Wonga

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Company Information

  • Company Name:
    Wonga
  • Website Address:
  • FCA IP:
    611974
  • Business address:
    WDFC UK Limited, 88 Crawford Street, London, W1H 2EJ
  • Phone number:
    0207 138 8330

Wonga (Wonga.com) is an online short-term loan lender based in London, United Kingdom. It was founded in 2006, and the company website was launched the following year. Wonga boasts of being one of the country’s premier credit providers. To its credit, the company was named the number one company in The Sunday Times’ Tech Track 100 list in 2011; the article noted a fivefold increase in loans from the previous year.

APPLICATION REQUIREMENTS:

Wonga requires that you are 18 years of age and older, a resident of the UK, have a bank account with accompanying debit card, and own a mobile phone for loan eligibility. The company does not recommend that you apply if you have long-term financial issues.

LOAN AMOUNT AND CHARGES:

As a first time customer at Wonga, you can borrow up to £400 for a time period of up to 39 days. Interest and fees depend on the loan amount and the time period; it can vary from £5.57 to £163.65. Existing customers, or people who have paid off their first Wonga loan, can borrow up to £1,000. However, that maximum amount is determined by your trust rating. There’s a £5.50 transmission fee and £10 extension fee, and Wonga charges you £30 when you miss a payment date.

PROCESS:

Once you send in your details in the loan application, Wonga will review it and send you one of three decisions on-screen: Approved, Denied or Referred. With the Referred decision, Wonga needs more details before issuing an approval or denial. If approved, the funds are usually sent 5 minutes after approval, at any time or day of the week; it takes up to 15 minutes for the money to appear in your account.

PAYMENT:

Wonga recommends that you ensure that the funds are ready in your account by 5 a.m. on your due date. The company automatically collects the repayment from your debit card. If you are having difficulties making the payment, you can file for an extension.

160 Reviews of Wonga have been submitted - read the latest 3 below

When I think of payday loans I immediately think Wonga. It's the same for most of my mates too. We all use payday loans quite a bit and most of the time we use Wonga. If you get refused a loan from Wonga you can pretty much assume that most payday lenders will refuse you or charge you a really high interest rate. Wonga are a really fair lender and my loans never cost me a great deal more than it would if I had borrowed the money from a mate and then treated them to a few pints down at the pub as a way of thanking them. Personally I prefer to use Wonga as it is a lot less hassle than asking a mate.

Review posted by Steve, Beckenham

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

I know there are loads of payday lenders out there but I keep going back to Wonga because I like how easy their loan application is and how quickly they can get your money to you once the loan has been approved. You know within minutes if your loan has been approved or declined and I have never yet had a loan referred so I don't know how much longer it would take if I did get a referred response. I always seem to be able to get my loans easily but maybe it's because I don't borrow a lot each time. So far I have not had to pay for an extension on any of my loans and I'd like to try and keep it that way because it just makes the loan a lot cheaper if you can avoid any extra charges.

Review posted by Jamie Beadle, Runcorn

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

I've only ever used Wonga for small loans usually a week or two before I get paid so I am never paying a lot in interest rates and I always make sure the funds are there so that the repayment goes through without any problems. So far this has meant I have never regretted taking out a Wonga loan and have even recommended them to friends which is not something I would normally do. I always point out that there are risks with any payday loan especially if you are late or miss a repayment but if like me you stick to someone like Wonga and always make sure you repay the loan on time they can work out to be a really good way of getting yourself through to payday when you are low on cash.

Review posted by Fran Carr, Gillingham

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money