assets you own, like a house or a car.
 

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 The Advantages Of Online Loans?

There are several benefits to using online loans. These include:

• Quick and hassle-free application process – most lenders will ask you to complete a simple questionnaire that will take only a few minutes of your time.
• Do it from your computer – online loans mean exactly that, so you don’t need to waste time popping down to your local bank. Do it online and then get on with your day.
• Flexibility – borrow exactly what you need.
• Helpful – because online loans can be so quick to secure, they come in very handy if you need to pay for an unexpected cost.

What Do People Use Online Loans For?

People use online loans for emergency costs, and these should only be used as a last resort after all other options are exhausted. Some of the most common reasons why people apply for payday loans online include:

• Urgent emergency costs – like boiler breakdown or car repairs.
• Other sudden emergencies – like a flight overseas for a funeral or emergency medical help.

What Are The Different Types Of Online Loans?

Generally speaking there are 3 distinct types of online loan. They are:

• Payday loans.
• Instalment loans.
• Personal loans.

Payday loans are designed to give you money to pay for emergencies. Payday loans are also short-term and are designed to be paid back quickly, usually within a month.

Instalment loans are similar to payday loans, but the repayment framework is longer. With an instalment loan your repayments would be staggered, and you’d pay back in small monthly instalments. For example, a 3 month flexi loan would be paid back in equal amounts over 3 months.

Personal loans are a traditional type of loan that can now be applied for online. They tend to be offered by banks and building societies are typically higher in value than instalment loans and online payday loans.

Why Choose Wizzcash For An Online Loan?

Because we’re a responsible, trustworthy provider of online loans. We’re completely committed to responsible lending and only lend money to people we think can afford to take it on. We also carry out a number of checks, such as a credit score check, to assess your financial stability.

What’s more, Wizzcash is regulated by the Financial Conduct Authority, the regulatory body that is responsible for the conduct of the financial services industry. We stringently adhere to the authority’s handbook.

Representative APR 1265%

Example:

• Total Amount of Credit: £200.
• Duration of the Agreement: 90 days.
• Total Amount Repayable: £302.82 to be repaid in 3 equal instalments of £100.94 on your next 3 pay days.
• Interest is fixed at a rate of 292% per year – 0.8% interest per day.

How Do You Choose The Right Online Loan For You?

Different kinds of loan suit different financial situations. Here is a guide to what each of the main online payday loans are good for:

• Payday loans – for short-term purchases and emergency situations where you suddenly need cash. You should be able to pay the loan back on your next payday.
• Instalment loans – also for situations where you urgently need cash, but not when you can’t pay back straight away. If you’d be able to pay back over a longer timeframe, an instalment loan could be good for you.
• Personal loans – for bigger purchases that you would pay back over a longer time period. For example, a short course or expensive holiday.

What Are The Fees & Charges On Online Payday Loans?

Each lender will have a different number of charges and fees applied to the loans. At Wizzcash, we only have one fee – a £15 default fee which you only have to pay once throughout the duration of your loan, and only if you are unable to make your repayments on time. All fees and charges have been capped by the FCA too, meaning you will never have to pay back more than double your original loan amount.

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

 

Are Online Payday Loans Secure?

While payday loans are known as unsecured loans, that doesn’t mean that they are not secure in a safety point of view. Our experts work behind the scenes at all times to ensure your safety. We have set of guidelines that we follow, and while there are a number of scams on the internet you should know that your online safety is our priority. All loan applications through us should be made directly through our website and no-where else on the internet. Also, we do not charge any application fees, so if you are asked to pay just to apply, then it is a scam. If you’re still unsure, get in touch with a member of our team.

How Can I Keep My Personal Data Safe When Applying For Payday Loans Online?

Keeping your personal information and data secure is of exceptional importance particularly when it comes to your financial information. Ensuring that you only apply via our website is important as this is the only way that we lend. The padlock icon displayed next to the page address of Wizzcash, it means that the site is secure and a third party cannot steal it. This means that all the data sent to our page is encrypted so even if it is captured by a third party, it cannot be read.

When applying for payday loans online, then it is important to have a look at the site itself, and any reviews that may have been written about it. This will help you to determine whether sites like Wizzcash are right for you.

Are Wizzcash A Responsible Lender?

In short, yes we are. Responsible lending is to act in a customer’s best interests and we are very committed to doing this through responsible lending. In addition to this, we follow the FCA guidelines, ensuring that we are affordable, transparent and supportive when it comes to payday loans online.

Do Wizzcash Use A Broker?

Here at Wizzcash, we are a direct lender and we provide you with all of the funds directly to your account when you apply via our website. All of the money comes from us, and we will never source the loan from another lender if you are accepted by us.

How Can I Work Out The Real Cost Of An Online Payday Loan?

As a responsible payday lender, we ensure that our website is entirely transparent. This means that you can see the real cost of your payday loan and how much you will have to pay back when you fill in our application form. This will quickly calculate the real cost of an online payday loan, including the loan itself, and any interest, charges and fees calculated according to how long you are taking the loan out for.

Are Online Payday Loans Regulated?

Online payday loans are regulated by the Financial Conduct Authority, in order to protect consumers. They have put various caps on payday loans in order to ensure that they are fair, and protect payday loan customers. Here at Wizzcash, we are regulated by the FCA, so you can be sure that you will be protected at all times when it comes to taking out an online loan with us.

Are There Any Alternatives To Applying For Payday Loans Online?

There are a number of alternatives to payday loans that you should consider before taking one out. Due to the high APR of payday loans, applying for an online payday from us should be after thoughtful consideration. There are a huge number of alternatives including credit unions, bank loans, borrowing from friends and family, government financial support and many more. You can find out more about the alternatives to online payday loans here.

Am I Less Eligible If I Have Bad Credit?

While we do have to run a credit check as part of an FCA regulation, this will not necessarily affect the chances of being approved for a payday loan. We also run affordability checks, and rely on these far more than a credit score when it comes to approving the online payday loan applications through our website. By always running these types of checks, we are able to find the most suitable customers for the teams that we offer, and will consider the individual circumstance of everyone with the intention to match them with a payday loan that they can afford to pay back.

What Is The Difference Between APR & Interest With Online Loans?

APR is defined as the combination of the payday loan itself and any interest, fees and charges added on by the lender. Interest on the other hand is a numerical value usually at a fixed rate, and is added per day onto the online loan. There are various types of APR, including representative and typical APR, but our online calculator will transparently tell you exactly how much you need to pay back, with APR included.

How Much Can I Borrow With An Online Payday Loans Lender?

At Wizzcash, we want to protect our customers, and your financial safety is our number one priority. Because of this, we only allow our first time customers to borrow what we believe that you can afford, in order to ensure that they are capable of paying the loan back on time. We allow customers to borrow up to £1000 on each loan that they take out. While this may seem like a small amount, due to the short term nature of the loans, any more can be harder to pay back in one fixed amount, with interest, fees and charges added on top. If you are looking for a larger amount, then you should consider an alternative option such as a bank loan.

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