Cheap loan
Looking for a cheal loan? If you've had a loan before you're probably familiar with the feeling that you've paid too much, or you’ve committed for too long. The way banks make money on loans with low interest rates is by making sure you have to borrow a significant amount of money over a long period. But when you need just a little extra cash before payday, you really need a smaller, cheap loan to see you through for a short period. There's a new type of loan on the market and it's a totally different way of borrowing money.
Payday loans
It's an unsecured payday style loan from Wonga, and you can't find another payday loan as fast or flexible as this. For far too long lenders have been totally inflexible when you need the convenience of borrowing a bit of cash quickly. But now Wonga is here, you don't have to pay more than you should for your loan! That’s because you can decide exactly how much you want to borrow (to the last pound) and for exactly how many days.
How cheap is a loan from Wonga?
Put simply, the interest rate is £1 per £100 per day. That represents a high APR (annual percentage rate), but the loan is only taken for up to a month at most. You select how much you would like to borrow and the date you promise to pay it back and Wonga calculates exactly how much the repayment will be before you apply.
Wonga isn't just an affordable way of raising cash
Apart from being a cheap loan, we're the fastest loan provider in the UK. If you apply before 3pm on a weekday, you'll get your loan within the hour. You can borrow between £200 and £1000 – the limit will depend on the trust rating you establish and will increase by using us again and sticking to the loan terms.
How does Wonga's loan work?
Wonga doesn't want you to spend a lifetime paying off a loan - it doesn't make sense when sometimes you only need some cash for a few days or weeks. You need a quick, short-term loan that makes it easy for you to pay off. Unlike many banks we won't penalise you if you want to pay off your loan early either.
All you have to do is apply online. There is no paperwork or running around. Our unique service is online from start to finish. Wonga makes getting hold of some short-term cash cheaper, easier and faster. Every now and again, there's just too much month at the end of your money and you can't wait until payday and that's when Wonga comes in - we give you the financial freedom to keep living your life when your cash flow temporarily slows down.