If you’re seeking short term finance, there are a few companies you’ll think of straight away. As one of the UK’s most controversial payday lenders, Wonga is often the first lender that springs to mind. But that doesn’t necessarily mean it’s the right lender for you…
There are lots of short term finance options currently available on the market, so getting the best deal and the correct product often means doing your research. If you’ve already looked into Wonga loans, it’s also a good idea to find out a little more about the Wonga alternatives that are available. The more thorough your research, the more confident you can be that you’re using a short term loan which fits your budget, lifestyle and time-frame.
How Wizzcash Works
We provide short term finance to borrowers looking for three and twelve month loans, from £200 to £1000. First time borrowers can borrow up to £300 through our fast application process and receive the emergency finance they need in a matter of hours. Here’s how our process works:
- Choose your loan
Use our quick calculator to select the loan size and repayment period that’s right for you. We’ll show an instant calculation of exactly how much you’re borrowing, exactly how much interest you’ll pay, and precisely what the overall cost will be at the end of your repayment term.
- Get verified
Once our team receive your application, we’ll run a series of credit and affordability checks to make sure you’re using our loan responsibly and safely. Once our checks are complete, we’ll send you a text or email to verify your loan.
- Receive finance
As soon as your loan has been verified, we’ll transfer the full amount directly to your bank account. The whole process can take less than an hour!
Wizzcash VS Wonga
Here at Wizzcash, we’re one of many Wonga alternatives you might want to explore. We’re a little different to some of the other lenders you may have heard about:
For starters, our three month loan’s 1265% APR is very competitive, which means we offer some of the lowest cost payday loans on the market.
By comparison, Wonga’s representative APR is currently 1509%. Our low APR means our customers can borrow the finance they need for longer, without worrying about their loan accruing an unreasonable amount of interest in just a few days.
- Repayment periods
Another big difference between Wizzcash and Wonga is that our loans can be repaid over a much longer period. While Wonga wants customers to pay back their payday loan within 32 days (terms can be as short as just one day in some cases), we give our customers the option to spread their repayments out over a 3 month period. This means you don’t have to panic about paying us back straight away, it also means you can make smaller, more manageable repayments over a longer time period, spreading the burden of repayment in a way that fits into your budget and your lifestyle.
- Larger loans
Wonga’s maximum loan size is £400. At Wizzcash we allow for both smaller and larger requirements. Our short term loans start at £200, with a maximum of £1000 available to trusted customers. First time borrowers can borrow as much as £300 with Wizzcash. Because we believe in rewarding good track records, our returning customers are free to borrow up to £1000.
- Quick applications
There are some ways in which Wizzcash and Wonga are similar. Like Wonga, we offer a quick application process which means you can arrange your payday loan quickly and easily when an emergency requirement for finance comes up. You never know what life is going to throw your way, which is why Wizzcash understand that, when you’re seeking short term finance, time is of the essence.Our application process takes just a few minutes to complete. The second we receive your application, we’ll run thorough credit and affordability checks and get back to you with our decision right away. Once we’ve confirmed your details we can transfer your emergency loan within the hour, so you can have your loan in your account the moment you need it.
- No money-grabbing
Sadly not every lender in our industry has a squeaky clean reputation. While the Wizzcash team believe in responsible lending and fair treatment of our customers, other providers aren’t quite so scrupulous.There are a range of practices to watch out for when you’re sourcing a payday loan. Some providers will try to tempt you into borrowing more than you need, we ensure you only borrow what you can afford. Other lenders apply strict minimum repayment options to squeeze more money out of customers by extending their debt period. Our repayment terms a clear cut, ensuring you receive a manageable loan you can afford with no nasty surprises.
- Responsible lending
We’re also committed to responsible lending. We know our short term loans are not the right product for everyone. Instead they’re simply one option you may wish to consider when short term financial needs arise. That’s why we think it’s really important for our customers to be aware of the short term finance alternatives out there.
From approaching credit unions, utilising an approved overdraft, using credit card funding, taking on a company loan or borrowing from family or friends, there are lots of other routes you could take to access short term finance when emergency needs come up. Wizzcash loans are just one option available to you. The UK charity Step Change can provide a wealth of information which may be helpful when making your decision.
Are you searching for a Wonga alternative which offers longer repayment terms and a smaller APR? You’ve come to the right place. Get in touch or use our easy online application to request your short term loan today.