Small problem? A small payday loan should see you right. Small cash loans are manageable, short-term sources of finance that you take out to cover small but unexpected, emergency costs. Here’s a bit more about them.

What Are Small Loans?

Small loans are flexible loans that are low in value – typically from £100 to  £500. Small loans come in different forms, too – from payday loans to instalment loans to personal loans. They can be a convenient way to pay for unexpected emergency costs and are easy to apply for. As a reliable, direct lender, you can be sure that you are in the safest of hands when it comes to applying for a small payday loan.

What Are Small Loans Used For?

Small loans are used for, well, those smaller, yet still important, emergencies, like unexpected bills, a car breakdown or a boiler repair. Think of small loans as being something to ‘tide you over’ during a short-term emergency, rather than something bigger and more long-term.

Who Is Eligible For A Small Cash Loan?

At Wizzcash we take pride in our responsible lending practices, and have put together an eligibility criteria, in line with the FCA guidelines, to ensure that we are only lending to those who can afford to pay it back.

Our criteria is as follows:

• Minimum of 18 years old.
• Must be a UK resident.
• Must be in current employment earning £750 a month after tax, minimum.

What’s The Difference Between Small Cash Loans & Other Forms Of Credit?

When borrowing money, it’s a good idea to look at the market and see what what other forms of financial support are available to you. Other forms of credit include:

• Credit cards.
• Unauthorised overdrafts.
• Credit cards can be a good option if you need a small amount of cash, but remember to look at the interest and charges. It could end up costing you.

And while it may seem like a good idea, using an unauthorised overdraft to pay for an urgent cost might actually not be. In some cases, unauthorised overdrafts are more expensive than payday loans, a type of small loan.

Who Provides Small Loans Online?

Today, lots of lenders offer small loans. The advent of the internet has seen many lenders switch online. This has expanded the small loans market and made it quicker and a lot easier for a consumer like yourself to apply for and secure a small loan.

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

 

What Are The Key Considerations When Taking Out A Small Loan?

All kinds of credit involve a degree of risk. So while a small loan might seem to be a miniscule expense, it’s still worth asking yourself some questions when you weigh up whether a small loan would be right for you. Think about:

• Whether you’ll be able to pay back the loan – it might be small, but can you afford it? If not, think twice.

• If you know what all the costs are – make sure you know the APR and whether there are any admin fees, upfront costs or charges for defaulting on payment. These can make a significant difference to the overall cost.

• Whether another form of finance would work for you – an alternative source of credit, or borrowing from a friend or family member, might be a better option.

How Much Would A Small Loan Cost?

Use our loan calculator to work out how much a small loan would cost you. You can select different amounts, so it’s really easy to see exactly how much you’d have to pay back.

Representative Example:

• Total Amount of Credit: £200.
• Duration of the Agreement: 90 days.
• Total Amount Repayable: £302.82 to be re-paid in 3 equal instalments of £100.94 on your next 3 pay days.
• Interest is fixed at a rate of 292% per year – 0.8% interest per day.

Representative 1265% APR

We are completely transparent when it comes to providing you with the real cost of your small cash loan, and from application and throughout the entire repayment period, you will never be hit with any hidden fees or charges. You can view exactly how much you need to payback as you fill out our small loan application form.

Are Small Payday Loans Secured?

Small payday loans are known as unsecured loans, meaning they are not secured against any assets so if you were to miss a payment you would not have to forfeit your car, home or other asset. One example of a secure loan is a mortgage, where if you cannot keep up with your repayments, you will have to give back your home.

How Do I Apply For A Small Loan?

The application process for small cash loans with Wizzcash is simple. It takes approximately 5 minutes to fill out and all you have to do is decide how much cash you would like to borrow, and how long for. Then fill out your personal details, and our team will run a number of checks to ensure that you are eligible for one of our small payday loans.

When Will I Receive My Small Loan?

We aim to approve your small loan as quickly as possible, and if you apply for a same day loan with us, then we will ensure that your money is in your account within 24 hours from your application. In fact, we aim to ensure that, after application approval, the money is in the account within one hour.

Who Are The Financial Conduct Authority?

The Financial Conduct Authority are a regulatory body who protects consumers against misconduct from bodies such as banks, pension funds, investments and lenders. This helps to ensure fair and responsible lending practices. The FCA have taken over the responsibility of the Financial Services Authority (FSA) who were abolished in 2013. They have the power to set the standards of products in the industry, and have recently set caps on fees and charges for payday loans, meaning you will never have to pay more than double what you have borrowed.

What Checks Are Carried Out When Applying For Small Loans Online?

There are a number of checks that are carried out by Wizzcash help us to match the right small online loan to your application. Not only do we carry out affordability checks which helps to ensure that we only grant loans to those who can truly afford it, we also carry out credit checks in like with FCA regulations and guidelines when customers apply for small loans online. While a credit check will not necessarily be a deciding factor when it comes to your application, the application will leave a footprint on your credit file that other lenders will be able to see for up to 12 months.

Do I Need To Provide Any Additional Information?

In some cases, you may to provide additional details such as proof of employment when you apply for one of our payday loans. This is to help ensure that you match our eligibility criteria, and will be able to make repayments when required. A payslip or other proof of employment will be requested by a member of our team shortly after your application is sent through if it is needed.

Will I Be Reminded When I Need To Repay My Loan?

The repayments for your loan will be taken from your bank account automatically, but you will receive email and text reminders leading up to the day of repayment in order to confirm the exact amount that will be taken. We will continually be in touch so you are never left in the dark when you apply for small loans online.

What Happens If I Cannot Repay My Small Loan On Time?

Non-payment is a very serious issue, but even with the flexibility of some of our loans such as our 3 month flexi loans we understand that sometimes other financial emergencies may crop up making it more difficult for you to repay your small cash loan. However, we do not offer rollovers or renewals when it comes to our small payday loans. If you do not make the repayments on your scheduled dates, then your account may be moved into arrears and the information will be passed onto a credit reference agency, meaning it will affect your credit score.

There is a one-off £15 default charge for missing a scheduled repayment, and the 0.80% interest will continue to be added onto the balance daily, until the balance is cleared. However, the interest will be frozen after 60 days of missing the last repayment. However, if you let us know that you are experiencing financial difficulty before you miss your first repayment, we may be able to assist by offering a flexible repayment plan to help make repayment more manageable.

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