Wealchy is a financial services company specializing in short-term loans for people who need to get money quickly. Its foundation year is 2010. As we read on the site, Wealchy’s mission is to avoid the cynical and unscrupulous licks used by other lenders. Its second element is to provide responsible financial support for unforeseen life circumstances. During these 9 years, the company has granted three million loans to two million customers.
What criteria do I have to meet to get a loan?
To apply for a loan in Wealchy, you must be at least 18 years old, live in the UK, have a bank account with a debit card connected to it. You can’t have an entry in CCJ in the last 6 years. You should also have a telephone number and an active email address as well as revenues of at least $ 600 a month. Some benefits are included in this. After entering all the data, the company’s employees will check your creditworthiness and repayment options. It takes 15 minutes to 24 hours. In some cases, someone from Wealchy may call you. After approving the loan application, you will receive relevant information. Funds on your account should appear within 15 minutes. Sometimes, this time can be extended to an hour. It depends on which bank you have the account with.
How much can I borrow and on what terms?
At Wealchy.co.uk you can borrow between 100 and 1000 dollars. You have different options. The first is to borrow a given amount and give it back at one time, after a month. You can also split the payment into several installments. Let’s use an example. You borrow 400 dollars, but you expect a high payout, so you want to return everything as soon as you receive it. As planned, you can do it only after a month. Unless you use the early repayment option. So you will give back 496 dollars. This means that the total cost of the loan will amount to 96 dollars. Thus, the interest rate per month (because you borrowed enough) will be equal to 24 percent. When you decide to spread the 400 dollars repayment into 3 installments, the installment will amount to 187.41 dollars. You will have to donate 562 dollars in total, 162 more than you borrowed. The interest rate for such a period will therefore be 40.5 percent. If you are getting the same amount of debt for 12 months, the installment will be 65.16 dollars. You will give $ 781.97 in total. This gives a loan cost of 381.97 and an interest rate (per annum) of 95.49 percent. The APR stated on the website is 720 percent.
Can I take a new loan before I pay back the old loan?
Yes, if your creditworthiness is high enough, you can apply Top Up. Current interest on the current payment will be charged to the debit card before taking the next loan. To find out if you qualify for Top Up, log in to your Wealchy website account using your email address and password. Click UP in the ‘My Loan’ tab. The system will inform you if your creditworthiness allows you to increase the loan or not. Think seriously, however, before you take out a short-term loan and make sure you can pay it back on time.
What if I don’t repay the loan on time?
Always remember to have sufficient funds in your account to pay the installment. However, if you are in trouble, contact the company as soon as possible. Otherwise you may have serious financial problems. If you want to extend the loan period, go to the My Account tab and select the appropriate option. Payment will be deferred until the next payment. The company, however, makes the final decision as to whether you will have the opportunity. It depends on her obligations regarding responsible lending. It should be remembered that in order to extend the repayment of the loan, you must immediately pay back the interest and fees related to the current payment. You have the right to postpone installments twice in a row. But think about it seriously. Extending your payment may not be the best solution and it is possible that it will only make things worse. It should be remembered that deferring a loan may increase its total cost.