Can I Really Get A Quick Cash Loan?
When you’re shopping around for a quick cash loan that you need in order to bridge the gap between a shortfall in your income and expenditure, you’ll see the majority of lenders advertising instant payday loans or claiming to be able to provide you with a quick cash loan in minutes.
In reality, quick cash loans are actually not always that quick. This is because every loan that you take out, whether it be a bank loan or payday loan should and almost always will go through an application and an approval process. The process for the latter can be quick in relative terms, however you will still have to wait for the approvals and credit checks to be completed and as such the promise of a quick cash loan can unfortunately not be as quick as advertised.
Our Responsibility At Wizzcash
As a responsible and an ethical lender, we make sure that we run credit and affordability checks on all applicants and applications. This means that we cannot provide you with a quick cash loan but we can make sure that, once all of our checks have been completed, and should you then have been approved for a loan that this loan amount is in your account within a working day.
Our checks are designed to make sure that we are only approving loans for people who can afford to pay them back. We work with multiple credit reference agencies, including Equifax and Lending Metrics to run our credit checks and have therefore multiple methods of assessing a customer’s suitability for a loan with us.
If you approach or are approached by a loan provider or a lender who is promising to provide you with a quick loan amount, without any credit or affordability checks, then you should proceed with caution. These checks are in place to provide security for the lender and loanee.
Benefits Of A Wizzcash Loan
Here at Wizzcash, our loans are designed to bridge the gaps that may appear between your monthly income and your expenditure, unplanned or otherwise. Though not a quick cash loan in the literal sense our loans are transferred into your account as soon as possible and in most cases, this is within a working day. The length of time that it takes between applying and a decision is to facilitate the running of checks that are designed to protect you, the customer.
We understand that budgeting is a challenge and monthly costs can easily grow to become unmanageable. Things such as rent, mortgage repayments, council tax, utility bills and living costs, all need to be paid for on time, otherwise, you risk incurring further financial difficulty. If you then factor in the sudden, unexpected bills or costs then you may find yourself out of pocket with your budget offset, therefore you will need a quick injection of cash or a quick cash loan.
If we approve your application for a Wizzcash loan, this can help you to regain control of your finances, whilst you then repay the loan over a 3-month period.
Before Taking Out A Cash Loan
There are many things that you should consider before taking out a cash loan.
- Always ensure that you only ever borrow the amount that you need in order to help yourself out of a financial emergency
- Plan for your repayments in advance, this facilitates effective budgeting
- Make sure you understand that quick cash loans are not instant loans. Reputable lenders will run a series of checks against your application to ensure affordability, and this can take around 24 hours
We believe in transparency and clarity at Wizzcash and therefore have compiled of alternatives to quick cash loans that you may want to consider before applying for a loan with us.
Paying Back Your Loan
If you decide a loan from us is indeed the best option for you and your individual circumstances then it is vital that you know exactly how much money you will have to repay before you apply for the loan.
You can use our handy and convenient payday loan calculator on our homepage that tells you how much your loan will cost and will also outline for you how much interest you will be required to pay.
At Wizzcash, we do not include any hidden charges. We have a simple and easy to use system that tells you exactly how much you will be required to repay on your desired loan amount.
Do Wizzcash Practice Responsible Lending?
Responsible lending and strict adherence to ethical lending practices are important to us here at Wizzcash. We also endeavour to make sure that our customers are treated fairly. This is why we are completely transparent with how much you can borrow, our loan criteria, repayments and interest rates. Our eligibility criteria are as follows, you must:
- Be over the age of 18 years old
- Be a resident of the United Kingdom
- Be in a form of employment that is currently earning you a minimum of £750 per month after tax has been deducted
Receiving Your Loan
As mentioned previously, once we have received your loan application, we will run a series of checks, and once these checks have been completed, we will be in touch with you as soon as we can with our provisional answer. If you have been approved for a loan with us then you can have your cash in your account within a working day.
Repaying Your Loan
Once you have received your money you will then have 3 months to pay your loan back. We use a continuous payment authority, and this allows us to take the money from your account without you having to send it to us manually, either via your bank, the phone, or via an app. All you need to do is make sure that you have the pre-agreed payment amount (your loan plus interest divided by 3) a few days before your scheduled repayment date, and we will do the rest.
What If I Miss A Repayment?
If you do miss a repayment then this can have serious implications for you in the future regarding applications for credit. We do however, where possible, aim to help and assist our customers as much as we can especially should they be experiencing extreme difficulty in repaying their loan amount. We are not able to offer rollovers or renewals however we can offer alternative arrangements or bespoke payment plans for those who really need extra help or more time to repay their loan. If you have taken a loan with us and you then realise that you will miss a payment you should contact us as soon as possible.
If you would like to make an application for a quick cash payday loan then please do so here.