Wonga is one of the most talked about payday loan lenders. They've been existence since 2007, providing short-term loans to thousands of customers in the UK. They lend up to £1000 to both new and existing customers and this is slightly higher than the industry average of £750.
One of their unique features is they charge 1% per day on the loans they provide. And this is very different from the 25% per 28 days that many UK payday loan lenders charge.
All they require from you is:Be at least 18 years old Have a bank account with a debit card Be a UK resident And be fully employed
Wonga is certainly one of the best payday loan lenders in the UK. And many online reviews attest to this fact and show that they provide a good all-round service. Our rating on Wonga is 4.5 out of 5 stars. And that's because we like their unique features that distinguish it from other lenders and it has an excellent website packed with information.
There are pros and cons associated with Wonga and we've included the important ones below:
Pros
1. Wonga has a maximum loan amount of £1000 which is higher than other payday loan lenders. But they only provide £400 to new customers, which is still higher than what other lenders loan to new customers.
2. Wonga has the quickest fund deposit service and many customers claim they've received their money within 20 minutes; much faster than waiting hours with some lenders.
3. Wonga is potentially the cheapest payday loan lender. If, for example, you take out a loan with them 14 days away from your next payday, you'll only repay about £14 and use the money for any urgent need you have. So this is much cheaper than the £25 charge per £100 you borrow from other lenders, regardless of when you take out the loan.
4. They have a low administration fee of £5.50
5. Wonga has the best loan slider in the industry. It is a two-pronged loan slider that provides more information on how much you can borrow and for how long.
6. Unlike most lenders and brokers, Wonga is willing to consider freelancers and consultants too.
7. They transfer funds everyday and that includes the weekend.
Cons
1. Wonga may ask you to fax or email your bank statement and this is quite common for new applicants. And this may delay your application decision by over 24 hours
2. You need to have a debit card to apply for a loan and they won't accept a cash card.
3. Wonga carry out a credit check as part of their decision-making process. But a poor credit history doesn't mean your application will be declined. They look at your application as a whole and approve if they see you are able to repay the loan on your next payday, whether you have bad or good credit.
Summary
Overall, Wonga has many more positives than negatives and is one of the best lenders in the UK. They have a team that's ready to answer any question you have. And most of the information you'll need is easily found on their website.
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