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.