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Things to consider if you need to borrow money

Welcome to Wonga. We’re here to help solve urgent, short term unexpected cash needs.

We’re flexible as you can set how much you want to borrow and when you want to pay back. We also show you the total cost of your loan upfront so you can decide whether a loan is right for you before you apply.

We’re not the only way to borrow money, and we’re not right for everyone. Our loans are for short term use only and may not be the cheapest option. You shouldn’t use them to manage existing debt or if you’re already under financial strain.

Top tips when looking to borrow money

1) Deciding whether to borrow money

First, you need to think carefully about whether you really need to borrow money at all. You should always think carefully before committing to any form of credit.

2) What are your credit requirements?

If you do decide to borrow money, it’s important to research all the available options based on your specific needs.

Ask yourself these questions:

  • How much can I afford to borrow?
  • How long do I want to borrow for?
  • Do I want to pay back in one lump sum or in monthly or weekly instalments?
  • How much can I afford to pay using weekly or monthly instalments, taking into account my normal spending and saving?

Once you know what you how much you want to borrow, how long you want it for and when/how you can afford to pay back, then you can consider your available credit options.

3) Credit options

There are many ways to borrow money. Some examples are listed below, but you can research them in more detail through helpful websites like the Money Advice Service.

Remember you should only choose the option that is suitable for your financial circumstances. If you’re not sure you can afford a loan, or comfortably repay on your chosen repayment date, please seek advice before making a decision.

4) Things to look out for

When you’re comparing your credit options, you should:

  • Check whether you are eligible to apply
  • Compare the fees between products and make sure you fully understand all the costs before you apply
  • Understand the impact of a loan on your credit rating
  • Check if there are early repayment charges
  • Find out how the lender will collect the loan repayment(s)
  • Check what information (including any documents) you’ll need to provide

Applying for a Wonga loan

With Wonga, by using the sliders you can set how much you want to borrow and how long for, and we’ll show the full cost upfront with no hidden fees. You can apply online 24/7. If your application is approved, we’ll send the cash within five minutes.

We always encourage our customers to pay back early - you’ll save on interest as we only charge interest for the days you borrow and there are no early repayment fees.

To apply for a Wonga loan, you must:

  • Be a UK resident
  • Be over 18
  • Have a UK bank account and debit card
  • Own a mobile phone

To find out more about our service, please see how it works.