2014 Lender Lists:
Wonga @ www.wonga.com
~ Pricing now meets the required cap of 0.8% daily. A small weekly £100 loan would now cost £5.60 whilst a full month (30) would be £24.
~ As a result, there is no longer a charge for the transmission fee (was £5.50).
~ Promo Code Savings have been discontinued since these were designed for the transfer charge.
~ These short term loans are still flexible, but there has been a slight downgrade. You can no longer borrow £1, but will instead have to take out a minimum sum of £50. The amounts do change in tiny £1 increments though once you move up from £50.
~ The website has finally took on a new look. I’m personally a greater fan of their past design.
Wonga is a release of WDFC UK Ltd that launched at www.wonga.com back in the year 2007. This company was established by Errol Damelin who was born in South Africa that was a country that the brand would later launch into. This London-based finance firm was innovative in their early years through their flexible short term loan product, that at the time provided much more flexibility than their rivals could offer. PaydayUK and QuickQuid were the big names at this time that offered simple monthly loans. The advantage with this lender was that they allowed their applicants to choose the repayment date to any specific day that they desired.
This range currently spans between 1 and 30 days. Other than this varied term range, you could pick out the specific loan amount that you wished to borrow. You can now select between £1 and £400 at first and then £1000 is made available to the loyal user base. Being able to pick out a small sum at say £30 was all that some people needed and this is all that they would be charged for. A further advantage at hand throughout these early days was their instant decision lending technology. Step forward to today and this complex algorithm is accepting a reported 10,400 applications each day.
Their fast funding costs £5.50 that is fitted alongside the interest. You can discount this with the promo code (Listed Here). This box was removed for some time, but it has fortunately been added again. Secure account servicing is provided over at www.wonga.com and they trade 24/7. To detail some cost breakdowns per £100, you would pay £12.89 over 7 days or £37.15 over 30. The promo code is designed to take away the £5.50 fee, but it actually takes a little more, taking the charge down to 1% daily. This lender is a member of the FLA. Other than expanding to South Africa, other locations include Canada, Poland and Spain.