Payday loans alternative
Wonga's payday loans alternative puts you in control
Welcome to Wonga. We know you just searched for payday loans - you might be glad you found us!
Wonga is super fast, convenient and flexible too – unlike most payday loans. You can apply online in minutes and usually get a decision promptly– no faxing, no meetings and no hanging on the phone listening to cheesy lift music. That’s because we are different to payday loans. The entire approval process is online, once approved we will send your money within fifteen minutes.
Benefits of using Wonga
Can I repay back early?
It seems strange, but some payday loan companies have a penalty charge in place if you decide to repay early. We don’t think that’s quite right. If you find that you can repay before the deadline, then do it – and you will save on interest. Just log into your Wonga account and have it sorted in no time.
What makes using Wonga easy?
You should always note down the date your loan is due to be repaid, but you won’t have to make that payment to Wonga yourself – we will ask for it from your bank using the details you have given us. You just need to make sure you’ve got enough money in your account to cover the full loan amount first thing in the morning on your promise date.
Being transparent
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 despatch system. All of this information is provided so you can judge the cost before you apply and make sure you are making an informed comparison between Wonga and conventional Payday loan companies.
What happens once I get my first loan?
You can also find out all you need to know about your loan from the comfort and privacy of your own home. When you take out a short-term loan with Wonga, you’ll create a secure account on our website that gives you all the details about your loan. You’ll also use your special account to see how much money Wonga will allow you to borrow – if you need to use our services more than once and show that you are a reliable borrower with good credit, you’ll build up a good trust rating. With that, you can eventually borrow up to £1,000.
How does Wonga compare to typical payday loan companies?
(all information correct as of 29 February 2012)
What do other people think of Wonga?
Finding out what other Wonga customers think of the service might help. You also can read a number of comments on this website from people who have used Wonga before. It’s not just Wonga saying we have a knack with customers – last year, we were recognised for “Customer Experience of the Year for Financial Services including Contact Centres” from the UK Customer Experience Awards. It’s a mouthful, but it shows that we’re doing something right.
95% of our customers are satisfied with the overall Wonga experience
96% of our customers feel well informed whilst using Wonga
86% who have used another online lender rate Wonga's service better
96% of our customers agree our service is easy to use
Reference: Google Product Review
