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Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).
Wonga is a common term for money among people here in the UK. In a world full of financial demands left, right and center, all you need to see a certain need met is a little financial help from someone. Sometimes that someone is a simple click away on the internet. Online financial institutions have come up with short-term loans otherwise known as Wonga loans to help people out financially. They are accommodating and easy to work with. A Wonga loan is the quickest way to get a little money without having to sift through piles of paper and thereafter having to wait for days before your application is approved or rejected. Read on to find out details relating to how you can get a Wonga loan.
As simple as it may be to apply for Wonga loans, 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, get on your computer or internet and log on to your favourite online financial institution.
On the online platform, fill in how much money you want to borrow. Thereafter, indicate which date you want to pay the loan back. Once you are done keying in all these details the calculator will reveal how much the loan will cost.
One advantage Wonga loans have over actual banking institutions is the swift nature of applying and getting a Wonga UK loan. Here there are no phone calls and no paperwork. You will find detailed explanations answering all burning questions you may have including terms, conditions and how the Wonga loan works.
It is advisable to key in all the required personal details accurately. These details include;
• Personal address
• Employment details or business status
When providing the above details, accuracy, and honesty is key. This information is used to conduct online credit checks. If the information revealed after the credit check matches that which you just provided, then you are safe. Failing to provide honest details will automatically disqualify you from getting an approved’ response on your loan request.
2. Quick response
Owing to everything being conducted online, cross-referencing of other financial online platforms and government sites 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, you will get 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.
Note that Wonga loans are offered only to those borrowers who show that they can pay it back.
The final step involves receiving a copy of an agreement which you are required to thoroughly read through. If you are happy with it, you can go ahead and accept the loan and the agreement that comes with it. Remember you are doing this online, and your decision to click ccept’ also serves as your signature. Thereafter the cash is immediately sent to you.
So now that 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.
You always have the option of paying the money you borrowed either in full or in part at whatever point between the loan application date and the final due date. In fact, you will end up saving interest that you would have otherwise paid if you followed the normal repayment schedule.
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.
Due to unavoidable circumstances, an applicant is unable to honour the agreement to make their payment by the said duration. The right thing to do would be to reach out to your loaning institution and inform them that you may be unable to make the payments as expected. This gives both of you a chance to come up with a more favourable solution that leaves everyone happy.
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.
If you are in debt, taking a loan to service current debts is a bad idea. Borrowing loans to keep from financial struggles will only dig one deeper into debt. This is brought about by increasing costs and penalties which apply once a borrower forfeits or delays loan payments.
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.