Wonga.com
Overview:
Market of the short-term lenders is getting bigger and bigger each day, so many new companies appear and they are bringing something new, something fresh. It’s always good to compare different companies before you sign an agreement for a loan, so let’s take a look what’s so special about Wonga, is any good, how reliable are they and what is it all about.
Conditions:
Wonga is a pretty good company with a high reputation. It’s providing customers with short-term loans up to £1,000 for a maximum period of 30 days. They divide customers in to categories: first time customers and existing customers, options that they offer for each category differs. As a new customer you can borrow up to £400 and if you are trusted and reliable customer you can apply for a loan up to £1,000. The loans are given to you up to 30 days and you can decide for yourself which day to repay it.
General conditions are quite similar to all other lending companies: 1) You must be 18 years of age or older to apply; 2) You need to be a UK resident; 3) You cannot have any late payment, CCJ’s, defaults on your credit file and history; 4) You need to have a valid e-mail address and active mobile phone number; 5) You need to have a UK bank account with an active debit card; 6) You need to have a regular income.
How to apply:
In order to apply, you have to go online at www.wonga.com. You can use the slider on the main page of their website to decide how much you want your loan to be and how long you are going to be paying it back. After you have completed this simple application form, they will give an instant answer. In case if they need any of your documents, they are going to tell you about it. The also carry out a credit check of your history to check what’s your current situation. Once they made a full review of your application, they will send you the electronic loan agreement, which you have to sign. After it’s all done, they will transfer the money to your account within 15 minutes, in case if your bank has fast cash transfer. In case if it doesn’t, you are going to receive your money on the next business day.
Interest rate:
Representative APR is 4214%. The example that they provide on their web-site: “Borrowing £265 + Interest & fees £24.18 = Total to repay £289.18”
Pros:
- Easy to use and fast service
- Company has a very good reputation
- Strong customer support service
Cons:
- In case if you think to payback money more than in one month, you should consider another option
Verdict:
Wonga.com loans are easy and quick to get. Company’s web-site is very user-friendly. You are getting and instant answer right after applying. But you cannot get a loan for a time longer than a month. Anyway, it’s a good company to consider in case you require a loan in a very short time and you are planning to pay it back within next 30 days. Please, before you apply or sign the agreement, spend some time reading terms and conditions and agreement’s rules carefully.
