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February 2016

Authorisation means short-term instalment and payday loan provider meets regulator’s stringent guidelines.

Short-term loan provider Wizzcash.com has been formally approved by the Financial Conduct Authority (FCA), boosting the company’s status on the lending market. Wizzcash.com is one of the first short-term loan companies in the UK to be awarded this accreditation.

The accreditation means Wizzcash.com, which provides short-term loans, has been shown to:

Treat its customers fairly
Encourage responsible lending
Only provide loans to customers that meet affordability criteria
Demonstrate forbearance

“Securing full FCA approval is a big win for our customers,” says Hilton Freund, commercial and marketing director at Wizzcash.com.

“It also gives us the confidence to continue operating, as we have, putting customer outcomes at the forefront of what we do.

“The FCA’s accreditation shows that treating our customers fairly is at the heart of the key service we offer.”

The FCA has introduced a number of requirements on payday lenders, including:

A price cap on the maximum amount a customer should pay
A cap on default fees
Customer are not to be charged more than double the loan value
Lenders to assess the creditworthiness and affordability of customers

“We’ve made it a core part of our business to adhere robustly to FCA guidelines,” Mr Freund added. “We’ll only approve a loan if we’re confident an applicant can meet the repayments promptly and have passed an underwriting affordability assessment.”

The FCA regulates financial firms within the UK to protect consumers and ensure the country’s financial markets remain honest and fair.

For original data about public attitudes to regulation and the payday loans industry, contact Jacob Roberts-Mensah at jrobertsmensah@blueglass.com.

About Wizzcash.com

Wizzcash.com provides short-term loans of up to £1,000. The company launched in 2012 with a commitment to responsible lending and low APR. Successful applicants receive their money in one lump sum, repaying the loan over 3 months in equal monthly instalments.

ENDS

For media enquiries, contact Jacob Roberts-Mensah at jrobertsmensah@blueglass.com or on +44 (0)20 7242 0142.

This press release was distributed by ResponseSource Press Release Wire on behalf of BlueGlass Interactive in the following categories: Women's Interest & Beauty, Personal Finance, Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.