Loan Amount
£1000
Loan Tearms
35 days
£100 repaid 28 days later
£122.40
Representative APR
1509% APR
Representative Example: If you borrow £100 over 13 days at an annual interest rate of 292% (fixed), you would pay 1 payment of £110.40. The total charge for credit will be £10.40 and the total amount payable will be £110.40
Wonga (wonga.com) offers products uniquely designed to provide solutions for financial needs of the everyday modern life, especially for those who are not well served by the mainstream finance. They take pride in reinventing short term, unsecured loans as they give the applicants the ability and privilege to choose exactly how much cash they want to borrow, and then transparently showing a clear and concise price based on the length of time the money is needed for. That of which leads us to their two principles: flexibility and transparency.
Wonga Group Ltd is made up of a number of international financial services businesses, launched in 2007. They are best known for their Wonga short term loan product as they are responsible and have high ratings. Matured as a business, the payday lender believes they have learned from the mistakes they have made along the way, and have improved significantly as they put their customers always at first. Powerful, automated decisions are provided to applicants, and they are based on the information provided in the applications, Credit Reference Agency data, and other sources.
With Short Term Loan, first-timers can borrow up to £400, and will be in your bank account within 5 minutes of approval. Existing customers may be able to borrow up to £1000, depending on their current personal application limit. Flexi Loan, on the other hand, lets first-timers borrow £500 while existing customers can borrow up to £1,500. The repayments are spread over 3 monthly installments.
To apply, you’re required to have the following in check:
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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