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WONGA REVIEW - Short-Term Loans

  • Wonga is a short term loan lender established in October 2007.
  • You can apply for a short term loan via their secure online application form.
  • Their service is completely online - from start to finish - no faxing.
  • They do perform a quick credit check.
  • Wonga only offer a £5.50 same day loan transfer service - no free BACS (up to 3 working days) transfer service.
  • Wonga does offer a unique short term loans service in that you can choose how much you want to borrow in £1 increments and...
  • You can also choose how long you want to borrow - from 1 day to 30 days. So your repayment date does not necessarily have to be on your pay day.
  • They normally require full repayment on the date you originally pick. They are a responsible lender and won't keep rolling your balance endlessly from month to month, which can sometimes happen with other short-term lenders, credit cards and overdrafts. If, however, there's an unavoidable change in your circumstances you may extend your loan for up to a month on a strictly limited basis. 
  • Advantages: Wonga offer their short term loans to the Self Employed (as well as Employed).

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