Founded by Jonty Hurwitz and Errol Damelin in 2006, Wonga is a British payday loan company. Headquartered in London, United Kingdom, they offer short-term and high-cost credit. However, the firm has offices in South Africa, Poland and Canada. Wonga has been the first company to use a risk processing technology that is fully automated. This technology is used to offer unsecured and short-term loans online. Due to this technology, the borrower can apply for loan through their mobile app or tablet as well. Wonga has also been the first firm to offer an instant lending app for the iPhone.
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Wonga launched their first website in 2007. An award-winning company, Wonga boasts of a lot of satisfied customers. If you’re a new customer, then you can borrow up to £400 for a maximum of 45 days. However, an existing customer can borrow up to £1,000. Although, it will depend on the current trust rating.
Applying for a Wonga payday loan is quite simple. All you need to do is select the amount that you wish to borrow and in how much time you can repay them. The best part about Wonga is that there are no hidden fees and you can see all the costs upfront. To be eligible to apply for a Wonga loan, you need to be a resident of the UK, you need to be 18 years, you need to hold a bank account along with a debit card, and need to own a mobile phone.
Once you’re sure that you fulfil all the requirements, you can go ahead and apply for the loan. You can apply for a loan at any time. Once you apply, the concerned authority will look at all the details and accordingly make a decision. Once they approve the loan, you’ll need to go through the loan agreement in detail. Once done, you’ll need to click on ‘I Accept’. By clicking that, you’ve entered into a formal agreement with them.
Next, the cash will be credited into your account within five minutes. You’ll receive an email from their side saying that the money is on its way. Post this; it usually takes around 15 minutes for the money to reflect into your account. In some cases, it may take longer where the receiver bank takes time to update the credited amount.
Wonga also gives you the option of pre-paying your loan before the due-date. So, if you have some extra money, you can very easily close your loan or make a partial payment. This will help in saving on the interest being charged. Usually, the interest is charged on a pro-rate basis. So, for instance if you’ve taken a loan for 45 days but are able to repay it within 30 days, then you’ll save interest on the remaining 15 days.
In case, you ever need to take a payday loan again, you can always apply to Wonga. The second time around may be quicker as they’ll have most of the information already. Thus, speeding up the entire process.