The same interest, with a bad credit history



The company started operations in 2014. As it admits, it was much easier than older, more recognized lenders. They had to redesign their business model and retrain their employees to new FCA regulations. Wisesavers was only created after the founding of the Financial Conduct Authority. The regulations have not yet entered into force, but the industry has already tried to focus more on responsible lending. The company has adopted four values ​​that have become the foundation of its business: responsible lending, fair treatment of clients, 100% transparency of conditions and the use of innovation to create world-class loans. Since then, they have granted 40,000 As we read on the site, Wisesavers ‘s mission is to revolutionize the short-term loan market, making it safe, fair and accessible to UK residents in need. The tools that the company uses are morality combined with advanced technology. All this to help and protect people when borrowing online. This company declares that it believes that it has succeeded in offering the right financial products tailored to human needs.

What criteria do I have to meet to get a loan?

What criteria do I have to meet to get a loan?

To get a loan in Wisesavers you must be at least 18 years old, have a bank account and live in the UK. The company declares on its website that it gives loans even to people with bad credit history. You do not need to submit any documents. All you have to do is truthfully complete the loan application. Very rarely, but it may happen that the company verifies the information provided in your company. And he will call your employer for this purpose. Wisesavers does the same if you do not pay the installments on time and they cannot contact you using the details you have provided. If you receive benefits, they also count as a source of income. Remember, however, that the sum of all receipts must allow you to cover all expenses and pay installments. This will be assessed by Wisesavers . If you have a poor credit score, the loan is usually more expensive than for customers with a good credit rating. This is because such a loan is more risky for the lender. If you are applying for a loan with a bad credit history, check which lender offers the cheapest loan for you. Wisesavers operates on different principles. It does not distinguish between applicants with good or bad credit history, and anyone who is accepted by this company will receive a loan with a fixed interest rate of 997% APR.

How much can I borrow and on what terms?

credit loan

You can borrow between 200 and 1100 dollars. The loan period depends on the amount requested. For loans of $ 200-250, you must pay them back within one or two months. 300 dollars in 1 to 3 months, and 350-450 in 2 or 3 months. When you borrow 500-600 dollars you have 2 to 4 months to donate, while 650-850 dollars, 3 or 4 months. At the highest possible amounts, i.e. 900-1100 dollars, the loan period is 4 months. Let’s rely on the example of 400 dollars borrowed for 3 months. You will pay them back in three equal installments of $ 186.06. So you will give the lender a total of 558.18, which gives 158.18 the amount of interest that is the total cost of the loan. This means that the three-month interest rate will amount to 39.5%. The APR on the website is 997 percent, and the daily interest is 0.8 percent. Let’s see how the situation is with a traditional quick loan, i.e. one that you give back in full after you get paid. A maximum of a month, you can borrow 300 dollars. You have to give 248 dollars, which is 48 dollars and 16 percent. total interest.

What happens if I do not pay the installments on time?

What happens if I do not pay the installments on time?

On the unpaid installment day, the company will send you a text message and an email to inform you about it. Then I will try to call you, find a solution to this situation. If no agreement is reached, a delay of GBP 15 will be charged the next day. 0.8 percent interest will also be charged. daily until you repay or contact Wisesavers to reach an agreement. If this continues for some time, the total interest and fees will never exceed the amount you borrowed at the beginning. You will not have to pay more than double your debt. However, Wisesavers ensures that it realizes that things don’t always go as planned. He will be happy to present you a possible repayment plan in order to find a solution that will suit you best. Contact the company as soon as you find that you won’t have anything to pay the installments with. This will avoid a $ 15 fine.

Can I pay back the loan sooner?

Can I pay back the loan sooner?

The company boasts that this is one of its best options and strongly encourages it. This does not involve any fees. In addition, you will pay interest only for the actual duration of the loan, not planned. Wisesavers provides a special calculator on its website that will show you exactly how much you will save if you pay off everything immediately. Also remember that every applicant has the right to cancel and withdraw from the online loan agreement within 14 days of signing it. If you withdraw, you must pay back the amount borrowed and the total interest accrued during that period.

Take loans responsibly

Take loans responsibly

Remember, however, that the ban on loans without credit check was not invented without a reason. So if your credit score is bad and you have difficulty getting a loan elsewhere, think about your situation. We do not encourage loans as a way to support themselves, much less as free money. A short-term loan should be a last resort and should only be taken if you are 100% sure that it will pay you something. Such loans are more easily available, but usually pay higher interest. Failure to pay them on time can expose you to serious financial problems. We certainly advise against taking such loans to pay off others. This leads to a debt loop. There is more and more less to be repaid and creditworthiness decreases. In the end, you are in a worse situation than at the beginning. Loans of this type are intended for people who expect cash to flow in, but for example they have had an unexpected expense that they must cover immediately.

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