Wonga is an online lender giving solutions to those who need money fast and lets its customers pay monthly in order to spread their payments and make things easier. Getting in a fix with no money and no one to turn to is something most people have experienced. In light of this many lenders are operating with the internet being the forum of choice to get customers. Wonga is an online lender boasting a fast turn around time for those with pressing needs. New customers typically get a maximum of £400 while return customers get up to £1000. The lender offers to even clear bills. The potential customer guarantees the loan by his income. Payments are usually expected at the end of the month but they can be cleared earlier.
Loans and Pay Monthly
Wonga offers money all year round. They have several kinds of loans; quick loan that is repayable within a month, fast cash, cash advance, and quick quid loans. These loans are typically repayable within one month. Bills can also be paid for the customer. He just has to indicate the amount and the payee. These loans are backed by the salary of the customer. The maximum a new customer can get is £400 while return customers can access up to £1000. When an application is made approval is done in a matter of minutes and the money loaded into the account within 15 minutes. This is really fast compared to banks and other lenders. Wonga claims to use credit history files to make a quick decision.
For a loan application, personal details, home details and employment details are required. You need to indicate the kind of home occupation you have, marital status and even your dependants. The information is to correspond with the information in credit rating agencies. The application is really simple with a slider used to indicate the amount needed and the number of days, weeks or months that you think you can pay in.
Successful repayments gain customers a higher trust rating. The higher the trust rating the more you can get from Wonga. This they say is to encourage prompt pay monthly repayments. They also have a responsible lending policy. It is to encourage customers to borrow only what they can repay.
The best thing about making an application on Wonga is that you are able to see the details on interest rates and the amount you can expect to repay at the end of the period. Their fixed interest rate is 360% per annum or 4214% representative Annual Percentage Rate (APR). While this may seem a bit exorbitant, customers are encouraged to bear in mind they will hold the cash for only one month. For example a new customer looking for the maximum £400 to repay in one month will attract an interest of £125. The fact that a customer has a ceiling on the amount to borrow also shows how committed Wonga is to responsible lending.
Ease of use
The Wonga website is simply laid out and easy to use. On the home page the customer chooses the amounts needed and the days to repay in. The interest to be paid and the total amount are shown and if he is comfortable, he proceeds to apply. For bills there is a pay bills tab which will take you to a form where you fill the bill’s details. Then wait for an answer.