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.
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