Wonga is the trading name of WDFC UK Ltd and became operational in 2007. Since then, Wonga has developed to one of the biggest players in the game of short-term loan lending in the United Kingdom.
Wonga offers two different loan types that their customers can choose from. They are:
Wonga Short-Term Loan: This provides a loan of from £50 to £400 to first-time borrowers. The repayment options are usually between a day and 32 days. The maximum loan amount of £1000 is available for existing customers due to their reputation and relationship with the company. The repayment is one lump sum and should be paid on the due date with the fee. If payment is delayed, you will be charged the sum of £15 on the third day after the expiration of the due date. Then, interest will be calculated at the rate of 0.8% for each day after the due date. This will be charged up to a month (30) days.
Wonga Flexi Loan: The loan amount offered by Flexi loan is between £150 and £500 for those who want to use the company for the first time. Existing customers have the unique privilege of borrowing up to £1000 if they so desire. They are allowed to spread their payment over three months. Missed payment attracts a huge fine of £15 which will be charged on the third day of the expiration of the due date. For as long as 63 days, interest will be calculated at 0.80% per day.
It should be noted that the actual fee for each £100 borrowed is £36.72 which is the highest among all the known short-term loan lenders in the UK.
It is quite simple to apply for a loan from Wonga. You can just visit their website and select the loan type of your choice. Supply all the necessary information and submit your application form. Upon receipt of your application, it will be considered for eligibility after which you will be contacted if your application is approved. You will have the money in your account in just a few minutes.
Features of Wonga
Wonga is considered by many people and critics as the largest lender in the United Kingdom. These are unprecedented achievements are credited to Wonga:
- It gave payday loans the use of innovative techniques to make transacting with customers easy. For instance, it introduced online lending technology into the loan lending world.
- It championed the use of interactive user interface to get real-time quotes for borrowers. The use of this with other software makes getting loans easier and faster for borrowers. This is the technology that everyone in the business now uses for payday loans now.
- The company penalizes any borrower who fails to pay when he is due for payment. The initial fine is £5 plus daily interest charged for 60days after which a collection agency will be invited to take over the recovery of the loan. This only happens if the borrower fails to make any payment after three extensions. A borrower is expected to pay the fee and interest if he can’t pay the original loan for any reason.