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Welcome to Wonga Payday Loans

Payday loans from £50 - £500 sent within 5 minutes of approval

Is a Wonga Payday Loan right for you?

Our loans are for short term use only and may not be the cheapest option

Late repayment will mean extra costs and may affect your credit rating

You shouldn't use our loans to manage existing debt

If you take out loans regularly Wonga may not be right for you

You should only take out a loan if you are comfortable you can repay on time

A guide to payday loans

It's always important to thoroughly understand the details of a product before buying it. Would you buy a car without first checking how expensive it would be to run, or how many people it can hold?

The same applies to payday loans – what are they used for? How can you apply? How quickly will you get your money?

We've put together this handy guide to answer all of the important questions when you want to borrow money and need to know if a payday loan is right for you.

What is a payday loan?

Payday loans can be useful if you need a small loan (usually between £50-£1,000), at short notice, for a small period of time (usually between 1 day and 30 days). They are designed to give you cash for unexpected, one-off expenses and act as a bridge to tide you over until payday. Due to their short repayment period, they have a small credit limit and a relatively higher APR.

What is a payday advance?

A payday advance is just another way of describing a payday loan. Other names you might see include fast cash advance. These types of loans are usually taken out online which means the borrower gets a lending decision from the comfort of their own home. The name "payday loan" comes from the borrower typically being given a set amount of money based on their pay, which is repaid on their next payday.

Applying for a payday loan online

When you apply for payday loans online you won't be asked to supply any paperwork or speak to anyone on the phone. You'll usually be asked for your address, bank and employment details. Your employer is not usually contacted, but it is common for a lender to run an online credit check. One reason borrowers choose to apply online is because they usually receive a decision almost instantly. Applying for a payday loan is often easier than a traditional loan, but people should be wary of lenders offering "easy payday loans" or "no credit check payday loans" as it may mean they do not provide sufficient verification checks designed to protect customers.

Do Wonga offer "quick payday loans"?

Lenders like to advertise "quick payday loans" or "quick cash loans" as potential customers are specifically looking for a fast solution for their financial issue when applying. Be careful of companies that offer them however, as they may not have your best interests at heart – it’s important to choose a company that does the proper checks to see if you can afford a loan. Wonga does not offer "quick payday loans" or "quick cash loans" but once you submit your application, we will typically give you an on the spot loan decision once our checks are complete. For more information, read our guide to quick loans.

Is Wonga a direct loan lender?

There are two types of payday loan websites – "brokers" and "direct lenders". Wonga is a direct payday lender, offering payday loans directly to customers online. Your application comes directly to us, we assess it and we approve you based on our lending criteria. One advantage of using direct payday lenders only, and not brokers, is that you are dealing directly with the lender. Brokers, however, are there to help you find a direct lender. They will submit your applications to various lenders to find one that will lend to you. With Wonga, you won’t have any broker fees or middlemen and there is less chance of miscommunication, as the lending facts are presented clearly before you apply.

What makes Wonga different?

We're different to other payday lenders because you choose exactly how much you want to borrow and when you want to pay back. Simply use the sliders on our Short Term Loan homepage or Flexi Loan homepage to decide exactly how much you want to borrow and how long for. You'll see the full cost upfront and there are no hidden fees. We're here to solve our customers' short term, urgent cash needs. If you need to solve an emergency or unexpected bill we may be able to help.

Please make sure you meet the minimum requirements for applying for a loan at Wonga:

 

  • Be over 18
  • Be a bank account and debit card holder
  • Be a mobile phone owner
  • Live in the UK

Answering yes to these questions means you can apply for a Wonga loan, but we can't guarantee acceptance. We always assess each application individually and only lend to people we think can afford to repay on time.

How much does a Wonga loan cost?

To find out how much a Wonga loan costs, simply select how much you'd like to borrow and when you want to pay us back. Before you apply you'll be shown exactly how much you have to repay including interest. For more information on how much our loans cost, please see how Short Term Loans work or how Flexi Loans work. You can choose to borrow between £50 and £1000 and from 1 or 3 repayments.

What are my repayment options?

At Wonga, we've made repaying simple. We'll take payment from the debit card you register with us, on the dates you choose when you apply. As long as there is enough money in the bank account from 5am on each repayment date we'll take care of it automatically. If we're not able to collect on a repayment date, we'll contact you via email or SMS to find out why the collection attempt failed and what we can do to help. For more information, read our guide to repaying your loan.

Frequently asked questions:

What is the best loan for you?

What does bad credit mean?

Who can apply for a £100 loan?

How can I improve my bad credit history?

What are cash loans?

What are same day loans?

What is the difference between a loan calculator and an interest calculator?

See what Wonga customers say about us