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Representative example: If you borrow £3,250 over 36 months at a Representative rate of 49.9% APR and an annual interest rate of 41.16% (fixed), you would pay 36 instalments of £158.57. The total charge of credit will be £2,464.57 and the total amount payable will be £5,714.67
“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.
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 lenders on our panel and match you ones that will be most likely to facilitate your loan.
Using our loan matching service is done completely online and is available 24/7. Here there are no phone calls and no paperwork.
It is advisable to key in all the required personal details accurately. 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 conduct online credit checks.
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 lender you’ve applied to may give you one of three responses. They include;
This means that everything checked out and your loan application has been accepted.
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 pocket, what next? When filling in your loan application details you provided your debit card information. On every loan payment due date, cash is deducted from your debit card to repay the loan. To avoid breaching the loan agreement make sure you have enough money in your card. If you ar having trouble making scheduled payments due to unforseen circumstances, please contact your lender who may be able to offer assistance.
If one is late on forfeiting their loan repayment, they risk being reported to the credit reference agencies. This, in turn, translates to one being flagged with a bad credit rating which might limit their chances of successfully applying for a loan again 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 and who is confident that they can repay the loan as expected.