Flexible loan
Looking for a truly flexible loan? A lot of so called flexible loans aren't that flexible at all. They come with a lot of complicated terms and conditions. Even payday loans are no different and usually work on the basis that you'll pay the loan back after a month and you need to borrow a set amount. But a Wonga loan is different.
How flexible are loans from Wonga?
Depending on your trust rating, we're completely flexible with how much you borrow from us – whether it’s £141 or £800. Unlike banks, which don't generally do loans of under £1000, you can borrow between £50 and £1000. Put simply, the interest rate is £1 per £100 per day. Select how much you would like to borrow and the exact date you promise to pay it back and Wonga calculates how much the repayment will be before you apply. So take it over fewer days, or reduce the amount you need to the exact pound, and you’ll pay less. It’s a small loan that’s in your control.
Repaying early
You can even pay back your Wonga loan early with no additional fee. Many banks penalise you for paying off your loan quickly, as they won't make enough interest from you otherwise. But at Wonga, we're not about making your loan hard to pay off, we're more about lending you small amounts over short periods. Your lifestyle doesn't have to suffer on those occasional months you start running out of money before payday.
Wonga is also the fastest loan service in the UK, even delivering loans to your account within an hour when you apply before 3pm on a weekday.
Is your loan flexible with late payments?
If for some reason you think you might be late with your payment, you can let us know. We know that sometimes these things happen and we are flexible enough with our loan to consider extending it for you. You should be aware that if we do agree to extend it, you will get charged an extra fee on top of the continuing interest, plus we will require a part payment of the current balance. This reduces the remaining balance you’ll continue to accrue interest on during the extension period. Unlike some payday lenders we won’t give you endless extensions without reducing the balance, which can lead to a cycle of debt and unrealistic monthly repayments.
How can you spend your flexible loan from Wonga?
We're not your bank manager and we're not your mum. We don't ask for a reason for your loan and what you spend it on is up to you! From university books, to bills, to a new outfit for a unexpected wedding invitation - it's your money to do with as you please. All we ask is that you only borrow what you can afford to pay back by your next payday.
Your lifestyle doesn't have to suffer on those months when you just can't stretch your money any further. When there's too much month at the end of your money, get a loan that's flexible, fast and affordable with Wonga.