Wizzy Loan is a lender that offers personal loans to borrowers with bad credit. The company was founded in 2014 and is headquartered in San Francisco, California. Wizzy Loan offers loans of up to $5,000 with terms of up to 36 months. The interest rates for Wizzy Loan are variable and are based on the borrower’s credit score.
However, there are a number of reasons to be skeptical of Wizzy Loan’s legitimacy. First, the company has a number of negative reviews online. Second, Wizzy Loan’s interest rates and fees are very high. Third, Wizzy Loan has been accused of predatory lending practices.
In this blog post, we will take a closer look at the ugly truth about Wizzy Loan’s legitimacy. We will discuss the company’s negative reviews, its high-interest rates and fees, and its predatory lending practices. We will also provide some tips for borrowers who are considering taking out a loan from Wizzy Loan.
Wizzy Loan’s Negative Reviews
Wizzy Loan has a number of negative reviews online. These reviews complain about the company’s high interest rates, its hidden fees, and its poor customer service.
For example, one reviewer on Trustpilot wrote:
“I was approved for a loan with Wizzy Loan, but the interest rate was so high that I couldn’t afford to pay it back. I tried to cancel the loan, but Wizzy Loan refused to cancel it. I ended up having to pay a lot of money in interest and fees.”
Another reviewer on Yelp wrote:
“I applied for a loan with Wizzy Loan and was approved. However, when I received the loan documents, I saw that there were a lot of hidden fees. I tried to contact Wizzy Loan to ask about the fees, but they never responded to my calls or emails. I ended up having to pay a lot of money in fees that I didn’t expect.”
These are just a few examples of the negative reviews that Wizzy Loan has received online. If you are considering taking out a loan from Wizzy Loan, it is important to read these reviews before you make a decision.
Wizzy Loan’s High Interest Rates and Fees
Wizzy Loan’s interest rates and fees are very high. The interest rate for a Wizzy Loan can be as high as 36%. In addition to the interest rate, Wizzy Loan also charges a number of fees, including:
- origination fee
- late payment fee
- prepayment penalty
These fees can add up quickly, making Wizzy Loan a very expensive option for borrowers.
Wizzy Loan’s Predatory Lending Practices
Wizzy Loan has been accused of predatory lending practices. Predatory lending is when a lender offers loans to borrowers who are likely to default on the loans. Predatory lenders often target borrowers with bad credit or low incomes.
Wizzy Loan has been accused of predatory lending practices because it offers loans to borrowers with bad credit and high interest rates. In addition, Wizzy Loan has been accused of misleading borrowers about the terms of the loans.
Tips for Borrowers Who Are Considering Taking Out a Loan from Wizzy Loan
If you are considering taking out a loan from Wizzy Loan, there are a few things you should keep in mind:
- Read the reviews before you make a decision.
- Be aware of the high interest rates and fees.
- Make sure you understand the terms of the loan before you sign anything.
If you are a borrower with bad credit, there are other lenders that may offer you a better deal. Here are a few alternatives to Wizzy Loan: