Wonga payday loans – beware the risk!

Errol Damelin and Jonty Hurwitz founded Wonga.com in Britain in October 2007 as a payday loan company, and expanded into Poland. Canada and South Africa. They offer short-term loans at high interest. Wongaforbusiness.com is an arm of Wonga that specializes in providing short-term loans for small businesses. They were pioneers in the automated risk processing technology offering online unsecured, personal, Wonga short-term loans to customers and servicing them through tablets and apps. After its launch, it became the first online company to approve loans on the iPhone. Statistics show that their funding activity exceeded 5 million loans by July 2012.


Wonga ads underplay the dangers of not meeting your repayments…

Wonga’s popularity grew with the enhancing demand for payday short-term loans that are a quick and easy mode of borrowing money. Soon, Wonga became the undisputed market leader in this field. Wonga has not only obtained from the Office of Fair Trading, a Consumer Credit License, but is also a credible member of the Finance and Leasing Association, which strengthens its resolve to follow the edicts of Conscientious lending and fair practices. Wonga continually advises their clients that promptness in payment is a sign of a good business person, and further advises them not build up large debts that , one day they will find difficult to pay. They endeavor to treat their customers with utmost transparency, flexibility and fairness, thereby prompting over 95 % of their customers to confirm their happiness with Wonga’s service.

Payday or short-term loans are ideal as a stop-gap arrangement for a small/reasonable amount of money for a short period, for whatever your reasons like repairing your car or buying a kitchen appliance or to bridge a financial gap. Normally, you can borrow up to a maximum of £400 , if you are a new client to their site, but you have only 30 days at most to repay the loan. Calculating the loan quotient and its interest are extremely easy, as you can use the sliders on the website that calculate instantly for you the cost of the loan based on your estimated loan amount. For example, if you want to borrow £ 200 for a period of 10 days, the sliders instantly calculate an amount of £31.82 as the cost.

Prepayment of the loan raises your status with the lender. You can repay any part of the loan within the stipulated period, and enjoy interest remission saved. Remember, these loans are very expensive, because, if you calculate the accumulated interest for a year, it works out to over 4000%, which is not the case if you repay it in time.

Applying for a Wonga short-term loan is neither difficult nor is it a lengthy process with many forms to fill. The approvals being instantaneous, you can probably see the money in your account in less than 15 minutes. However , not all loan aspirants to Wonga, taste success, as Wonga vets the applications through a Computer system to select the candidates, based on the approval of a diverse range of factors including credit score verification.; the net result is that the company normally approve only about 30-40%. Moreover all applicants have to offer a bank account in the UK, a mobile phone and a debit card.

Wonga is quite merciless if you default on payments without obtaining a time extension which you need to do 24 hours before the deadline. They will withdraw their loan amount from your bank account in full or even in small parts, and at the end of the deadline, if they have been unable to collect the loan, they will charge you a fine of £20. Another interesting reason is that you can take a new loan immediately you clear the old one.

A Review
Wonga short-term loans are neither for the weak hearted nor for the disorganized. You must remember that the interest rates are high and it is in your own interest to repay the loan on time. If you feel that you will have difficulty repaying these type of loans, on time, it is better to look for more flexible loans outside. For more information on how to select the best payday loan for your requirements, be sure to check out Paydayloansguide.co.za

Paydayloan lenders in South Africa

The need for instant cash in hand can arise at any time. A medical emergency, unpaid bill or just the usual household expenses can force you to need a certain amount of money to be able to pay for them. However, there are times when you don’t have the cash you need to cover the amount you have to spend. This is where personal loans South Africa can help you out. Apply for the loan and you will receive the money in no time at all.
A personal loan is simply a small amount of money lent to you by a reputable company. You can repay what you took in instalments over the next few months. Unlike banks, where you have to get through a mountain of paperwork even if you only need to borrow a few thousand Rand, personal loans South Africa can be secured and processed in a short time. This is why more and more people are leaning towards personal loans for their cash needs instead of applying to conventional lending institutions.

The reason why you can get the money you need quickly is because the approval requirements are not stringent. In fact, it seems as though the company is almost desperate to lend you the money. This is the complete opposite to banks where the process takes ages and you feel that your application will get rejected. Besides, there are only a few requirements you need to meet for your personal loan to be approved, most of which you don’t even have to make an effort for.

First of all, you need to be a South African national. You will need to prove your citizenship with a valid ID card. This is no problem for people who were born in the country as they will have all the necessary documents to complete the process. Secondly, only legal adults are allowed to take personal loans South Africa, which means you have to be at least 18 years old to be deemed eligible for one. You will also have to provide a valid contact number, preferably of your cell phone through which the company can get in touch with you.
Last, but not the least, you need to have an active bank account. Again, if you are applying for a personal loan, it means that you are currently employed, and employees have to maintain a bank account for salary purposes. As you can see, all four requirements virtually take care of themselves. All you have to do is provide the documentation and the job is done.

What’s more, you can complete the process online now. The online personal loans can be obtained through well-known and reputable lenders like Wonga or Wannaloan which you can easily find online. If you need a certain amount of money, you can apply for a personal payday loan online and then repay it when you receive your pay cheque from your employer. The ability to secure online personal loans makes the entire process simpler and more streamlined for you.

Short Term Loans for Bad Credit

Short Term Bad Credit Loans can help us in all sorts of ways for a quick remedy to unforeseen financial difficulties. We may have an unexpected maintenance problem with our vehicle or an unanticipated medical expense. In cases like these, we often need cash fast! Waiting for a traditional bank loan can incur additional expenses in addition to the ones that we already have.

Get out of Debit Fast

SA Personal Loans can get you the help that you need quickly. In this age of economic uncertainty, many of us have been hit hard by rising costs, housing market depreciation, and changes in employment status. As we recover, we sometimes need a little help to get us back on track financially. Bad Credit Loans are a terrific method to catch up on credit card bills, car loans, and mortgage payments while also providing your credit rating with a boost at the same time.

Prevent More Damage to your Credit

By allocating a Short Term Bad Credit Loans to keep your other loans up to date, you are preventing further damage to your credit rating as well. These types of loans for bad credit can be acquired with repayment plans that consist of only a few weeks, depending on your needs. Many options exist, including both unsecured and secure loan agreements.

Easy to Acquire

There are a variety of Bad Credit Loans that can easily be acquired from SA Personal Loans. The approval process is extremely quick, very often within hours, and without embarrassing questions into your financial history. SA Personal Loans are a great way to get back on track easily and painlessly when unexpected financial challenges arise.

Personal Loans South Africa

The need for instant cash in hand can arise at any time. A medical emergency, unpaid bill or just the usual household expenses can force you to need a certain amount of money to be able to pay for them. However, there are times when you don’t have the cash you need to cover the amount you have to spend. This is where personal loans South Africa can help you out. Apply for the loan and you will receive the money in no time at all.

Personal Loans South Africa

A personal loan is simply a small amount of money lent to you by a reputable company. You can repay what you took in instalments over the next few months. Unlike banks, where you have to get through a mountain of paperwork even if you only need to borrow a few thousand Rand, personal loans South Africa can be secured and processed in a short time. This is why more and more people are leaning towards personal loans for their cash needs instead of applying to conventional lending institutions.

The reason why you can get the money you need quickly is because the approval requirements are not stringent. In fact, it seems as though the company is almost desperate to lend you the money. This is the complete opposite to banks where the process takes ages and you feel that your application will get rejected. Besides, there are only a few requirements you need to meet for your personal loan to be approved, most of which you don’t even have to make an effort for.

First of all, you need to be a South African national. You will need to prove your citizenship with a valid ID card. This is no problem for people who were born in the country as they will have all the necessary documents to complete the process. Secondly, only legal adults are allowed to take personal loans South Africa, which means you have to be at least 18 years old to be deemed eligible for one. You will also have to provide a valid contact number, preferably of your cell phone through which the company can get in touch with you.

Last, but not the least, you need to have an active bank account. Again, if you are applying for a personal loan, it means that you are currently employed, and employees have to maintain a bank account for salary purposes. As you can see, all four requirements virtually take care of themselves. All you have to do is provide the documentation and the job is done.

What’s more, you can complete the process online now. The online personal loans can be obtained through well-known and reputable lenders like Wonga which you can easily find online. If you need a certain amount of money, you can apply for a personal payday loan online and then repay it when you receive your pay cheque from your employer. The ability to secure online personal loans makes the entire process simpler and more streamlined for you.