What Are Online Loans?

Online loans are exactly what they say on the tin, making borrowing money more accessible. These loans can be applied for, processed and approved online for your ease and convenience. There are lots of personal loan lenders and other providers that have online application forms but cannot complete the application online which could mean delays in the acceptance process. Online loans from Wizzcash are only suitable for an emergency financial situation and you need access to money quickly to address that emergency!

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Wizzcash.com is a payday loan direct lender. This means if you have a successful loan application with us, we will communicate and lend directly to you. In the event that we are not able to help you, we are also a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 36 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organisation.

Online Loans, What Are The Differences?

The term ‘online loans’ covers a whole host of financial products. Here at Wizzcash, we can only help customers looking for short term loans or payday loans, if this is the right credit type for them. We want customers to be clear and comfortable with the online loans they are applying for:

Personal Loans – This is a versatile type of consumer credit and can be applied for direct from a lender as an online loan. The application, process and management of money can be handled completely online, too. At Wizzcash, the application process for an online loan can be completed via our website, with the full process handled online.The difference is, personal loans are not only used for emergency borrowing, but can be part of a consumer’s financial plan as a means to pay for a car or other large purchases. Instalment loans like personal loans or payday loans are the most common type of consumer credit. Loan values typically start at £1000 and the repayment term will be from one year to several years.

Payday Loans – Online payday loans can be helpful to customers who find themselves in a tight financial spot, without the money they need before their next cheque comes in. If approved, these online loans are typically repaid in one lump sum, on or around the date of your payday. Due to the short-term structure of the loan, the interest rate is typically much higher than personal loans or longer-term methods of borrowing.

Short Term Loans – This kind of online loan is a middle ground within consumer credit market. Short term loans are repaid in instalments, like a personal loan, but typically over a term of a 3 months to 1 year. These types of online loansare also intended for emergency use only.

Wizzcash online payday loans follow a similar structure, scheduled to be repaid over 3 months. This gives customers a little bit of time to recover from their financial emergency, without over-stretching themselves to meet repayments. We do not charge early repayment fees, so if a customer wants to (and is able to) repay online loans even quicker, they can!

How To Use Wizzcash Online Loans

Wizzcash online payday loans are to be used for emergency situations only. Although we cannot prohibit what a customer spends their loans on once they have been approved, we strongly recommend they are not used frivolously, or for any bill or purchase that could wait until you do have the money readily available to you. Our online loans could be used when the boiler breaks in the middle of winter, a pipe bursts, your car breaks down or you have an unexpected utility, medical or veterinary bill. Online payday loans should not be considered a reliable source of credit because of the high interest rates, which makes them an expensive way to borrow. Our online loans should be considered a last-resort option.

How Much Can I Borrow?

Wizzcash online loans range from £200 – £1000. We find this is typically enough money for customers to deal with the situation at hand but restrict our onlineloans to £1000 because that is quite a lot to repay in just 3 months. Customers can customise their loan amount to suit them. Our online loancalculator also breaks down the 3-month repayment schedule to make sure you know how much the loan is going to cost you.

How Quick Are Wizzcash Online Loans? 

Wizzcash online loans could be paid into your account on the same working dayyou apply, depending on the time of your approval. Otherwise, they could take up to one working day. All our online loans require a series of affordability and credit checks. We will then be able to let you know if you have been approved for a loan.

What Are The Repayment Terms?

As mentioned above, our online payday loans are set to be repaid over three months, as standard. When you apply for one of our online loans, the repayment costs will be broken down for you. However, you can repay Wizzcash loans early without a penalty fee, which may be ideal if you just need a cash boost through until the end of the month and are confident you can repay the loan after your next payday.

We will always make the dates we collect your repayments very clear to customers. If you cannot meet a repayment for any reason, it is important you get in touch with our team to let us know as soon as you become aware of the situation. We could help you restructure your online loan or put you in touch with organisations that could help you manage your situation.

Please note, that late repayments incur a one-off fee of £15.

Are Online Payday Loans From Wizzcash Safe?

At Wizzcash, we use high-quality security software to protect your data and payments, ensuring that all of your information is kept safe. The padlock you’ll see next to our web address shows that our site is secure and encrypted. We are a payday loan direct lender and a broker. All applications for online loans made through our site are protected with our software. We take privacy seriously. If we are unable to fulfil your online loanrequest and act on your behalf as a broker, we will continue to handle your personal information securely.

Wizzcash.com is a payday loan direct lender. This means if you have a successful loan application with us, we will communicate and lend directly to you. In the event that we are not able to help you, we are also a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 36 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organisation.

How To Apply For Payday Loans Online?

Online loans applications are simple and can take a few  minutes to complete. Here at Wizzcash, we strive to be as transparent as possible to our customers and want them to know what the repayments and cost of the loan will be before proceeding.

Wizzcash are a responsible lender, complaint with FCA regulations. This means we will run affordability and credit checks to make sure our online payday loans are a suitable and feasible financial product for you. We try to help customers wherever possible, but do not want to worsen their financial situation. All applicants will have to meet the following criteria to be eligible:

  • 18 years old and over
  • A legal UK resident
  • Be able to show a minimum of £750 take home, every month.

In the  event we are unable to lend to you for any reason, we are also a broker, as well as a direct lender. This means we could connect you with other consumer credit oproviders that might be more suited to your situation or be able to fulfil loan requests outside our lending remit.

Can I Apply For Online Loans With Bad Credit?

You may have mismanaged credit in the past or have no substantial credit history, and we know that you maybe in real need of a loan. We want to help, but in the right way. As a responsible lender we look into many factors, such as affordability to make sure repayments are realistic for you and credit history to check if you are struggling financially. We don’t want to put you in a worse place financially by lending to you. An online paydayloan is for a temporary, unexpected need and should be used as a one-off, as opposed to ongoing money troubles. Credit scores do play a part in our decision-making process, this as well as the information you give us regarding your ability to repay the money you borrow is also given considerable weight. We look at your current financial situation, as well as what has happened in the past. We will look at all the information you give us and make our lending decisions in-line with FCA guidelines and recommendations.

The Advantages Of Online Loans

Online loans are popular for a number of reasons, these include:

More easily accessible than other formats. Being able to apply for a loan online enables people who can’t get to the bank or building society to still apply. Whether you have mobility problems which make leaving the house a challenge, or work shifts that mean it’s difficult to keep appointments during office hours, an online application can still be completed.

Flexible application and management, no matter where you are. With an online loan you can complete your application, manage your loan or check information regarding it no matter where you are, as long as you have an internet connection. Please remember, you must be a UK resident to apply for a Wizzcash.com online loan.

Fast, straight-forward process. All the information we request is required for us to lend responsibly. We never ask for any data which isn’t directly relevant. In addition, many applications can be approved within one working day. If you are facing an emergency and if approved, you could benefit from fast transfers directly into your account, too.

For more information regarding our online loan applications or the borrowing and repayment process, feel free to contact a member of our team, today.

Apply Now

Wizzcash.com is a payday loan direct lender. This means if you have a successful loan application with us, we will communicate and lend directly to you. In the event that we are not able to help you, we are also a broker and we will link you to panel of consumer credit companies who might be able to offer you: loan products, with loan terms from 1 to 36 months, loan comparison websites to give you access to the comparison of loan products or credit reports companies to help you understand credit ratings and make informed credit decisions. We will never pass on your card details to any other organisation.