Wonga Loans Review 2018 [Read Our Experts Opinion]

Jane Wardle

Written by Jane Wardle on

Updated

Overall Rated: 4 / 5

Summary

Wonga is a reliable source of financial products to help people meet daily financial needs particularly for those unable to access mainstream borrowing products.  Wonga offers applicants the chance to choose the amount of money to borrow driven and guided by transparency and flexibility principles.

Launched in 2007 in the UK, Wonga works through automated decision-making to ensure applicants’ information is credible and accurate, including data from diverse sources such as credit reference agencies. This data-driven system helps to speed up loan processing, but may mean that some customers are not eligible and personal circumstances are not considered.

Wonga Group Limited offers diverse global financial services but mostly recognised for their short-term loans within the UK through Wonga.com.  They thrive on offering short-term loans to help people offset their urgent cash needs perhaps due to an emergency, unexpected or forgotten bill. Through their three unique products you can choose the length of the repayment period and how much money they need to cover their needs.

Wonga is very transparent and lets you see the full cost of the loan with zero hidden fees. What you see is what you get. Interest paid is only on days of borrowing. They also advise their clients about contacting them right away if you realise you are unable to commit to the repayment period due to unforeseen circumstances to find a solution that works for you and the lender. They even provide three days of breathing space if customers are unable to pay on their specified date.

With Wonga, there are no phone calls or paperwork and every application is done and concluded online. After approval, you can get the money into your bank account in five minutes. As expert lenders and financial products providers, Wonga works with diverse bodies such as credit reference agencies to check applicants’ creditworthiness and pass them through stringent affordability and lending criteria.

Generally, Wonga offers three unique products namely, 6 Month Flexi Loan, Short Term Loan and 3 Month Flexi Loan. You can even get 5% cashback on your 6 Month Flexi Loan if your repayments are on time. As you are the one controlling the instalments, the 6 Month Flexi Loan allows you to borrow £200-£600, Short Term Loans of £50-£400 and £150-£500 3 Month Flexi Loans.

Trust & Reputation

Rated 4/5

With over ten years’ experience in short-term loans, Wonga has received numerous awards and acknowledgements. The lender was 2010’s Credit Today Magazine ‘Alternative Lender of the Year’ winner, 2011’s Guardian Digital Innovation Digital Entrepreneur Award winner, 2011’s Sunday Times Tech Track 100 ‘Number 1’ winner and 2012’s Media Momentum Awards ‘Fastest Growing Company’ winner.

As a transparent, flexible and reliable short loans provider, Wonga is driven by the earnest professionalism that has seen it going an extra length to advise its current and potential customers before applying for a loan. This includes debt information, handling advice through responsive customer care and constant warning that their loans are not for the management of existing debts or those already under serious financial problems but for occasional use to offset a pressing emergency that cannot wait until payday. Registered in both Wales and England and fashioned in the WDFC UK Limited trading style, Wonga is regulated and authorised by the FCA (Financial Conduct Authority) and also ICO registered. Wonga has also gone ahead to elaborately ensure the company has implemented the Modern Slavery Act and there is no modern human trafficking or slavery within or on any area of their supply chain or business. Admirable growth has raised the company profile of the lender as a reputable financial products provider with operations in the UK, Poland, Spain and South Africa and over 500 employees globally.

Expertise & knowledge

Rated 4/5

Wonga is driven by financial services and products experts with wide knowledge on local and international financial understanding. Wonga Group Limited has a presence across man countries showing its expertise and ability to offer global financial solutions and deepen its expertise in an evolving world and changing technologies.

Wonga was launched in 2007 allowing those living in the UK to access short-term loans. Furthermore, their expertise has meant that customers receive full debt advice and a Cash Smart system to help people manage their money. Wonga and the staff are evidently advocates of responsible lending. Due to the harnessing of the digital space Wonga has been able to end reliance on paperwork and phone calls to verify customer details making loan applications fast, efficient and effective.

Customer Service

Rated 4/5

The lender’s responsive customer service and transparent, flexible service has seen it receive countless awards within the UK while holding a Trustpilot TrustScore of 8.6 out of a possible ten and a 4-star rating out of 5 stars from over 1260 reviews. Customers comment on how easy the service is to use and how grateful they are that a company such as Wonga make it easy to receive much-needed funds for unexepected emergencies.

Wonga is also an ‘A’ rated lender on Readies with a four out of five-star satisfaction level particularly in customer service, ease of use, flexibility and value for money.

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