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Wonga is one of the largest contributors to Kiva’s interest-free micro loans that help low income entrepreneurs in developing nations. For every new loan we process, we commit to lending £1 interest-free to Kiva’s cause of promoting entrepreneurship in the developing world. So rest assured that by taking a Wonga loan, you are not only helping yourself, but you are also aiding entrepreneurs in the developing world. We even let you voice your preferences on which countries and to whom the Wonga Kiva partnership should lend to.

We pride ourselves in the flexibility and transparency we offer our customers and by teaming up with Kiva, we can apply these principles to those that need it the most in developing nations. With the support of our customers we’ve already been able to help over two thousand individuals with interest-free loans through Kiva.  You can learn and keep up to date on Wonga’s lending activity through Kiva by joining the Wonga Lending Team.

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.”

Here at Wonga we strive to make our service better and our customers even happier every day. Sounds like classic business rhetoric? Well, we back our claims up with actions and that is one of the things that makes us different from traditional lenders.

If you haven’t yet noticed, our latest improvement to the UK’s fastest and most flexible loan service, is to provide Wonga customers with even more flexibility.

Customers and first-time applicants can now tailor their cash advances to exactly meet their needs. That was always the case of course, but there were some small restrictions and we don’t like restrictions when they aren’t serving a good purpose! For example, you had to take a loan for at least five days and the smallest cash advance we provided was £50.

Now you can decide exactly how much you want to borrow, from as little as £1! We also increased the upper limits you can apply for, to £400 for first time customers and up to £1,000 for trusted customers who use the  service responsibly. 

You can also now control the cost of your cash advance by picking the length of your loan from as little as one day! This way you only pay for the exact online loan you need - not something fixed that suits us!

As always, you can then manage your account online and even repay us early with no catches, should your circumstances change. It really is Money your way!

Wonga launches its first ever TV advert this week, with the aim of letting even more people know about our flexible, online cash advance service. If you haven’t yet caught it on the box, you can check it out right here.

The theme is Money Your Way, because Wonga is the only lender in the land that allows you to choose exactly how much cash you want to borrow and then decide when to repay us, which determines the cost.

You can initially apply for any amount up to £400 and repay us between one and thirty-one days later. You can even repay early and save - with no catches because we are all about short term cash, not keeping you in debt.

We provide an instant decision around the clock and can send money to your account within minutes of approval - it’s a bit like having your own bank!

Talking to our customers we are used to great feedback and to hearing about their ‘Wonga moments’ – those particular times when their lives are made so much easier by taking a flexible loan to pay for an unexpected  expense or a great deal that might be otherwise gone by the time of their next pay cheque.
We heard one such story this week and it seems worth sharing it; a customer, let’s call her Miss K, found herself in a bit of a pickle when, after collecting money off her flatmates to pay their council tax, realised that the credit card she had with her didn’t have any funds.  She needed to deposit the money to pay the council tax the same day in order to avoid extra charges from the tax man.

On her lunch break that day, Miss K made a dash for her local bank branch, only find out that they were undergoing refurbishment and the counter services were suspended.  Just when she was about to fall in despair because she didn’t have her online banking security pad to transfer funds from one account to the other, she thought ‘Wonga!  She applied for a short term loan and had the money she needed in her account within 15 minutes!  The next day she managed to deposit the cash in her account and repay her loan, avoiding extra charges and paying interest on lengthy loans that she didn’t need

News outlets have been reporting this week on new regulation to enforce fair treatment of customers and clarity on charges by banks. The Financial Services Authority (FSA) has taken over the Banking Code Standards Board (BCSB) as the regulatory body for Customer Services Standard and, unlike the BCSB, it will have the power to impose fines if there are breaches in their conduct.

What the new rules say:

- A bank cannot refuse a refund on a fraudulent transaction just because the genuine card and PIN was used
- Savings account providers must give customers two months’ notice before reducing interest rates
- Unexpected debits made from your credit or debit card, such as from a car-hire firm, must be refunded by your bank
- From January 2012, all electronic payments must be credited to an account by the following business day. Until then, this can take up to three days

The rules are still not sufficiently clear for consumers to understand what their rights are, however, and without simple guidelines from where to draw information, they leave too much room for interpretation.
More importantly, these FSA rules cover savings and instant access accounts but don’t apply to unsecured loans, bank overdrafts or credit cards – the areas where the most unspecified and unclear charges often occur. 

Wonga is committed to transparency, and with our easy loan calculator you are always aware from the beginning of exactly how much you will pay back.

No wonder that Wonga customers love our service and send us amazing feedback – they can be in charge of their finances, avoid the pesky hidden charges and take a flexible loan that matches their requirements, not those of bank managers.

Payday loans have started to take off in the UK over the past year and the term payday loan, or payday advance is becoming a more familiar phrase, especially when searching for fast cash online.

A payday loan is a relatively small loan, usually of a few hundred pounds, which is taken until your next payday. You normally have to repay it with your next pay cheque, or over several paydays, regardless of when you apply. And you will normally be charged a pretty hefty fee per £100 borrowed - typically between £20 and £30.

It’s basically emergency cash and payday loans have their place. They are often cheaper than bank fees for unauthorised borrowing, for example, but Wonga provides a great alternative for urgent funds without a long-term commitment.

Compare the cost of a payday loan with a cash advance from Wonga.com

Wonga also provides short-term cash advances online, but in a much more flexible and speedy way. For starters, the entire process is online - no faxing, postage or call centres - and you can apply any time of day or night, 365 days a year. You will receive an instant answer on your screen and we even guarantee to send cash to approved applicants’ bank accounts within 60 minutes.

Our service is also much more flexible than a payday loan. Wonga allows you to choose exactly how much cash you want to borrow and the cost of our online loans is calculated for you, based on how many days you need it for. The shorter the loan, the lower the cost - it’s that simple.

Flexible cash advances from Wonga

You can see how our flexible pricing compares with a typical fixed fee for a payday loan over 30 days. In most cases a Wonga loan works out better value and you can even repay us early with no catches or fees to worry about.

Typical 2689% APR

(Find out why the APR is so big!)

As usual, it’s taken pressure from a regulator to make high street banks change their ways! As reported by the Times, the OFT has been calling for more transparency about charges, particularly for going over your bank overdraft limit. With a multitude of potential fees and some fixed charges running up to £20 per DAY, it’s about time they made it easier for people to work out the true cost of accessing emergency cash. Here’s an extract from the article…

Britain’s banks have today bowed to pressure from the Office of Fair Trading (OFT) and agreed to make their current account charges more transparent. They have also promised to make it easier for customers to switch from one bank to another.

Their decision follows publication of the OFT’s latest study into the £8 billion market, which highlighted three problem areas: lack of clarity over charges, difficulty in switching banks and concern over the way banks charged for unauthorised overdrafts. The OFT said the existing system did not work well for consumers.

To improve clarity over their charges banks have undertaken to provide an annual summary of the cost of their account for each customer. This is designed to help customers work out if they are getting value for money. Banks have also agreed to make charges prominent on monthly statements, provide average credit and debit balances, which will help consumers to assess the possible benefits of switching banks, and provide a range of illustrative overdraft charges for different scenarios.

Perhaps they should take a leaf out of Wonga’s book - we calculate the total cost to repay every time you apply for a loan online and there are no hidden catches to worry about. Indeed, our flexible loans are not only a simpler and crystal clear source of emergency cash, but often a lot cheaper too.

If you’re looking online for a fast cash advance, the chances are that you could do with some financial assistance in a flash - Wonga can help! That’s because we guarantee the breath-taking speed of our instant loan service.

There are loads of internet loan companies offering sameday cash, quick loans and ‘instant’ money for unforeseen expenses, but many wouldn’t know a fast loan if it zoomed up and stared them in the face.

Sadly, as with many other areas of life, fast cash advance services aren’t always what they’re cracked up to be and don’t deliver on the promises made up front. And what use is a fast cash loan when it’s not actually very fast? The answer’s not a lot when there’s something you need cash for right there and then!

Sameday can sometimes turn out to be several days, or you’ll need to wait until Monday. But Wonga guarantees to send cash to your bank within 60 minutes of your online application being approved (which only takes a second too). In fact, because we deliver on our promises, we’ll reduce your loan repayment by a tenner if we don’t live up to our usual standards.

Typical APR 2689%

It’s a big claim to make, but Wonga was highly commended by the judges of the International Business Awards this week - in the category of Best New Service or Product in Financial Services. So we’re certainly one of them according to them!

It’s another award to add to our growing Wonga wall of fame, but we never rest on our laurels or get any less of a buzz from such recognition. It’s always lovely to get some a pat on the back from time to time.

If you have never tried our short term loan service before, give it a try next time you need some urgent funds and be your own judge of whether we’re the best in the world.