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Representative example: Borrowing: £1,200 Interest: 0.34% per day for up to 75 days (124% per annum, variable) Representative: 49.7% APR (variable)
“Wonga” is a slang term for money among people here in the UK. Online financial institutions have come up with short-term loans sometimes known as wonga loans to help people out when ends don’t meet. A short term loan is a loan that’s usually paid back in a number of months. We could help match you with the right short term wonga loan from £100 online in just a few minutes.
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As simple as it may be to apply, certain thresholds must first be met for one to be considered eligible for the loan. They include;
. You must be a resident of the UK
. You must be over 18 years old
. You must own a mobile phone
. You must own a bank account and be a debit card holder
If you have checked all the above, we may be able to match you with a suitable lender.
After filling out our online quote application form, we’ll automatically compare your details with the criteria of the short term lenders & payday loan lenders on our panel and match you ones that will be most likely to facilitate your loan.
Our online loan matching service is available 24/7.
It is important to provide the required personal details accurately in order to match you with the right lender for your specific circumstances. These details include;
• Personal address
• Employment details or business status
• Bank details (where your loan will be paid)
When providing the above details, accuracy, and honesty is key. This information is used to assess your affordability and determine which lenders will ultimately lend to you.
2. Quick response
Owing to everything being conducted online, cross-referencing of other financial online platforms is almost instant. This is what makes it possible for you to get your response in real-time as opposed to waiting a few days. As an applicant, the lenders on our panel may give you one of three responses. They include;
This means that everything checked out and your loan application has been accepted.
If for one reason or another, your application failed to satisfy all the requirements which led to the loan application’s denial. Usually, it will be clearly communicated to an applicant the reasons that may have forced the loan institution to come to such a conclusion.
In simple terms, this type of response means that the loan institution needs more time to look through your details and ultimately determine whether or not your loan application is viable. The waiting time, in this case, is usually a maximum of 24 hours.
If you qualified for the loan and have the money in your account, what next? When filling in your loan application details you provided your account information. On every loan payment due date, cash is deducted from your account to repay the loan. To avoid breaching the loan agreement make sure you have enough money in your account on repayment dates. If you are having trouble making scheduled payments due to unforeseen circumstances, please contact your lender who may be able to offer assistance.
If you’re is late on your loan repayments, you may risk these late repayments being reports to credit reference agencies. This, in turn, translates to a reduction in credit rating which might limit your chances of successfully applying for credit in future. If by chance you manage to have an institution accept your loan application in future, it may be more expensive for you than it would be for others whose credit rating is good.
Wonga loans are great as a solution to short-term financial needs. However, when looking for a long-term loan, you are better suited to look for other means to fund your specific financial demands.
A loan is more useful for an individual who already has a somewhat stable source of income who is confident that they can repay the loan as expected.
NOTE: We are in no way affiliated with Wonga.com or WDFC UK LTD who are now no longer operating as a lender.