Payday Loans Online
Payday loans are in the news a lot these days and usually not for their positive benefits. You tend to mostly hear about their “astronomical” APR and how they’ve left people in ruins. Well, we’re here to give it to you straight; the pros and cons of Wonga loans online.
First of all, Wonga is not a payday loan because we do not require customers to repay on their payday and we offer several other unique benefits. However, since "payday loan" is such a popular term, we'll go ahead and use it in the following discussion of the pros and cons of payday loans online simply for ease of communication.
The pros of payday loans online
• Flexibility
Wonga loans are the most flexible payday loans out there. Customers can borrow money for just one day to the maximum of a month. You won’t find a bank that will lend you money for five days and it costs less to take a payday loan online with Wonga that it would to go into your overdraft.
• Speed
At Wonga, we understand that unexpected expenses require a quick response. It’s our goal to get you fast cash when you need it and not have you waiting for days. The Wonga application is quick and straight-forward and in most instances the decision is given instantly. Once approved, the cash will be deposited into your account within 15 minutes, guaranteed. Not only do we get you cash fast, but we can do that any day of the week. Our service is 24/7.
• Online
Wonga payday loans online are just that - online, 100%. We do not ask you to fax us any documents or to come by our offices to collect your money. We want you to be able to access Wonga where it’s convenient for you, whether that be at home, work, the coffee shop or the library. Without all that paper to file, we must be a pretty green office!
The cons of payday loans online
• Roll-overs
A lot of people like to find fault with loan extensions or roll-overs because it incurs more fees and interest. Wonga encourages all customers to plan ahead for the repayment of their online payday loan. We only want customers who can repay their loan within a month. Extensions may be necessary in the case of a lost or stolen wallet or a delayed payday.
• APR
This is the big one...the extortionate annual percentage rate. You can’t look at the annual cost of a one month loan, it simply doesn’t add up. Wonga provides an excellent explanation of payday loan APRs on our website.
• Eternal debt
We hear so often that payday loans keep people in debt. Payday loans don’t keep people in debt, consumers keep themselves in debt. Responsible lending is the foundation that Wonga was built on and we encourage responsible borrowing. Wonga offers borrowing advice on our website.
