You’ve seen all the ads for Wonga loans, but what are they really like to borrow money from? There are a number of sites like Wonga online, but Wonga.com aims to separate itself from the competition with its ethical and transparent approach to non-traditional lending.
If you need emergency cash for any purpose, a payday cash loan from Wonga could provide the perfect solution. The application process is automated so, assuming that your application is approved, the funds will be sent directly to your bank account within the hour.
Wonga Loans Review: How Do You Get a Loan Until Payday?
New customers are required to have a full-time job and pass a credit check. Alan O’Sullivan of This is Money said that they use: “a complex ‘behavioural algorithm’ to weed out those potential clients with unsustainable borrowing patterns.” Just 15% of first-time applicants are currently accepted.
You can get the cash until payday that you urgently need as the duration of a direct lender cash advance can be for between 1 and 30 days. A new customer can immediately borrow up to £400. Once your “trust rating” improves, you’ll be able to get up to a £1,000 of Wonga money in the future.
They send the Wonga payday loan directly to your bank account within minutes and you’ll pay 4214% APR until the debt is repaid. The cost of borrowing is considered to be usury, but they aren’t hiding anything from you. Despite the eye-catching headline interest rate, they may still be cheaper than a bank charge.
Repaying Wonga Cash or a Direct Lender Cash Advance Early
If you’re in a position to repay the money you owe early, you can do so as the agreement is totally flexible. If you pay back your Wonga money prior to the due date, you’ll pay less interest. For example, borrowing £150 for 30 days will cost you £51.51 in interest. Pay it back after 10 days and it’ll cost you just £20.84.
Whether you pay back your Wonga cash early depends heavily upon your personal circumstances, but it’s nice to have the option should a bit of extra cash come your way. In order to repay the loan early, you’ll need to log in to your account so you can make a payment to them.
Is There Really a Wonga.com Scam?
Contrary to the claims of certain critics, there is no scam. They are a legitimate company that’s 100% transparent in terms of what they offer the customer. You may consider the terms of Wonga loans to be unfair or usury, but they certainly aren’t hiding anything from you.
After scrutinizing the terms of the agreement, you need to decide whether you need Wonga cash or whether sites like Wonga are more appropriate. If you have a very bad credit history or are currently out of work, a different direct lender cash advance may prove to be more suitable.
Unable to Repay Wonga Payday Loans?
If your circumstances change, you should call their collections team on 0844-842-9109 between 9 am and 10 pm, Monday to Friday. They’ll discuss your options, including the possibility of extending your Wonga payment plan by up to a month. Interest will continue to accrue on the outstanding balance for up to 60 days.