Loans for Unemployed Disabled People on Benefits: WizzCash Review

This review aims to find out whether disabled or unemployed people on benefits are eligible to apply for loans from WizzCash. WizzCash.com started trading in 2012 with a commitment to bringing responsible lending with low APR’s compared to other companies like Wonga.com and QuickQuid.com.  WizzCash.com offer same day funding which means that once you’re approved you could have your money within 60 minutes. 

The approval process is relatively fast, applications take 10 minutes and there is a quick decision with a maximum of £300 for your first loan. The repayment process is very simple, there are 3 repayments dates and the loan charge along with the principal is spread by three months. If you can service you loan properly then your credit limit could be extended to £1000.

What Services do WizzCash Offer?

WizzCash.com offer a hybrid between payday loans and short term loans. The installment loans have a maximum term of three months allowing the borrower to spread the cost of their loan. There are four steps if you want to apply for a WizzCash Loan, the first them is you choose the amount that you want to borrow. 

For first time borrowers you can choose a maximum of £300, if you’re able to service the loan successfully then you can apply for a maximum of £1000. The second step is you verify tour loan by SMS or email. The third step is you get you money transferred to your bank account and finally the fourth step is you make a note of all three equal monthly repayment amounts and date and ensure that you’ve got a standing order for your money to come out of your bank account automatically.

What are The Rates & Charges for WizzCash?

The interest rates and charges for WizzCash.com are quite competitive; interest is simply states as £22 per £100 per month which makes it so much easier to understand. Typical payday loans charge 1737% whereas WizzCash charge a typical 993%. For example if you were to borrow £300 from WizzCash as a 90 day installment loan the total cost would be £437.61. This means there are three equal payments of £145.87 every month until the 90 day elapses.

90 day installment loans offer more flexibility in terms of affordability, many payday loans and cash advances usually require repayment within weeks, having three months to pay the balance puts you in a better position to avoid any late payment charges. You must remember not to use these types of loans to service other loans and frequent use of 90 day installment loans could get you into financial difficulties.

Does WizzCash offer Loans to People on Benefits?

If you’re on unemployment or disability benefits and receive an income of £750 or more per month you should be able to apply for the 90 day Installment loan. You also need to be over the age of 20 and be a UK resident. Unfortunately there is no explicit mention on whether WizzCash.com offer loans to people on benefits however they state that you need a take home of £750 per month, they do not specify what this take home should be therefore there is a chance that they offer these 90 day loans to people on benefits.