Bonga Loans is a London-based payday loan lender allowing you to borrow up to £1,000 for 30 days maximum. They are a direct lender which means that you can apply directly on their website and they will underwrite your loan and transfer the funds to your account, there are no middlemen or any upfront fees.
Representative example: Amount of credit £300 for 30 days. Total amount repayable £372. Interest £72. Interest rate 292% p.a fixed. Representative 1272% APR (variable).
How Bonga Loans Is Different To Other Payday Lenders
Bonga Loans is different to other payday lenders because they offer text loans. This means that you have to verify your loan agreement with an SMS code before the funds can be transferred. Therefore, it is essential that you have a working mobile phone in the UK to be eligible for a loan with Bonga Loans.
How Much Can I Borrow From Bonga Loans?
The maximum you can borrow from Bonga Loans is £1,000. However, there is a limit for first-time borrowers so once you have repaid a few loans on time, you can borrow the maximum amount. There is no option to repay in instalments or have the loan open for more than a month.
How much you are able to borrow will depend on your credit and affordability checks. By checking your credit file through a credit reference agency, Bonga Loans are able to see how many other similar loans you have paid in the past and how many loans you currently have outstanding. This gives them an idea of whether you are able to afford repayment or not by getting an idea of your current financial situation.
In addition, lenders like Bonga Loans tend to run affordability measures which check if you can afford to repay your loan on time. Therefore, you must be in employment, either part-time or full-time and be receiving a monthly income to cover repayment. To confirm your affordability, you may be provided to prove your employment and salary by sending in a copy of your recent pay-slip or bank statement.
How Does Repayment Work With Bong Loans?
You are required to repay your loan with Bonga Loans in one full lump sum. The repayment will be collected automatically via your debit account and the collection will typically be taken on a scheduled date which is usually the day you get paid from work. You will receive email and text reminders on the days leading up to your repayment.
Useful Information about Bonga Loans
- If you fall to make repayment, there will be an additional default charge of up to £15.- Company Number: 7744136- Interim Permission Reference Number: 645934 Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk.