Wonga View website

Short term loans

Developer description

Wonga provides cash on demand. We’re faster and more convenient than other online lenders ... More

Editor's review Page 1 of 2

Published 21 Sep 2011

Most people would be put off when looking at a lending website that advertised an annual APR of over 4,000 per cent but it doesn’t seem to be the case with wonga.com. With a high advertising presence and awards from Credit Today and National Customer Service to name but two, they are obviously doing something right.

The answer of course is that the loans come in the form of fast cash advances and are absolutely not designed with 12 month repayment terms in mind. Repayable in 30 days max, anyone looking at this method of short-term funding needs to be pretty sure that the money will be in their account come judgement day. If not, a £20 fee will be added and that too will attract the same level of interest.

The sums involved are not large either which also gives borrowers a fair crack at meeting the deadline. With a maximum of £400 available to first time users the loans are designed to cover short term blips in cashflow or to help with a sudden and unexpected expense. Regular users who conduct their business satisfactorily can gain a higher Wonga trust rating and become eligible for loans of up to £1,000.

The application process is simple with everything done on-line. Users use slide bars to select the amount and how many days the money is needed for. In return they’ll get back a pretty instant costing with the choice to accept or decline.

With the preliminaries...