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Product Guide: Wonga


Quick Pay Day Loan Overview

  • Minimum Loan Amount: R100
  • Maximum Loan Amount: R8,000
  • Minimum of the Loan: 1 Month
  • Maximum Length of the Loan: 2 Months
  • APR per day: 0.17%

Wonga Loans boasts a quick and easy loan application process with some simple steps

  • Apply online 24/7
  • No hidden charges
  • No branch visits
  • Also available on mobile

There’s a cool feedback statistic that will quickly show you whether Wonga is the loan provider for you. Wonga offers flexible, short term loans that are split into loans of up to R3,000 for new customers and loans of up to R8,000 for existing customers.

You can use their slider tool to have a glance at what your repayment and interest will look like. If you’ve sniffed out some suspicious behaviour, they also have a hotline on their homepage immediately available as a number or mail to make sure you’re not being sharked by a Wonga imposter!

How Wonga Loans Work

Applying for a Wonga Loan is simple because their unique service is online from start to finish. To kick-off, use the sliders on the homepage to decide exactly how much cash you want to borrow and how many days you need it for. Wonga will show you the full cost and, once you’re happy, you can click apply. They will then ask you for some personal details and banking information for their super-speedy credit check.

Wonga usually provides an answer almost instantly and, if approved, they send the cash to your bank before you know it! Wonga promises that this makes them the fastest and most flexible lender in the land.

On your chosen date, Wonga collects a single payment from your bank account, so you just need to ensure the required funds are available. You can initially request any amount up to R3,000 and, should you choose to use Wonga more than once and providing you use the service responsibly, they may gradually increase your Wonga trust rating, giving you more borrowing flexibility if you ever need it. Once you have an account, you’ll find the application is even faster next time too!

If you would like to learn some more on Wonga Loans, view the informative infographic and their online tool on the How it Works page. Also, learn the Wonga perspective on some of the following:

  • Short Term Credit
  • Transparency
  • Failure to stick to your side of the deal

We definitely recommend having a look at the Wonga Advice page to learn more about loans and also score a free pdf guide called the Quick Guide to Borrowing.

Some Background on Wonga

Wonga was founded in London by two South Africans who wanted to the turn the credit market upside down. They spent three years perfecting the service in the UK, building it into one of the most innovative credit businesses around. Now they feel it is good enough to help customers in other regions, so it is only natural for them to want to bring it home to Mzansi. It is Wonga’s mission to solve people’s short term and urgent cash flow problems with an equally short term and responsible solution.

Wonga plans to transform the South African credit market by offering small, short term loans online with more speed, convenience and flexibility than banks, traditional lenders and other websites. They remove the complexity and inflexibility consumers face whenever they need to borrow some cash in a hurry. They are a registered Credit Provider and are regulated by the National Credit Act.

Wonga Credibility

  • 99% of Wonga customers would recommend Wonga to their friends or family
  • 98% of Wonga customers found the service easy to use
  • 97% say they would use Wonga again if they needed another loan
  • 90% say using Wonga is either much better or better than using other credit providers


  

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Fincheck is a financial comparisons website that organises information to assist the borrower in making their best financial decision.

Fincheck gathers information from numerous banking partners and presents it to the borrower in a simple, understandable way. Lenders benefit from an additional market place and extensive customer reach. Loan amounts vary from lender to lender. Fees, interest rates, loan amounts and credit scores influence the repayment terms. Lenders require personal details to control their risk and assist the government to combat theft, money laundering, terrorism. Fincheck does not endorse any particular product or company. We are an independent company. The information shown and provided is an opinion, based on numbers and must not be seen as advice or consultation.