About Wonga
Wonga is a ground-breaking online lender based in London. We launched our first website in October 2007 and rapidly became one of the UK’s most innovative credit businesses. We're backed by major investors including Balderton Capital, Greylock Partners, Accel Partners and Dawn Capital and our mission is to provide consumers with instant money whenever they need it.
We are transforming the UK credit market by offering small, short term loans online with more speed, convenience and flexibility than banks, high street lenders and other websites. We remove the complexity and inflexibility consumers face whenever they need to borrow some cash in a hurry. We have a consumer credit licence from the Office of Fair Trading and are members of the Finance and Leasing Association.
Wonga offers flexible personal loans online
(Data from online customer survey, September 2009) Wonga: slang term for cash or money, used in the UK and especially in London (“A whole lotta wonga”). From the Romany word wanger (coal) - coal was sometimes used as a casual term for money in England in the 18th and 19th centuries. |
We're different
Wonga is different from other online lenders because our sophisticated risk and decision technology means the application and approval process takes literally minutes. We are the first company in the world to fully automate the lending process and we are able to make completely objective and responsible decisions around the clock. There’s no paperwork, meetings with bank managers or hanging on the phone – our entire service is online and real-time. We are also uniquely flexible, allowing applicants to choose exactly how much cash they want to borrow and for how many days they need it. Our customers aren't forced to borrow a fixed sum they might not need, or pay interest for any longer than necessary.
We're fast
Applicants simply decide how much they want to borrow, for how many days, and we calculate the interest and total cost in real-time before they proceed. Once an application is approved, we can deposit the money straight into a bank account within minutes - 24/7/365. Even collection is hassle-free, as we take a single repayment from a debit card on the date agreed.
We're responsible
Wonga offers short term loans for up to a month and we make money when our customers repay us quickly, not by continually extending a growing line of credit. We are serious about our commitment to responsible lending.
Wonga moments
In an ideal world no-one would need to borrow money but, in reality, everybody has the occasional Wonga moment - those times in life where an urgent expense or purchase pops up from nowhere and at a really bad time. You need some cash to tide you over for a few days or weeks and you need it fast. We believe it's best to sort out short term cash flow problems with a short term solution. So whether it’s the car that’s just conked out, an urgent bill has landed or you’ve just remembered your wedding anniversary with hours to spare... Don't worry, Wonga it!
