Things to consider if you need to borrow money

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

We’re flexible and put you in control of your loan, which means you can choose how much to borrow and how long for. We show you the total cost of your loan upfront so you can consider if we’re right for you before you apply.

We’re not the only way to borrow money, and we’re not right for everyone as our service isn’t designed for long term borrowing or for borrowing large amounts.

£ max £400
days

(Repayment date: Friday 27th Mar 2015 )

Borrowing £111 + Interest £24.86 = Total to repay £135.86


Representative example

Amount of credit: £100 for 13 days. Interest rate: 292%pa (fixed).

One total repayment of: £110.40. Representative 1,509%APR.

Update on the historical debt collection practice issue

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Is a Wonga loan right for you?

Our loans are for short term use only. If you miss your repayment, a default fee may be charged and it may impact your credit rating.
Get more facts »

Wonga is committed to responsible lending and the Good Practice Customer Charter

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.

  • Bank overdraft
  • Credit card
  • Short term loans or payday loans
  • Unsecured personal loans
  • Secured bank loans
  • Store cards
  • Store financing

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 if applying or taking a loan may impact on your credit rating
  • Read the small print to make sure you know all the fees which may apply
  • 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 choose exactly how much to borrow and how long for, and we’ll show the full cost upfront with no hidden fees.
You can apply online 24/7, all year round, and if your loan is approved, we’ll send the cash within five minutes.

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

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

To be eligible 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

If you’d like to get in touch, feel free to call our customer care team on 0207 138 8330 or email us at customercare@wonga.com