Wonga launches its flexible cash advance service on the iPhone
January 15th, 2010
World’s first iPhone loan application provides instant ‘street credit’
Wonga.com, an online provider of short-term cash advances, has launched the first ever credit app for the iPhone, allowing both existing customers and first-time applicants to access small, short-term loans from anywhere.
The London-based company, which provides ultra-flexible loans of between one and 31 days, says it will turn the touch-screen device into a virtual cash machine for urgent or unexpected expenses.
Errol Damelin, founder and CEO, said: “Our vision has always been to provide UK consumers with a fast, convenient and short-term way to solve immediate cash flow problems. While automating the lending process in a responsible way was a big challenge, our technology now enables us to develop a range of products which do just that.”
iPhone applicants can use their fingertip to move Wonga’s unique sliders, first choosing exactly how much cash they need (between £1 and £1,000), before determining the cost by deciding when to repay. The cost is always calculated up-front and they can then make a full application on the phone’s screen. Applicants receive an instant decision around the clock, with those who are approved guaranteed cash to their bank account within 15 minutes.
Wonga is the UK’s only lender to give applicant’s complete flexibility over the size and length of the loan required, with the cost determined by the number of days the money is taken for. Even early repayment is fee-free. The company’s web service was given its full market launch in July 2008 and has already processed nearly three-quarters of a million applications using a real-time risk and decisioning platform.
Damelin continued: “We have made this app available as a free download from the Apple Store and, although it’s just as easy and quick to use as our existing web service, our unique technology will ensure we continue to make responsible lending decisions.”
January 18th, 2010 at 3:37 pm
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