How Wonga worksApplying for a Wonga loan is simple. There’s no nightmare paperwork to tackle, documents to fax or cheesy hold music to endure, because our unique service is online from start to finish. Use our sliders to decide exactly how much cash you want to borrow and how many days you need it for. We'll show you the full cost of repayment and, once you're happy with everything, click apply. We'll then ask for some personal details and banking information for our super-fast credit check.
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On your chosen date we collect a single payment from your debit card, so you just need to ensure the required funds are available in the associated bank account |
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You can initially request any amount up to £400. Should you choose to use Wonga more than once - and providing you use the service responsibly - we may increase your Wonga trust rating, giving you more borrowing flexibility in the future |
If you're still feeling a bit foggy, there's further info below or check out our FAQ page for answers to most specific questions.
Short-term credit
We don’t want to keep you in debt. That may sound funny coming from any lender, but Wonga provides short term loans for a few days or weeks. We’ll only lend you money for up to a month and you are always free to make an early repayment and save money, with no hidden fees. Unlike some lenders, we won’t keep rolling your balance endlessly or encourage you to make minimum repayments. So please think very carefully before you apply, because we expect you to repay us when you promise to.
Transparency
We will always tell you what the full cost of repayment will be upfront. There are no catches or extra costs to worry about, providing you stick to your side of the deal. Our service has a Representative APR of 4214%, but bear in mind that APR is a measure of annual interest and assumes theoretical compounding. A Wonga loan is only for between one day and a month and the shorter (and lower cost) our loans become, the higher the APR becomes! We also display a representative example of the cost of a loan to show you a clear breakdown of interest and fees and how that is represented as an APR or annual rate. Included in this information is our £5.50 transmission fee that helps cover the cost of our super-fast cash deposit system. All of this information is provided so you can judge the cost before you apply.
Failure to stick to your side of the deal
The only way costs will mount beyond our initial calculation is if you don’t keep your promise. In other words, if you ask us to change your chosen repayment date or don’t ensure enough funds are available for automatic collection. If our early morning collection attempt is declined by your bank - because you haven't ensured enough funds are available - we will do our best to contact you. We always seek to understand any problems and resolve the situation that day but, if we still haven't received full repayment by 5pm, you will incur a £20 missed payment fee towards the cost of a failed collection.
If we cannot collect the money you owe us from 5am on the day you have chosen to repay we will make further attempts to collect the money you owe us either in one payment or in several amounts from your card on a continuous basis until the amount you owe us is repaid and our professional collections team will also keep trying to contact you to discuss the situation. If your circumstances have changed significantly, they will do their best to offer a solution and come to an arrangement that helps you get back on your feet, which is always our goal.
We don't believe in hitting you with multiple charges, like many 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. And 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 partner.
Continued failure to repay a loan will also 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 affected and you probably won't be able to borrow from us again if you were to need our service in the future.
None of these things are worth risking if you have doubts over whether you will be able to repay a loan comfortably. If that's the case, please don't apply in the first place. We use award winning technology and all the public data we can get our hands on to make the best lending decisions possible, but we also urge you to consider the serious nature of the commitment before applying.