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Wonga – most people in the UK have heard of them. They plaster their adverts all over TV, newspapers, and across the side of buses. The payday loan industry has only reached prominence in the past year or two, so in the scheme of things, it’s pretty old. Wonga launched in October 2007, and already it’s the biggest payday lender in the UK by far.
Wonga’s site features a pretty helpful slider system. You simply select how much money you want, how long you want it, and they tell you immediately how much you’ll have to pay. We’ve got to be honest. It’s rare to see a payday loan company be so upfront about their fees. In general, their site is easy on the eyes, as well as easy to use. They keep the design simple and free from unnecessary clutter.
After talking to a lot of people who’d applied for a payday loan through Wonga, it seems their acceptance rate is moderately high. That’s understandable; after all, there isn’t too much for them to lose if someone defaults on a loan. They are willing to turn the occasional person away, but for almost everyone with poor credit, there’s no need to worry. However, always remember to think about whether you trust yourself to pay it back.
They mainly use their own in-house credit checking system. They start with only being willing to lend you around £400. Once you build a rapport with them, and a good history of repaying your loans, they increase this amount.
The fees with Wonga aren’t too high. They’re a little more costly than some other companies, but it’s a reasonable trade-off for the good reputation they have. When first investigating payday loan companies, the high APR puts many people off. Don’t take this at face value though. A payday loan is only for a rather short amount of time, so the amount of interest you have to pay is fairly small. Most of the time, it’s cheaper than using your overdraft. One thing you should be careful about is making sure you pay your money back on time. If you don’t think you can pay back the loan by a certain date, then set it for a day later. All payday loan companies charge extra fees if a loan gets rolled over. It’s cheaper paying a day’s interest than the rollover fees.
Wonga is the biggest payday loan company in the UK at the time of writing. They’re easy to use, and as far as we can tell, you can’t go too wrong going with them, providing you borrow sensibly, and don’t borrow more than you can afford.
However, a good idea might be to use our free comparison tool, where you simply enter your details, and we find the best lender for you. Simply Click here to get started.
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