What Are Online Loans?

As the name suggests, online loans can be applied for, processed and managed virtually. There’s no need to call, complete paperwork or attend meetings. Although some types of loans can’t be processed online, it’s usually possible to obtain an unsecured loan (a loan which isn’t guaranteed by your home or other large asset) via the internet.

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

What Are The Advantages Of Online Loans?

Online loans are a popular option for a number of different reasons. The main advantages of online loans are as follows:

More easily accessible than other formats. Being able to apply for a loan online enables people who aren’t able to get to the bank or building society to still take advantage of a loan product. 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. A major benefit of an online loan is that 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.

Fast, straight-forward process. All the information requested is required in order for us to lend responsibly. We never ask for any data which isn’t directly relevant. In addition, many applications are approved the same working day, with fast cash transfers available if your bank will accept them.

What Do People Use Online Loans For?

The most common reason for using online loans is to deal with an emergency cash flow situation. An unexpected bill, emergency repair or replacement of an essential household appliance or some money to provide an immediate cash injection during a period of adversity, a large payment to clear are all common reasons why short-term borrowing is required. The aim of short-term borrowing should be to provide a “last resort”, when other avenues of finding the necessary cash (for example negotiating a repayment plan with your creditor or purchasing a second-hand household appliance) have proved unsuccessful. Short-term borrowing should never be undertaken lightly and only when absolutely necessary.

What Are The Different Types Of Online Loans?

The three main types of online loan are: payday loans; short-term loans; and personal loans. Wizzcash offers online loans UK wide that include these three types. Although the terms may be used interchangeably, generally the following definitions apply:

Payday loans: very short-term loans which are usually repayable within thirty days. Intended for short-term, small amounts of borrowing, these can command significantly higher rates of interest than longer term borrowing. At Wizzcash you can apply for a three months loan and repay the whole amount on your payday, without having to pay an early repayment fee.

Short-term loans: usually repayable within a few months (with a maximum repayment period of a year or two), these are intended for emergency purchases which may be larger than those available through payday loan borrowing.

Personal loans: these are not only used for emergency borrowing, but rather for large items which are needed or which represent a good investment if bought now rather than later. Personal loans may be repaid over several years


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

Am I Eligible If I Have Bad Credit?

As a responsible lender, Wizzcash is committed to making sure customers can afford to repay the amount that they want to borrow. Whilst credit scores do play a part in our decision-making process, the information you give us regarding your ability to repay the money you borrow is also given considerable weight. We tend to look at your current financial situation, rather than focusing on what has happened in the past. We will look at all the information you give us and make a decision in-line with FCA guidelines and recommendations.

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

There is no set amount, as it depends on your individual circumstances, although the maximum we will lend is £1000. This is because £1000 is a significant amount to pay back in a short period of time. We want to make sure that your loan repayment is manageable, which is why we set a top limit which is relatively low.

Why Choose Wizzcash For An Online Loan?

There are several good reasons why Wizzcash offer some of the best online loan products currently available on the market:

  • We are a fully online provider. This means our processes are set up to deal with virtual applications, allowing a fast, straight-forward assessment of the information you send in. The application process is flexible and adaptable: if you’ve got an internet connection, you can apply for a loan with Wizzcash.
  • Wizzcash are a lender as well as a broker. This means they don’t have to act as a “middleman” when it comes to approving borrowing. This enables them to have more freedom in the type of borrower they are prepared to accept.
  • As a responsible lender, Wizzcash is committed to the very highest standards of integrity, honesty and transparency. You will always know exactly how much you’re borrowing, how much it will cost you, how many instalments you will have to pay and what additional charges (if any) you many face. In addition, Wizzcash will not lend to you unless they feel your circumstances are such that you will be able to repay the amount borrowed.

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

Are Online Payday Loans Secure?

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 protected and safe to use. Because we are a direct lender and a broker, all applications made through our site are protected with our software. That’s why it’s important that you apply directly through us and that you make your payments through our site. We take your security and privacy seriously, which is why we have made our site as secure as we can for your protection.

Please note, our site may contain links to and from the website of our affiliates. If you follow a link to any of these websites, please note that these websites have their own privacy policies and we do not accept any responsibility or liability of these policies. Please check these policies before you submit any personal data to these websites.

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