Wonga is among the leading lenders in the short term loan market in the UK. Known for the excellent service they provide to their borrowers, Wonga also takes great pains to ensure greater transparency which helps borrowers by providing them complete access to useful information. Wonga uses tools like the payday slider, which is available on their homepage, to help potential borrowers calculate the exact amounts to be paid and the respective due dates. The fees that Wonga charges its borrowers vary based on the term of the loan and are not fixed amounts, unlike most other short term lenders. Combine these savings with those available with the use of a Wonga promo code and you'll be able to save a good chunk of money.
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Is Wonga a reputable lender?
Wonga has been in the short term loan market since 2007, and as their thousands of customers can attest, they are amongst the most popular lenders. They serve a larger portion of their market as they offer loans in amounts up to £1000, which is 33% higher than the industry standard of £750 per borrower.
While most short term lenders charge 25% interest for every 28 days, Wonga charges 1% interest per day. This can save you a significant amount of money if you only need to borrow for a few days. For instance, if you borrowed an amount for 10 days with any other lender, you'd have to pay 25% interest while with Wonga, you'd just have to pay interest for 10 days. You could save an additional 20% on these charges by making use of a Wonga promo code.
While Wonga limits the loan to a maximum of £400 for first time borrowers, it offers a loan of any amount between £1 and £1000 to repeat customers. It is easy to find lenders willing to lend more than £1000, but it is very difficult to borrow amounts smaller than £50, making Wonga the perfect choice for those looking for smaller loans.
Wonga Interest Rates
Loans from Wonga may appear more expensive at a 36% interest rate for a 30 day loan. However, digging deeper into their fee structure, it becomes apparent that it might actually be much cheaper to borrow from Wonga than other short term lenders. If you need to borrow for a period of less than 18 days, Wonga works out to be cheaper than the majority of other lenders. Again, this is because Wonga charges fees on a daily basis while the other short term lenders charge you the entire 30 day rate even if you repay the loan within 10 days.
For instance, if you borrow £100 from Wonga for 7 days, you'll have to pay £12.78 in interest charges. The interest for 14 days would be £20.07 and the interest for 18 days would be £24.23. Borrowing £100 from any other short term lender for 1 to 30 days will cost you £25 in interest charges. As you can see, depending on the term of the loan, you can save a nice chunk of change on fees by borrowing from Wonga. Using a Wonga promo code will only add to these savings.
Unlike other short term lenders who can take a couple of days to transfer the money to your bank account, with Wonga loans you receive your money on the same day. Bear in mind that with other lenders, even though you don't have the money for 2-3 days, you are still being charged interest for those days. Wonga has an exceptionally quick decision making process; borrowers can be approved in as little as 1 hour with the right documentation.
If you'd like to get the money from other lenders on the same day, they will usually charge you a fee of £20 for a same day transfer. All these charges can add up and the net interest rate you end up paying could be much higher than the original one you agree to. Luckily, there are no such hidden fees with Wonga.
Qualifying for a Wonga Loan
While Wonga performs routine credit checks like any other lender, you don't have to send them documents by fax or other means. Wonga allows you to complete the entire application process online with no further hassles.
All you need to do to qualify for a short term loan from Wonga is:
· Be at least 18 years of age
· Hold an active bank account with a debit card
· Be a UK resident
· Be fully employed
If you are able to satisfy these conditions, you could have your loan application approved extremely quickly and enjoy the favorable repayment terms Wonga offers.
Pros of short term loans from Wonga:
1. Wonga allows you to borrow a higher amount (£1000) compared to the other lenders (£750). Even the £400 that it allows new customers to borrow is higher than the amount other lenders allow their new customers.
2. The quick approval process and fast service at Wonga ensures that you receive the money very quickly, with some borrowers reportedly receiving their money within 20 minutes of completing the online application.
3. Depending on the term of your loan, you could save significantly on the interest charges you pay. The shorter the term of your loan, the more savings Wonga offers.
4. Wonga charges a £5.50 administration fee, which is lower than similar fees charged by other lenders.
5. Wonga provides tools like the loan slider which helps you accurately calculate how much money you'll have to repay and when your due date is.
6. Wonga is open to lending money to freelancers and consultants for a short term which isn't something that other short term lenders typically do.
7. Wonga transfers funds on all days including weekends.
8. You can use a Wonga promo code to save even more money.
Cons of short term loans from Wonga:
1. New applicants for a short term loan may have to fax or email their bank statement to support their loan applications. This may cause an additional delay as Wonga performs due diligence on your application.
2. Only applicants holding a debit card are eligible to apply for a short term loan with Wonga.
To Summarize:
Wonga has been proven to be among the most popular and friendly payday loan lenders in the UK. Many customers have left favorable reviews about their experience borrowing from Wonga. Wonga offers short term loans at terms which are friendlier to borrowers, and provides tools to help borrowers make well informed decisions regarding short term loans.
Based on customer feedback, Wonga is rated more highly than its competitors with regard to customer service, tools for borrowers, and short term repayment fees. Wonga's streamlined application process and excellent customer service ensure that borrowers receive the fast and reliable service they deserve.
In a perfect world, no one would ever require a short term payday loan, but in this one, lenders like Wonga make the process as painless as possible. Using a current Wonga promo code affords borrowers the opportunity to reduce their loan fees even further, making an already good deal even better. If you're currently in the market for a short term payday loan, visit the link below to get a valid Wonga promo code for 2012.
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