Wizzcash.com Review

Based on checking the website, Wizzcash.com is no longer accepting loan applications.

The site explicitly states they are not taking new loan applications from either new or existing customers.

This makes Wizzcash.com an inactive service for those seeking new loans.

Here’s an overall review summary:

Service Status: Inactive for new loan applications.
Previous Offering: Short-term loans implied.
Affiliation: Part of Emergency Cash Limited, which also operates MustCompare.
Customer Support: Provides email contacts for complaints and general inquiries for existing customers.
Regulatory Status: Formerly authorized and regulated by the Financial Conduct Authority FCA under registration number 673428.
Terms & Conditions/Privacy: Links to these policies are available.
Ethical Consideration Islam: As a conventional loan provider, Wizzcash.com would have facilitated interest-based transactions riba, which are strictly forbidden in Islam.

While Wizzcash.com is no longer active for new applications, its previous operation involved interest-based loans.

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Such financial arrangements are fundamentally against Islamic principles, which prohibit riba due to its exploitative nature and emphasis on unjustified gain.

Engaging in interest-based transactions can lead to severe spiritual and financial consequences.

For individuals seeking financial assistance, it is crucial to explore ethical, Shariah-compliant alternatives that promote fairness, partnership, and social responsibility, steering clear of any involvement with interest.

Here are some ethical alternatives for various needs, focusing on Shariah-compliant approaches:

Qard Hasan Interest-Free Loans through community organizations: These are benevolent loans, typically offered by Islamic charities or community funds, where the borrower repays only the principal amount. No interest or fees are charged.
Takaful Islamic Insurance: A Shariah-compliant alternative to conventional insurance, Takaful operates on principles of mutual cooperation and shared responsibility, where participants contribute to a fund used to assist those who suffer loss.
Halal Investment Funds: For those looking to grow wealth ethically, these funds invest in Shariah-compliant businesses and assets, avoiding industries involved in alcohol, gambling, conventional finance, and other prohibited activities.
Islamic Microfinance Institutions: These organizations provide small loans and financial services to low-income individuals and small businesses, often in developing countries, to foster economic empowerment based on Islamic ethical principles.
Ethical Savings Accounts: While conventional banks operate on interest, some financial institutions offer ethical or Shariah-compliant savings accounts that invest deposits in permissible ways, often involving profit-sharing models.
Crowdfunding Platforms Ethical/Donation-Based: For business ventures or personal needs, platforms that allow for donation-based or equity-based crowdfunding without interest can be a viable alternative to traditional loans.
Zakat and Sadaqah Charitable Giving: For those in dire need, seeking assistance through Zakat obligatory charity for eligible Muslims or Sadaqah voluntary charity from Islamic charities or community members can provide support without incurring debt or interest.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Table of Contents

Wizzcash.com Review: A Look at a Ceased Operation and Ethical Implications

Wizzcash.com, as its website clearly indicates, is no longer in operation for new loan applications.

This means for anyone landing on the site today, the primary message is one of closure for new business.

While it previously offered lending services, the current state of the website points to a winding down of its core function.

From an ethical standpoint, particularly within the framework of Islamic finance, the very nature of conventional lending, which Wizzcash.com engaged in, raises significant concerns due to its reliance on interest riba.

Wizzcash.com’s Current Status and Its Past Operations

The homepage of Wizzcash.com explicitly states, “Wizzcash.com is no longer accepting loan applications.” This is a crucial piece of information for any potential user. The website serves primarily to inform existing customers about their outstanding loans and provide contact details for inquiries or complaints. Hub4tech.com Review

No New Loans: The most prominent feature of the website is the announcement that new loan applications are halted. This directly impacts any potential customer seeking financial assistance through Wizzcash.com.
Focus on Existing Customers: The site’s content is now geared towards individuals who already have an active loan with Wizzcash.com, providing assurances that their loan terms remain unchanged and detailing how to make repayments.
Part of Emergency Cash Limited: The website discloses its affiliation with Emergency Cash Limited, stating that Wizzcash.com is part of this entity, which also includes MustCompare. This linkage suggests a broader network of financial services, even if Wizzcash.com itself is inactive for new business.
Ethical Concerns with Conventional Lending: Historically, Wizzcash.com would have offered conventional loans, which inherently involve interest. In Islamic finance, interest riba is strictly prohibited. The Quran and Hadith strongly condemn it, viewing it as an unjust gain that creates economic inequality and exploitation. The prohibition extends to both giving and taking interest. For Muslims, engaging in such transactions carries significant spiritual weight, making conventional loan providers like Wizzcash.com in its former capacity ethically problematic. The negative societal impacts of interest-based systems include exacerbating poverty and concentrating wealth in the hands of a few.

Ethical Considerations and the Problem of Riba

When reviewing any financial service, especially from an Islamic perspective, the presence of interest riba is a red flag.

Wizzcash.com, by its nature as a loan provider, would have operated on an interest-based model.

Understanding Riba: Riba refers to any increase, addition, or excess on a loan or debt, beyond the principal amount. It is universally prohibited in Islamic economic law. This prohibition is not merely a moral suggestion but a fundamental principle enshrined in the Quran.
Why Riba is Forbidden:
- Injustice and Exploitation: Riba is seen as unjust because it allows wealth to be generated without real effort or risk, effectively penalizing the borrower who is often in need.
- Economic Inequality: It contributes to wealth concentration and widens the gap between the rich and the poor, as money earns more money without productive activity.
- Moral Decay: Islam views interest as a form of moral corruption, fostering greed and undermining the spirit of cooperation and mutual help.
- Lack of Risk-Sharing: Unlike profit-sharing models in Islamic finance, interest-based lending places all the risk on the borrower, while the lender is guaranteed a return regardless of the project’s success or failure.
The Islamic Economic System: The Islamic economic system encourages fair trade, partnership like Mudarabah and Musharakah, and interest-free loans Qard Hasan. These models emphasize risk-sharing, justice, and social equity, promoting a healthy economy where wealth circulates productively.
Avoiding Riba: For individuals, avoiding riba means steering clear of conventional loans, credit cards that charge interest, and savings accounts that provide interest returns. It requires seeking out Shariah-compliant alternatives for financing, investment, and insurance. The long-term consequences of engaging in riba can be detrimental, both spiritually and financially, leading to potential debt traps and loss of blessing barakah.

Wizzcash.com’s Lack of Service and Missing Information

Given that Wizzcash.com is no longer providing new loans, its website naturally lacks many elements typically found on an active financial service platform.

No Application Forms: There are no visible application forms, rate calculators, or qualification criteria for new users. This absence is consistent with their announced operational status.
Limited Product Information: The site does not detail the types of loans it previously offered e.g., payday loans, installment loans, their typical interest rates, or repayment terms, beyond stating that existing loan terms remain in place.
No Customer Testimonials or Reviews: There are no sections showcasing customer feedback or success stories, which are often used by active businesses to build trust and attract new clients.
No Clear Business Model Explanation: Beyond stating they are part of Emergency Cash Limited, there’s no detailed explanation of their business model or how they previously operated, which would be standard for a transparent financial institution.
Absence of Comparative Tools: While they refer users to MustCompare, Wizzcash.com itself offers no tools for comparing loan options or services.

Wizzcash.com Alternatives: Ethical Financial Solutions

Since Wizzcash.com is no longer active and its previous operations involved interest, it’s vital to discuss ethical and Shariah-compliant alternatives for financial needs.

These options prioritize fairness, social responsibility, and adherence to Islamic principles. Almaintenance.com Review

Qard Hasan Interest-Free Loans: This is the purest form of lending in Islam, where a loan is given without any interest or additional charges. It’s often provided by benevolent individuals, Islamic charities, or community funds to help those in need. The borrower repays only the principal amount. This model emphasizes compassion and mutual support, rather than profit.
Islamic Banks and Financial Institutions: These institutions operate entirely on Shariah principles, avoiding interest-based transactions. Instead, they utilize models like:
- Murabaha Cost-Plus Financing: The bank buys an asset e.g., a car or house and sells it to the customer at a pre-agreed markup. The customer repays in installments. This is common for asset financing.
- Ijara Leasing: The bank leases an asset to the customer for a fixed period, and the customer pays rent. Ownership can sometimes transfer at the end of the lease.
- Mudarabah Profit-Sharing Partnership: One party provides capital, and the other provides expertise and labor. Profits are shared according to a pre-agreed ratio, while losses are borne by the capital provider unless due to negligence of the entrepreneur.
- Musharakah Joint Venture: Both parties contribute capital and management, and profits and losses are shared according to their equity participation.
Takaful Islamic Cooperative Insurance: Takaful is a Shariah-compliant alternative to conventional insurance. Participants contribute to a fund, and if any participant suffers a loss, funds are drawn from this pool. It’s based on mutual assistance, donation, and risk-sharing, avoiding elements of uncertainty gharar and interest riba found in conventional insurance.
Crowdfunding and Community Support: For specific projects or urgent needs, ethical crowdfunding platforms or direct community support can provide funds without interest. This can involve donations Sadaqah or equity-based investments where investors share in the project’s success.
Zakat and Sadaqah Charity: For those facing severe financial hardship, seeking assistance from Zakat funds obligatory charity for eligible Muslims or general Sadaqah voluntary charity through Islamic charitable organizations can provide relief without the burden of debt.
Ethical Investment Platforms: For savings and wealth growth, platforms that focus on Shariah-compliant investments are crucial. These platforms ensure that investments are made in permissible industries avoiding alcohol, gambling, arms, etc. and through permissible financial instruments.

Regulatory Information and Contact Details

Wizzcash.com provides key regulatory information and contact details, primarily for existing customers and complaint resolution.

This level of transparency in official details is generally expected from financial entities.

Financial Conduct Authority FCA Regulation: The website states, “Authorised and regulated by the Financial Conduct Authority, under registration number 673428.” This indicates that Wizzcash.com was under the oversight of the UK’s financial regulator, lending a degree of legitimacy to its operations while it was active. However, this does not override the Islamic prohibition on interest.
Company Registration: It also provides its company registration number 07527455 and confirms registration in England, along with a Data Protection Registration No. Z2831320. Such details are standard for registered businesses.
Physical Address: A physical address in London is provided 14th Floor, 33 Cavendish Square, London, W1G 0PW, United Kingdom, which is important for legal and official correspondence.
Email Contacts: The site lists two email addresses: [email protected] for complaints and [email protected] for general inquiries. This is a direct channel for existing customers to seek support.
Privacy Policy and Terms & Conditions: Links to these crucial legal documents are prominently displayed. Reviewing these policies is always important for understanding how personal data is handled and the specific terms governing any past or current agreements. While essential for legal compliance, these documents don’t alter the ethical stance on interest-based lending.

The Problem with Payday Loans and High-Cost Credit

While Wizzcash.com no longer accepts new applications, its historical context likely involved providing short-term, high-cost loans, often referred to as payday loans.

These types of loans are particularly problematic and are seen as highly unethical, both generally and from an Islamic perspective. Bridescatcher.com Review

Cycle of Debt: Payday loans are notorious for trapping borrowers in a cycle of debt. High interest rates and short repayment periods often mean borrowers cannot repay on time, leading to rollovers, additional fees, and spiraling debt. For example, a borrower might take out a £200 loan with a £50 fee due in two weeks. If they can’t pay it back, the fee might be reapplied or increased, quickly turning a small loan into a significant burden.
Exorbitant Interest Rates: Annual Percentage Rates APRs for payday loans can be incredibly high, sometimes in the hundreds or even thousands of percent. While Wizzcash.com’s specific rates are not displayed, this is characteristic of the sector. For instance, a typical £100 payday loan might have a representative APR of 1200% or more, making it extremely difficult for borrowers to escape the financial strain.
Targeting Vulnerable Individuals: These loans are often marketed to individuals in desperate financial situations who may not have access to traditional credit. This makes them exploitative, preying on urgent needs. A 2016 study by the Financial Conduct Authority in the UK found that over 70% of payday loan customers were repeat borrowers, highlighting the dependency created by these products.
Lack of Sustainable Solutions: Payday loans offer a temporary fix rather than addressing the underlying financial issues. They do not encourage financial literacy, budgeting, or long-term stability. Instead, they can exacerbate financial distress.
Islamic Perspective on Exploitative Lending: In Islam, any form of lending that exploits the borrower’s need is strictly prohibited. The concept of riba itself encompasses any unjust increase, and the high-cost nature of payday loans falls squarely within this prohibition. It directly contradicts the Islamic emphasis on providing relief to those in hardship and promoting equitable transactions. Instead, Islam encourages charitable giving Sadaqah, interest-free loans Qard Hasan, and sustainable financial practices that uplift individuals rather than burden them.

FAQ

What is Wizzcash.com’s current operational status?

Wizzcash.com is no longer accepting new loan applications from either new or existing customers.

Its website explicitly states this and primarily serves to manage outstanding loans for existing clients.

Is Wizzcash.com regulated?

Yes, Wizzcash.com states it was authorized and regulated by the Financial Conduct Authority FCA under registration number 673428, indicating it operated under UK financial oversight during its active period.

Can I still apply for a loan on Wizzcash.com?

No, you cannot.

The website clearly states, “Wizzcash.com is no longer accepting loan applications.” Youwantitwegotit.com Review

What if I have an outstanding loan with Wizzcash.com?

If you have an outstanding loan, it remains in place and is subject to the terms you previously agreed upon.

You are expected to continue making repayments as usual.

How can I contact Wizzcash.com for questions or complaints?

You can contact their customer services team for questions at [email protected] or for complaints at [email protected].

Who owns Wizzcash.com?

Wizzcash.com is part of Emergency Cash Limited, which also operates MustCompare.

Does Wizzcash.com refer users to other loan providers?

Yes, the website suggests that if you are still looking for a loan, you can compare other providers on MustCompare, which is also part of Emergency Cash Limited. Lizziechristie-miller.com Review

What kind of loans did Wizzcash.com offer previously?

While not explicitly stated on the current site, based on its former business model and referral to “short-term loans” on MustCompare, Wizzcash.com likely offered short-term, high-cost loans, often referred to as payday loans.

What are the ethical concerns with Wizzcash.com’s previous services from an Islamic perspective?

Wizzcash.com, as a conventional loan provider, would have facilitated interest-based transactions riba, which are strictly prohibited in Islam. This is considered unjust exploitation.

What are some ethical alternatives to conventional loans like those previously offered by Wizzcash.com?

Ethical alternatives include Qard Hasan interest-free loans, Islamic banks utilizing profit-sharing and asset-based financing like Murabaha and Ijara, Takaful Islamic insurance, and ethical crowdfunding platforms.

What is the significance of “riba” in Islamic finance?

Riba refers to any excess or increase on a loan beyond the principal amount and is fundamentally prohibited in Islam because it is seen as an unjust and exploitative form of gain that can lead to economic inequality.

How does Wizzcash.com handle user data and privacy?

Wizzcash.com has a Privacy Policy linked on its website, which outlines how they use cookies and handle user data. Jjcustomsllc.com Review

They state the use of cookies to improve user experience and require consent.

Are there any fees for existing Wizzcash.com customers managing their loans?

The website states that existing loans will “remain subject to the terms you have already agreed,” implying any original fees or interest rates would still apply.

What is the company number for Wizzcash.com?

Wizzcash.com’s company number is 07527455, registered in England.

Does Wizzcash.com provide a physical address?

Yes, their physical address is listed as 14th Floor, 33 Cavendish Square, London, W1G 0PW, United Kingdom.

Why is Wizzcash.com no longer accepting loan applications?

The website does not explicitly state the reasons for ceasing new loan applications, only that it was “not an easy decision.” Thebridgebrokerage.com Review

What does “Financial Conduct Authority” mean for a loan company?

Being regulated by the Financial Conduct Authority FCA means the company adheres to specific rules and standards set by the UK’s financial watchdog, aimed at protecting consumers and ensuring market integrity.

Does Wizzcash.com have an app?

The website does not mention or provide any links to a mobile application for its services.

Can I get information about my past loan details from Wizzcash.com if I’m an existing customer?

Yes, the website provides contact emails [email protected] for existing customers to inquire about their loans and terms.

What are the consequences of engaging in interest-based financial transactions in Islam?

In Islam, engaging in interest-based transactions riba is a major sin, carrying severe spiritual consequences and potentially leading to financial hardship and instability.

It undermines the principles of justice and mutual aid. Computerformmalaysia.com Review