BongaLoans Review | www.bongaloans.com

BongaLoans

Final Update: September 3rd, 2016 (CLOSED)

About…
Address: 3rd Floor, 207 Regent Street, London, W1B 3HH.
Branding: BongaLoans. AKA: Bonga Loans.
FCA Licence: 645934.
From: BB Credit Ltd.
Launched: 2011.
Memberships: Non.
Related: No companies.
Website: www.bongaloans.com.

Product Details…
Bad Credit Bonga Loans Available?: Yes.
Manage: BongaLoans login provided via www.bongaloans.com.
Offers: Payday loans.
Opening Hours: Monday to Friday (8.30am/5pm).
Secure (SSL): Yes.
Sums: £100 to £1000 (new and returning).
Terms: 1 month.

The Pricing…
£23 /£100 (30) <0.767%>

Notes: The price varies depending on the sums requested. You simply get a better deal if you borrow less money (hence there being less risk of default). To just highlight a few examples, if you took out £300 then you would pay £72 (0.8%), for £200 the cost is £47 (0.78%) and finally at £100 we have £23 (0.77%). This company is optimised to a significant level towards text loans. However, from what we can gather there doesn’t appear to be the capability of applying by text any more. Instead they point users to their logins where agreements are signed and the request is then made. BB Credit Ltd is setup in London. On their site there is the reference of the BB Finance Group, but we could find no corporate data for them. They may also have a lending division actively trading in Europe.

Noteworthy…
– Amounts: Everyone can now access £1000 that few firms offer to new customers at a single month.
– Pricing: As was covered in the notes section, they meet the cap at £300, but if you are happy to choose their smallest sum then you are charged £23 that is lower than the price cap. This isn’t by a significant amount, but we appreciate every lender that manages to come in below the required threshold (since many companies match the £24 limit).

Updates…
– Closed. Site has been taken offline.
– New customers were restricted to £200 and £1000 was possible if you selected 14 or 30 days as a return user. There is no longer an initial block noted and so everyone can access the same amounts. As was covered above they charge higher interest when you borrow more.
– Pricing has took on a few changes over the years. Their best rate was available when you used them over a full month. This was £25 (including a £5 text registration fee) that would then reduce to £20. This was updated to become £35 (new) and £30 (when returning). The new price was changed in early 2015 (they were pretty late to run the updates to meet the new regulation).
– Terms were originally fixed at 7 days when they launched in 2011. They later added 14 and 30. They have now stuck with a fixed monthly term.

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