Wizzcash is a provider of short term instalment loans. These loans are designed for borrowers in need of a small loan to put towards any expenses that come up and create a short term cash shortage. Because Wizzcash is concerned with the financial well being of its customers, Wizzcash is devoted to responsible lending and offers straightforward advice regarding loan options. With a short term loan from Wizzcash, there are no hidden charges or misleading communication. Wizzcash is regulated by the Financial Conduct Authority to ensure fairness.
APPLICATION REQUIREMENTS:
Those interested in an instalment loan from Wizzcash should be aware of the few basic requirements that successful applicants must meet. Borrowers must be at least 20 years old. They also must be residents of the United Kingdom. In order to be approved, applicants need to be employed, and they need to be bringing home a monthly paycheck of at least £750.
LOAN AMOUNT AND CHARGES:
Loans offered by Wizzcash range in amount from £200 to £300 for new customers. However, repeat customers are eligible to borrow more. Those borrowing their second loan from Wizzcash can be approved for up to £1,000. The APR on a loan from Wizzcash will vary depending on how long the loan agreement is. Three month loans from Wizzcash have a representative APR of 993% while 12 month loans have a representative APR of 297%.
PROCESS:
Applicants can fill out a loan application online. The loan application will ask applicants for some basic information regarding the address and employment history of the borrower. After the application is submitted, a credit check will be run on the applicant. Then, a letter will be sent out that lets the applicant know whether he or she has been accepted. After being approved for a loan, loan underwriters from Wizzcash will contact the applicant to go over the details.
PAYMENT:
Borrowers will have either three months or 12 months to pay back their loan. Repayment is made in equal monthly instalments. If borrowers wish to pay off their loans early, they will not be charged a repayment fee. Paying off the loan early reduces the total interest charge on the loan and allows the borrower to save money.
