What Is A Direct Lender?
Wizzcash.com is a payday loans direct lender in the UK, which means we provide loans directly to you, the customer, without using a third-party lending partner. This removes the need to use a third-party broker or affiliate service which not only keeps costs low, but it also increases the level of trust between the lender and the borrower.
In the unlikely event that you are not approved for a loan direct with Wizzcash.com, we may still be able to help you by linking you to one of our select partners. In this case, we will operate as a broker between the two parties, but we do not charge upfront fees And we do not work with any company who will charge you an upfront fee for lending.
“Great experience and reasonable rates of interest. The flexibility of the loan allows repayments over 3 months which is great.” Dan, London
The Benefits Of Choosing A Payday Loans Direct Lender
Dealing with a payday loan direct lender has many advantages over using a broker or affiliate. When you deal with a direct lender your application is made directly to that company.
A broker will typically take your information and pass it around a panel of lenders to see who is prepared to provide the loan. We will never charge an upfront fee and card details will never be transferred.
By dealing with a direct lender, you remove the middleman and ensure you are getting the best possible rate. Once you have been approved for a loan, the funds will be paid directly into your bank account, allowing you to access it immediately. You can find out more about how our service works.
Benefits of using a direct lender:
- No application fees
- Quick and easy application
- No hidden or early repayment fees
- Applications approved within minutes
- Greater trust between the borrower and lender
- A single point of contact for your enquires
- Payment of funds made directly into your bank account
How Do You Know If You Are Dealing With A Broker?
Unfortunately, it is not immediately obvious when visiting a payday loans company website whether they operate as a broker or direct lender. So here are a few things to look for when searching for a loan provider.
Upfront fees – Some brokers might charge an upfront fee for their services, this is something frowned upon by the FCA and you should be cautious when approaching an advanced fee charging broker.
100% acceptance guaranteed – No direct lender can guarantee acceptance for a loan. It is illegal to guarantee acceptance in accordance with Consumer Credit Sourcebook issued by the FCA. This is because every loan company has the duty to provide affordable loans for their customer.
They provide access to a panel of lenders – If the website mentions that they have access to a panel of lenders, this is a warning sign that they are operating as a broker.
Check the small print – Finally, all payday loans providers must state on their website if they operate as a broker or direct lender. Unfortunately, this is usually hidden away in the small print or buried in their terms and conditions.
Do Wizzcash Use A Broker?
If we are not able to provide you with a loan through our direct service we may still be able to provide a loan through one of our partners. In this case, we will operate as a broker but we NEVER charge upfront fees.
We will always ask your permission before sharing your details with any such companies and will ensure you are NOT contacted by any third-party companies we share your details with, unless you tick the box giving us permission to do so.
Note: If you default on your loan there is a £15 default fee which you will only have to pay once for the duration of your loan.
How Much Can I Borrow From Wizzcash?
Wizzcash provides loans from £200 to £1000 with payment periods from 1-3 months. We do NOT charge any upfront fees and our APR rates always remain in line with FCA guidelines. For more information about how APR is calculated, take a look at our guide.
Before taking out a short term loan it is important that you work out how much you can afford to borrow and do not overextend yourself. As a responsible lender, we are committed to providing a valuable service to our clients and do not offer rollovers or extensions to your loan. We do, however, provide support and assistance to those who may be struggling to make repayments.
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.
What Can I Use The Money For?
Payday loans should only be used for financial emergencies. The high APR rates which are attached to short-term loans mean they are NOT suitable for purchasing non-essential items and they should not be used to fund everyday living expenses. If you find you are using a short-term loan to fund these items you may have serious financial difficulties and should contact moneyadviceservice.org.uk for help.
Ideal uses for a payday loan:
- Emergency boiler repairs
- Unexpected medical expenses such as emergency dental treatments
- Car repairs
Can I Get A Payday Loan With Bad Credit From A Direct Lender?
As a responsible lender, Wizzcash will carry out a credit check before approving you for a loan. While this means we are NOT able to guarantee a loan, we have provided loans to many thousands of clients from all backgrounds that have less than perfect credit scores.
In most cases, we will be able to provide you with a loan if you meet the following criteria.
- You are over 18 years of age
- You are a UK resident
- You are in current employment and earn a minimum of £750 a month
If you meet these criteria, we will carry out our essential affordability and credit checks and may still be able to provide you with a loan.
What Do I Need To Consider When Borrowing Money From Payday Lenders?
Before taking out a payday loan you should think about what you need the money for and explore other means of obtaining it if possible. Payday loans contain high rates of interest which make them expensive for paying for everyday living expenses. If you have access to an approved overdraft facility or can borrow from family or friends, this may be a better option.
However, if a payday loan is your only option, you should choose a lender which is authorised by the Financial Conduct Authority (FCA). This ensures that strict guidelines are adhered to which limits the amount of interest and penalties you can be charged. Wizzcash is authorised and regulated by the FCA (registration number 673428.)
Why Should I Choose Wizzcash?
Wizzcash.com is a payday loans direct lender and a broker. We are UK based and authorised by the FCA to provide short-term loans. We are a responsible lender that ensures you are able to meet your financial commitments before providing you with a loan. We also commit to providing you with excellent customer services and we will never share your details with a third party without your consent. Finally, we never charge upfront fees and there are no hidden or early repayment fees to worry about.