How does Wonga work?

Wonga provides small and super-flexible loans around the clock. We're here to help solve urgent and short term cash flow problems. 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 15 minutes.

Wonga cash advances are for up to a month. 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 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 sophisticated 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 anything between £1 and £400 the first time you apply for a Wonga loan. 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 £1,000 - 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 financial health and track record with Wonga, so we reserve the right to change or limit the amount you can borrow, or decline future applications if we feel it's in your best interests.

How much does a Wonga loan cost?

Simply 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. We charge interest by by the day, so the shorter your loan period the less you'll pay for your cash. We also 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 be shown up-front.

Our flexible, short term service comes with a Typical 2689% APR, but bear in mind that the loan duration is only up to a month. We provide short term loans and APR is an industry standard calculation that looks at annual repayment costs.   

If your circumstances change and you can repay your Wonga loan earlier than expected, you could save money. You'll be welcome to repay early at any time and there's no hidden fee! Just click here and login to repay an outstanding loan.

Does Wonga require a credit check?

Yes, we carry out a credit check as part of our automated 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 online application. If you're an existing customer you can keep your details up to date in My Account. If we can't provide you with a loan at any time we'll always try to give you a reason for the decision, plus any actions you can take where possible.

What if I have bad credit?

Wonga uses a sophisticated and fully automated 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 lots of other factors as well as honesty and trust. You should therefore ensure you give us as much personal information as possible during your application - and that it's accurate.

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 your star sign, favourite takeaway and inside leg measurement. Oooonly joking! We need to know personal details like your name, address, phone numbers and income. Plus your bank account and debit card details. We need this info so we can be sure who's applying, to check if Wonga is a suitable solution for you and as part of our payment 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 an active 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 what you need the money for would be for research purposes and any information given in those cases would be received 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. As with any form of credit, it's always worth asking yourself if you really need to borrow the cash before applying but, if the answer's a definite yes, then we're here to help. 

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. There are also 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 a month. 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 credit commitments will be taken into consideration when our automated system makes a decision and we only lend to people whom we believe can afford the service. But if you know you're already experiencing problems meeting existing financial commitments, please don't apply in the first place. Our loan will only add to your commitments and it will need repaying within a month. Instead, we recommend you talk to the good people at the Consumer Advice Bureau or visit the Consumer Credit Counselling Service. 

How long will it take to get my loan?

Not long at all! We usually make payment within 15 minutes of an application being approved, no matter what time or day of the week it is. 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. 

Please also bear in mind that, although we guarantee payment within 15 minutes of approval, the banks can't always keep up with us and the funds may take longer to show on your balance, depending on who you bank with. If in doubt, contact your bank to check if you've received the cash, as new deposits often take longer to show on the ATM network or via online banking for example.

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 one day and a month. Simply use the sliders on the home page. You need to repay a Wonga loan on the date you promise to, so 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 MyAccount section of the site and we welcome early repayment at any time with no hidden fees. You can repay a loan yourself by clicking here and logging in with your usual email and password.

How do I repay a loan?

Simply by ensuring the required cash is available in your bank account (the one linked to your specified 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 repay a loan early you'll be welcome to! You can repay a loan at any time, simply by clicking here and logging in with your usual email and password. You can also view the current balance of a live loan in the MyAccount section of the website, which will show you how much you could save by repaying Wonga early. You certainly won't get hit with any hidden fees for early settlement, as you would with many traditional lenders.

For security purposes, you should never send your debit card details via email or Live Chat. You can add or update card details in the secure My Account section of the website or call us for assistance.

What happens if I might struggle to repay my loan - can I extend?

We understand that unexpected stuff happens in life - that's why we offer our service! But we normally require full repayment on the date you originally pick. For that reason we won't keep rolling your balance endlessly from month to month, which can sometimes happen with payday loans, credit cards and overdrafts. 

If there's an unavoidable change in your circumstances, however, you may extend your loan for up to a month from the current promise date on a strictly limited basis. You can do this yourself by logging into the MyAccount area of the site, or clicking here.

Simply select the new date and you'll be shown exactly how much extra your repayment will be. Remember that extending a loan will always cost you more and should therefore be avoided if possible. A £10.00 extension fee will be added to your balance and interest will continue to accrue (at the same rate as normal) during the extension period. 

Unlike some less scrupulous lenders, we also require a 20% part-payment of the current balance to approve an extension. This not only helps rebuild our faith in you. but also reduces the outstanding balance on which interest will apply. So please only arrange 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?

We make every effort to avoid that situation and the vast majority of customers repay our trust in them. So we hope it never comes to this, but here's a straightforward explanation of what could happen if you don't repay a cash advance as promised...

If our first, early morning collection attempt is declined by your bank - because you haven't ensured there are enough funds available - a £7.50 missed payment fee will be added to your balance. We always hope to resolve the situation that day but, if we still haven't received full repayment by 5pm on the due date, you will then incur a further fee of £17.50 (total of £25) towards the cost of a failed collection. We will then make further attempts to collect the money from your card and also keep trying to contact you to discuss the situation with you as soon as possible.

Your account will be handled by our professional collections team. They will do their best to come to an arrangement with you and help you resolve things, which is always our goal. Wonga doesn't believe in hitting you with multiple charges, like most traditional lenders will, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. If you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external collections partner.

Continued failure to repay a loan will mean credit reference agencies (CRAs) will record the outstanding debt. This information may be supplied to other organisations by CRAs and fraud protection agencies to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for six years after they are closed, whether settled by you or defaulted.

Finally, your Wonga trust rating will be hit hard and you probably won't be able to borrow from us again. In a nutshell, please don’t apply for a loan if you think you might struggle to pay it back in full and on time. It’s really not worth the potential consequences 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. Typically this small delay applies to less than 5% of our applicants.

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.

Finally, we are a member of the Finance and Leasing Association (FLA) and abide by its Lending Code, so you can register a complaint via them if you have already contacted us and feel we have not responded to your concerns or resolved the matter fairly.