Many people today feel the need to borrow some extra money in unforeseen circumstances but find it difficult to apply for a loan when it comes to banks because of the long process. Wonga brings people an easy solution for their financial needs.
Wonga is a company that works with two very important principals, flexibility and transparency. At Wonga, the system of borrowing involves the person selecting the amount that they need to borrow, with the amount they have to pay back with the total added interest rate showing right below it. The slider system on their site will help you choose your loan amount very easily. They believe that a person should always know the exact amount that they have to pay back, as this way the customer can make a careful decision before taking out a loan. Here’s all you need to know about the loans offered by Wonga:
Short Term Loans at Wonga
Wonga offers short term loans to people who are in immediate need, and has a fast system of money transfer. With the two slider systems on their website, you can enter the amount that you want to borrow plus the date that you prefer to pay the loan back on. New customers can borrow up to £400 and older customers can borrow up to £1000. Wonga warns their customers that they should not take out a loan if they are already in debt or if the loan is not of immediate need.
Conditions to Apply for a Loan at Wonga
To qualify for a Wonga loan, there are a few things that you need:
- You should be a UK resident
- You must be of age 18 and above
- You must have a bank account with a debit card
- You must own a mobile phone
You can apply for a Wonga loan if you pass the criteria but it is advisable to carefully consider your other options when taking out a loan, because in the case of late payments, extra costs will be added and in the case of failed repayment, credit reference agencies will keep the record and taking a loan in the future from any lender will become difficult.
Repaying with Wonga
Wonga uses CPA (continuous payment authority), mostly through the debit card that you have registered with the company. If you have enough money in your account, Wonga will automatically debit the money from your account on the promised date.
In case of an outstanding payment after that, the company will contact you and ask you if they can be of assistance. After 30 days of the initial borrowing date, the company will again try to take payment from the debit card but will inform you one day before they take it.
Wonga is committed to providing its customers with a platform where the company will lend responsibly to only those who they think can afford to pay back the amount. If you are having trouble paying back, Wonga provides help services where they facilitate their customers in any way possible. The company wants to help build their customers’ financial knowledge so that in the future, they can be a part of a responsible financial system.