Wonga Review | www.wonga.com


Last Update: February 12th, 2017

Address: Sheffield, S95 1AR.
Branding: Wonga. AKA: Wonga.com.
FCA Licence: 671454.
From: WDFC UK Ltd (part of Wonga Group Ltd).
Launched: 2007.
Memberships: FLA.
Related: No companies.
Website: www.wonga.com.

Product Details…
Bad Credit Wonga Loans Available?: Yes.
Manage: Wonga login provided via www.wonga.com.
Offers: Short, payday and instalment loans.
Opening Hours: Monday to Sunday (7am/10pm).
Secure (SSL): Yes.
Sums: £50 to £400 (new) | £1000 max (returning) (short).
Sums: £150 to £400 (new) | £1500 max (returning) (Flexi).
Terms: 1 to 35 days (short) | 3 months (Flexi).

The Pricing…
£5.60 /£100 (7) <0.800%>
£24 /£100 (30) <0.800%>
£155.97 /£300 (3) <0.578%>

Notes: Existing customers can receive 24/7 funding.

– Amounts: £1500 is the new top sum. Whilst this is designed for 3 months only, you could in essence settle up after just a month.
– Flexibility: Being able to select any single repayment day within the month is notable, but this lender really stood out by allowing the customer to select any single figure from £1 onwards. They have recently increased the minimum sum to £50, but this is still one of the few places whereby you could for instance borrow £53 for 4 days. A fixed 3 month option was rolled out in 2016, but just remember that you can settle at any point and pay for that period only.
– International: This brand is also active in Canada, Poland, South Africa and Spain. Further locations are planned for the future. They had 1 million local customers that dropped to 575k, but this would have grown especially now that we have seen so many closures in the space.
– Niche: Was the original short term lender arriving at a time when the space was flooded with monthly-only firms. Many companies followed the trend, but no one managed to quite match their service flexibility and market profile.
– Operations: This was the UK’s only 24/7 short term lender, but support times have now been cut back to 7am to 10pm. 24/7 payouts are still possible assuming that requests aren’t flagged up.
– Profile: This is the most well known lender on the international stage. To highlight their prominence, in 2013 they issued 3.7 million loans over the year that equates to approx 10,137 loans daily. They also have the largest following of any provider on Facebook. Outside of football that is detailed below, this is one of the most frequently advertised loan brands on the TV and they sponsor various TV shows.
– Sponsorship: They currently sponsor Newcastle United and at one time were also seen on the kits of Blackpool and Hearts. The contracts ran as follows: Blackpool in 2010 (>2015), Hearts in 2011 (>2014) and Newcastle in 2013 (>2017). Footy has been profiled at www.wongafootball.com.
– Technology: Instant payday loans are available through advanced technology that automates lending decisions in seconds. If you have developed your trust level then you should be able to see advances at any time. Their algorithm doesn’t just hand out yes and no answers, yet it can come back and tell you how much they are willing to lend based on your personal score. This amount could be higher or it could be lower than the amount applied for.

– 24/7 support is no longer available. Also, the instalment charge has changed a few times.
– Everline (business loans) has been sold.
– Historic charges have included interest and a transmission fee that were bundled together as a total cost. The interest sat a little above 1% daily and the fee was £5.50. This resulted in a £100 weekly loan costing £12.89 and the 30 day cost being £37.15. There was a Wonga Promo Code that discounted the transfer fee plus a little extra to get the charge down to 1% daily (£7 and £30 covering our examples). They now meet the price cap at 0.8% daily whilst the transmission charge has been wiped away (alongside the promo opportunity).
– Site has received a few design overhauls.
– Sums could originally be selected from just £1 onwards, but they now start from £50.
– Terms have increased through Flexi Loan in 2016. This has a fixed 3 month term, but you can make early settlements when you please. This options sees a higher £1500 cap.