Some great money tips from The Times to beat the (very nearly official) recession here. Sections include how to boost your income and ten ways to manage your debt. Worth a read.

There are many reasons why a Wonga loan is different to a traditional loan, but perhaps the most fundamental point is that we make money when customers repay their cash advance. ‘So what?’ you might think, ‘Surely that’s normal.’ But in the world of unsecured personal loans and credit cards there’s a cast iron rule that usually goes unspoken… They generally make money by keeping customers in debt for as long as possible!

In an industry where new customers are won on low headline interest rates, cash is often made by other means. These tactics include long repayment periods, fixed terms and penalty charges.  

Even in these uncertain times of soaring inflation, nationalised banks and restricted lending, many rules of traditional credit still apply. Indeed, while there has been unimaginable turmoil in banking, true innovation in the way services are offered to consumers remains a rare thing. The credit industry is such an ancient one that in times of trouble it’s common for lenders to become even more cautious and rigid.

The best advice is to make sure you fully understand the terms of any form of credit agreement before taking the plunge. Always read the small print and, in the case of personal loans, check for early repayment clauses. Otherwise you could find yourself handcuffed to your debt for longer than necessary.

Or you could visit Wonga.com instead! At Wonga we have no desire to keep you in debt and the entire service is geared towards helping you manage your cash flow with short-term credit - on the odd occasion when unexpected expenses strike. You can choose exactly how much cash you need and exactly how long you want it for. That means you’re in control and you settle the debt quickly. 

Our commitment to responsible lending also means you won’t find any hidden charges even if you decide to repay your loan early. We will actually welcome it!

Wonga is proving to be a great name. Not only is it a slang term for cash - which is what we provide - but people seem to like it and it’s easy to remember. Wonga is a word you just have to say out loud and it’s kind of satisfying the way it rolls round the mouth like vintage Bordeaux.  

And now we’ve got another reason to celebrate our name, after a Time Team style discovery relating to an Australian (British made) steam ship from the 1800s. We stumbled across this description of the mighty vessel, an extract of which is below…

The Wonga Wonga. This fine steam-ship, which started on her first colonial trip on the 3rd instant, is the sister ship of the City of Sydney. She was built is the Clyde under the supervision of the Secretary of the Company, Mr Patterson, and is in every respect equal, and in some respects superior, to the City of Sydney. The particulars of her build, tonnage and engines have on several occasions been mentioned in this journal, and we feel it necessary now only to repeat that her engines were built by Thompson and Co, of Glasgow. They are direct-acting and of 180-horse power, nominally, but will work up to 300-horse power.

She has great capacity for carrying purposes. Her chief cabin is substantially and beautifully fitted up, and the sleeping berths are commodious and well ventilated. The cabin for second-class passengers is superior, and is equal to the usual fittings of a first-class sailing ship. For third-class passengers the accommodation is clean and comfortable. The Wonga Wonga went down the harbour and about five mile outside the heads on Monday. Some of the directors and shareholders were present, and were highly delighted with her performances.

Sounds like the Wonga Wonga truly was a “first-class” ship, just like our super-fast cash advance service! Mind you, we’re thankfully not reliant on steam power.

We have a winner of our Wonga Moments competition! There were some great stories about why people had used the service and it was a tricky job to select the most unusual or heart warming one.

From stag weekends to last minute wedding emergencies and dream birthday presents to poems about unexpected bills, the judges were debating for hours. Well, at least an hour!

But Lucie in Hove is the winner of the Sony Video Walkman. Her emotional recounting of the birth of some kittens had us weeeping into our man-size tissues. All together now, aaaaaaarrrrrhhhhhhhhhhhh.

It seems a medical difficulty during the birth required emergency help from a vet. And that’s never cheap. Wonga saved the day by providing the short-term cash to cover the costs and it all ended happily with five healthy kittens.

Thanks to everyone who took the time to enter and better luck next time.