How does Wonga work?
Wonga provides cash on demand. We’re faster and more convenient than other online lenders because there’s no paper work, faxing or hanging on the phone – the entire service is online. It's straightforward to submit an application and, if approved, you'll get the money in your bank account within an hour.
Wonga cash advances are short-term. You decide how much cash you need and how many days you want it for, using the simple sliders on the home page. We calculate the cost of the loan upfront and you commit to repay it on the date you select. On the morning of that day we take a single payment from your debit card, after which you'll be welcome to apply again whenever you need Wonga. For more info, check out How to Wonga or select your next question.
What do I need to get a Wonga loan?
You need to be living in the UK and have a UK bank account with an active debit card. You also need to be able to repay us on the date you promise to, so please don't use Wonga if you have any concerns about your ability to do that. Finally, we include a credit check as part of our instant decision system, as we're only interested in lending to people whom we believe can repay a cash advance without undue financial stress.
How much cash can I borrow?
You can request between £50 and £200 the first time you apply for Wonga. We let you choose exactly how much money you want to borrow, right down to the last pound. Simply use the sliders on the home page to select the loan size and length.
If you repay your loans as promised and use the service responsibly, we'll gradually increase your Wonga trust rating - giving you the flexibility to apply for more cash in the future should you need it. Our unique trust system takes lots of factors into consideration when determining the maximum amount you can apply for. You'll see the amount available to you by using the sliders after you log in. The maximum Wonga loan is £750 - a sum only available to customers who've used the service responsibly over a significant period of time.
Please note that our trust rating system is part of our commitment to responsible lending and rewards you with more borrowing flexibility over time. It's not designed so you can rapidly increase the size of loans and approval of your next application is never guaranteed. Your trust rating is ultimately dependent on your track record with Wonga and we reserve the right to change or limit the amount you can borrow. You can only have one live loan at a time and we'll never lend you any more money until an outstanding loan is repaid.
How much does a Wonga loan cost?
Interest is charged at 1% a day - £1 per £100 borrowed per day. Select how much you'd like to borrow and the date to pay us back and we’ll calculate exactly how much the full repayment will be before you apply.
The official APR is 2334% - but bear in mind that the loan duration is only up to 30 days. We provide short-term loans and APR is an industry standard calculation that looks at annual repayment costs. Only using APR to consider a Wonga cash advance would be a bit like trying to book a short hotel break by looking at the theoretical cost of staying for a year!
We have a £5.50 transmission fee that helps cover the cost of our super-fast cash deposit system - the quickest on the web! Again, this is included in the total cost you'll always be shown up-front.
Does Wonga require a credit check?
Yes, we carry out a credit check as part of our decision making process. We have one of the most advanced reference checking systems in the UK, because we're only interested in lending to people who we believe can afford to repay us without undue financial stress.
However, we sometimes find first-time applicants suffer from anxiety about their credit history when they actually have nothing to fear! Remember our policies are very different to those of mortgage lenders and banks, who are looking to predict your financial reliability over several years. So don’t get hung up about your credit score - it could be one of the deciding factors in our decision, but we also place emphasis on honesty and trust. To give yourself the best chance of acceptance, make sure you give us as much information as possible - and that it's accurate - during your application.
What if I have bad credit?
Wonga uses a credit check as part of our decision making process, so if you've got a very poor credit record it may affect our decision. But it doesn’t automatically rule you out and we also place emphasis on honesty and trust. You should therefore ensure you give us as much personal information as possible during your application.
Please note that our service isn't designed to help you repay or manage existing debt, so please don’t apply for a loan unless you're sure you will be able to comfortably repay it on your chosen date.
What personal information does Wonga need?
We need to know details like your name, address, phone numbers and income. Plus your bank account and debit card details. We need this information so we can be sure who's applying and as part of our decision and collections process. To give yourself the best chance of approval, you should always ensure the information you give us is accurate and honest. For full details about the collection of, and potential uses of your personal details you can read our Privacy Policy.
Do I need to be employed?
You need to have a regular income, because we only want to lend you cash if you can afford to pay it back quickly and comfortably. But you don't have to be chained to an office and we're happy to lend to freelancers and consultants too.
Can I get a loan if I’m not a homeowner?
Yes, we welcome renters too.
Do I need a bank account?
Yes, a current UK bank account is required, along with a debit card.
Do I need to give a reason for my application?
Nope, not at all. We aren't your bank manager or your mum! The only reason we might ask you what you need the money for would be for research purposes and any information given would be in the strictest confidence. You can use a Wonga loan for anything (as long as it's legal!). We just ask that you only borrow what you can comfortably afford to repay on your chosen date.
Is Wonga a member of any financial bodies?
Yes, we are a member of the Finance and Leasing Association (www.fla.org.uk). We also have a credit licence from the Office of Fair Trading (OFT).
Is Wonga right for me?
All kinds of people use Wonga for all kinds of needs, but you should always ask yourself whether you can possibly wait for the cash. If there's a chance you can, then Wonga might not be right for you because you'll pay 1% interest per day on whatever you borrow. There are much cheaper ways to access credit, but none as fast, convenient and flexible as Wonga. We're here to help you manage your cash flow when you can't wait for some money that you know is coming your way soon.
We offer a solution for occasional, urgent and short-term cash needs and our loans are not designed as a continual source of credit or for dealing with existing financial problems. If you're worried that you're sinking into a bad debt situation, please don't apply. Our loan will only add to your existing commitments because it needs to be paid back within 30 days. Instead, you should visit www.adviceguide.org.uk, www.nationaldebtline.co.uk or www.clsdirect.org.uk for friendly counselling and advice.
What if I'm already in debt?
Your current loans and credit commitments will be taken into consideration as we're making our decision. But if you know you're already experiencing sustained problems meeting existing financial commitments, please don't apply in the first place. Our loan will only add to your commitments and it will definitely need repaying in full within 30 days. Instead, we recommend you talk to the good people at the Consumer Advice Bureau or visit www.cccs.co.uk
How long will it take to get my loan?
Not long at all! We usually make payment immediately after an application is approved, no matter what time it is or what day of the week it is. You should generally allow up to an hour and we'll email you when the cash has left our account. The only time when this might not be the case is if you are with one of the smaller banks that hasn't yet implemented systems to enable fast cash transfers around the clock. If this is the case and your application is not approved until after 3pm, or on a weekend or bank holiday, you'll get the funds on the morning of the next business day.
How long before I have to repay a loan?
That's up to you! You can select exactly how long you want the cash for, between 5 and 30 days. Simply use the sliders on the home page. You need to repay a Wonga loan on the date you promise to, so just consider carefully if you'll have the required funds available on the date you choose. We'll show you the cost while you're deciding. You can track the current interest owed on your loan in the My Account section of the site and we welcome early repayment at any time - no hidden fees.
How do I repay a loan?
Simply ensure the required cash is available in your bank account (the one linked to your debit card) in time for the promised repayment date. Other than that you needn't lift a finger! The total due will be deducted from your card automatically, first thing that morning. You'll then be welcome to apply again whenever you need our service. Please note that if the funds aren't available and your bank refuses our payment request you'll incur an administration fee towards the cost of a failed collection.
If you ever want to make an early repayment you'll be welcome to! You can track the amount owed at any time in the My Account section of the website. So if the money is available in your account, just contact us to authorise immediate collection. You won't get hit with a hidden fee for early repayment either, as you would with some lenders.
What happens if I might struggle to repay my loan?
We understand that unexpected stuff happens in life - that's why we offer cash on demand! But we normally require full repayment on the date you originally pick. So if there's a major change in your circumstances you must be up front with us. If you warn us about a potential problem at least one business day before the promised repayment date, we may agree to an extension. Your request must be received and processed in time and will only be approved at our discretion - if we feel it's genuinely in your best interests. So until you receive confirmation that an extension request has been approved, you must always assume we'll try to collect your repayment on the original date promised.
If approved, a £10 administration fee will apply to your account. And, unlike some less scrupulous lenders, we also require a 20% part-payment of the current balance at the point of approval. This helps rebuild our faith in you and also reduces the outstanding balance on which you'll continue to accrue interest during the extension. So please only request an extension if you're happy with these terms and have the cash available to make a part-payment.
What happens if I don’t repay my loan?
If our automatic collection attempts are declined by your bank (because you haven't ensured there are sufficient funds available), you'll have broken your promise and will incur a £10 administration fee for a failed collection.
If you don't contact us and break your loan agreement your account will then be passed to our collections partner and you'll be liable for further default fees, which could total up to £105, to cover the cost of the collections process. Your failure to repay the loan as promised may also go on your credit history, which will make it difficult for you to gain credit in the future. Finally, you probably won't be able to borrow from Wonga again.
In a nutshell, please don’t take a Wonga loan if you think you might struggle to pay it back! It’s really not worth getting a black mark against your credit history for a few hundred pounds.
How do bank holidays and weekends affect the service?
They don't affect the service at all in most cases! Loan payments are normally made within minutes of approval, 24/7/365. The only time when this might not be the case if you use one of the smaller banks which hasn't yet implemented systems to allow fast cash transfers around the clock. If this is the case and your application is approved during a weekend or bank holiday, we'll get the cash to your account on the morning of the next business day.
What if I have a complaint?
We want to put a smile on your face every time you use our service. So if you have recently received a loan from us and aren’t happy with our service, please tell us.
We hope it never comes to this, but if you still feel unhappy after discussing the matter with us, you can make a formal complaint in writing to customercare@wonga.com. We will normally respond to your complaint – and endeavour to resolve it - within 48 working hours. If your complaint is particularly complex, however, it may take longer to investigate. In these cases, we will always explain why there is a delay and tell you when we will contact you again. If you are not satisfied with our response you can appeal the decision by writing to us again, stating your objections and providing any new information to be considered.
