Wonga were one of the biggest payday loan providers in the UK. At their peak, the lender supplied an expected 2.5 million loans in 2011. As a result, ‘Wonga loans’ or simply the branded name, Wonga, is commonly used as a term for the kind of high cost, short term credit they provided. Wonga went into administration in August 2018, leaving a gap in the market for those who can ethically help customers in need of quick cash.
There are many lenders out there offering an alternative to the now non-existent Wonga loans. Wizzcash are an ethical and responsible lender, available to offer payday loans like Wonga. We just do things a little differently, keep reading to find out more about how we could help you.
Wizzcash Alternative To Wonga Loans
Wizzcash could provide customers with a similar financial product, similar to Wonga payday loans. However, we are a different company. The Wizzcash ethos is built around being an ethical and responsible lender. This means we are completely FCA compliant and want to protect and help our customers wherever we can. Wonga loans started out in 2006 but fully launched in 2008, before the Financial Conduct Authority regulated the payday loan industry. Wizzcash began trading in 2012, as the economy was coming out of the credit crunch, when affordability rules and caps were being introduced to protect customers. Wizzcash do provide Wonga loans alternatives, this is what we do:
Reports show that Wonga loans were lent at 1509% APR (2018 data). Our instant payday loans like Wonga are available from 1265% AP, with a fixed interest rate of 292%. . We could provide cheaper loans to our customers, committed to help those who are in dire need or are experiencing an emergency financial situation, even if we can’t lend to them.
We Understand That Every Customer Is Different
We understand that there is no “one size fits all” when it comes to dealing with finances. Those searching for Wonga loans might find that our Wizzcash alternative is suitable for their situation; the amount you borrow is completely up to you. If approved, we are able to lend between £200 and £1000. The repayment plan is also semi-flexible. This means that although our repayment plans are set out over 3 months, you can repay your loan sooner without incurring fees, if you are able to.
Wonga loans have been subject to a lot of questioning, scrutiny and press because they are said to have been mis-sold. Reports and research indicate that the payday loan giant could have been targeted by claims management firms. A loan is considered “unaffordable” if the consumer incurs more debt, by borrowing again or falling behind with other financial commitments in order to pay back the initial money borrowed. Wizzcash undertake a credit check on our potential customers, to ensure that you’re able to pay back the loan comfortably. This is in your interest as it helps to ensure you can repay your loan, whilst keeping your credit score from taking a hit. If you can’t afford to pay back the loan, then we won’t approve your application: it is that simple. A credit check won’t delay your application time, and all you need to do is provide us with your correct details.
Your Security Is Key
Wizzcash loans are alternatives to Wonga loans are secured usingadvanced software. We make sure this is a priority and is used to protect the personal data you will need to provide us with. In 2017, an estimated 245,000 UK customers who had taken out Wonga loans were subject to a data breach from the company. We take every necessary measure to make sure this does not happen.
It is safest to apply directly for instant payday loans like Wonga’s, whether you decide Wizzcash are right for you or not. This means a lender will provide you with your loan directly, without any middle man. Funds could appear in your account on the same day you apply, if your application is approved during operating hours. Otherwise, it can take up to one working day.
Transparent Information For Customers
Wonga loans alternatives do present some risk to customers, as do all types of credit if used irresponsibly. Wizzcash actively encourage customers to only use payday loans like Wonga’s for emergency situations, whether they borrow from us or another direct lender. They should not be used for any situations or purchases that could wait or for debt consolidation. They are also not a sustainable source of credit that should be stacked up or used repeatedly, because they have a high loan cost.
We highlight all the risks to our customers before they apply for a loan with us. You will see that we break down how much a loan is going to cost, based on how much money you need to borrow with our loan calculator, too.
Wizzcash wish to help our customers with their finances. We regularly publish articles on how to make savings in your everyday life and try to help identify where you might be going wrong with your money over on our blog. More importantly, we ensure we are up to date with all FCA regulations and perform all mandatory checks before we agree to a loan. It’s important to us that our customers are making informed decisions based on the correct data.
Wizzcash Will Help, Even If We Can’t Lend To You
Wizzcash are a payday loan direct lender, just like Wonga was. However, because we work to such strict lending criteria, sometimes we are unable to meet loan requests. Wizzcash are also a broker, which means if we are unable to lend to you, we could connect you with a panel of trusted alternative lenders that might be more suited to helping you.
We always work in the best interest of all our customers. We will get in touch before we act on your behalf, just to make sure you are completely happy with the proceedings.
Wizzcash Loans Like Wonga: What You Need To Know
Wizzcash alternatives to Wonga loans are still payday loans. This means they are still a type of high cost short term credit which is an expensive way to borrow money. They are intended to be used in emergency situations only, when customers have no where else to turn or have exhausted all their other options (you can check out payday loan alternatives on our website). Unlike Wonga payday loans, Wizzcash structure our repayments over 3 months for the ease and convenience of our customers. If you are able to make repayments earlier, we promise you will not be charged an early repayment fee.
Applying For Wonga Loan Alternatives
You can apply for our Wonga payday loan alternatives online; the application only takes a couple of minutes. We strongly recommend our customers read all the information provided before deciding to apply. You’ll get a provisional decision instantly, followed by the final decision shortly afterwards when we have completed the relevant checks to ensure your credit status. With that, you’ll have the money sent straight to your account, within one working day – it’s really is that simple. Wizzcash are a reliable and ethical alternative to Wonga loans. If approved, we could help you deal with your financial emergency.
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.