Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Wizzcash short-term loans review
Wizzcash provides 3 month payday loans from £300 to £1,000. Applications are online and if you are accepted, money will be transferred straight to your bank account.
Wizzcash acts as both a direct lender and a broker. As direct lender they communicate directly with you, there’s no middle man to deal with and no additional commission fees. If they are not able to help you, they will act as a broker to try to find someone else that can offer a similar or alternative product. Wizzcash states that it aims to be completely transparent, outlining what you will pay each month, what your interest amounts to and what your repayment total will be.
How do Wizzcash’s loans hold up against the competition?
You can use the table below to estimate the cost of the loan that you have in mind and compare Wizzcash to a wide range of popular short-term lenders.
We compare payday/short-term loans from
Key features of a Wizzcash loan
Making sure a loan is right for you is important. Wizzcash will conduct affordability checks and credit checks before approving a loan (Interest is fixed at rate of 292% per year, 0.8% interest per day, representative 1,265% APR). Wizzcash are authorised and regulated by the Financial Conduct Authority (FCA) and members of the Consumer Credit Trade Association (CCTA).
Before you apply for a payday or short-term loan, it is important to make sure you’ve considered all options available to you. Is the expenditure that you’re planning absolutely essential? If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan?
|Product Name||Wizzcash Short Term Loan|
|Available Amounts||£300 to £1,000|
|New customer maximum||£1,000|
|Loan terms||to 3 months|
|Soft search eligibility check|
|Employer contacted during application|
|Funding speed||In most cases, the loan will be streamed to your bank within two hours but it may depend on your bank’s policies and procedures.|
|Repayment period options||Monthly|
|Repay early at any point|
|FCA registration number||673428|
How does a short term loan from Wizzcash work?
Depending on how much you would like to borrow, Wizzcash’s online calculator will give you an instant quote for the three payments. Payment is due every 30 days. The calculator also specifies how much interest you will pay and your total repayment amount.
The application is completed online. Once you have filled in your details, Wizzcash carries out a series of affordability and credit checks, after which you will receive notice of whether you have been successful of not.
Once approved, Wizzcash will aim to transfer your funds and complete the entire process within one working day.
Like most other payday lenders, Wizzcash uses Continuous Payment Authority (CPA) to take your payment automatically on the repayment date you choose during your application.
What is Continuous Payment Authority (CPA)?With CPA you give a company permission to withdraw money from your account. Wizzcash uses CPA to collect payments due from the debit card provided on the agreed payment date. If the first payment attempt fails, a second attempt will be made on the same day to collect the total outstanding balance. When Wizzcash have made two consecutive failed attempts to collect payment by CPA, no further collections will be attempted using CPA unless you have given your express consent to do so.
What are the eligibility requirements?
You should only apply for a Wizzcash loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
|Min. income||£750 per month (after tax)|
|Additional eligibility notes||You must hold a UK bank account with a valid debit card.|
You must have a UK phone number.
How do I take out a loan with Wizzcash?
- Use Wizzcash’s slider tool to determine how much you want to borrow.
- Complete the online application form.
- If you are approved you will need to accept the agreement.
- Your loan should arrive within one hour.
Changing you loan: Additional borrowing options and early repayment
|Repay early at any point|
|Repaying early can reduce overall interest|
|Interest is only applied to days where funds are outstanding|
|Option to extend loan term|
|Phone number||020 3740 7273|
Wizzcash do not typically offer top-ups or extensions. Dependant on circumstances, however, Wizzcash may agree to offer you a repayment plan. While you will not be charged a fee, extending the loan might mean that you will end up paying more than originally agreed.
Is Wizzcash safe to use?
Wizzcash are authorised and regulated by the Financial Conduct Authority (FCA) and are members of the Consumer Credit Trade Association (CCTA). If ever in doubt, you can search the FCA register to ensure a lender is authorised.
Did you know?In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.
Is high-cost, short term borrowing a good idea?
Payday loans, and high-cost, short-term credit from lenders like Wizzcash are a very expensive method of borrowing and should only be considered as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
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