WONGA.COM REVIEW
Wonga supplies loans starting from as little as £1, going up to £400 for new customers and £1000 for repeat-customers. Compared to most other payday loan providers, their range is among the most flexible ones, especially when it comes to microcredit.
At 4214%, their APR is quite substantial to say the least. However, different from most other payday lenders, Wonga has not got a fixed loan period. Instead, they charge interest per day. If you wish to take out a standard 30-day payday loan, each £100 will cost you £136.72 (inclusive of a £5.50 transmission charge). However, should you make your loan period shorter, the cost of the loan will decrease accordingly. If you wish to know exactly how much your individual loan request would cost you, the handly loan tool on their website will do the calculations for you.
Wonga was established at 2007 and its offices are located in London.
The application form on their website is a secure one.
They do same day transfers and claim to get the money transferred to your bank account within 15mins only. This comes at a price of £5.50 as mentioned above and there seems to be no possibility to opt out.
All prospective customers are credit checked at Wonga.
They do not require you to fax in any documents.
In order for your loan application to be successful, you need to be in receipt a regular income.
Direct debit is not accepted at Wonga, meaning that only those with a valid debit card are able to get a loan.
