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Payday Loans Online, Credit for the Real World, Wonga, wonga loans.#Wonga #loans


Welcome to Wonga Payday Loans

Payday loans from £50 – £500 sent within 5 minutes of approval

Is a Wonga Payday Loan right for you?

Our loans are for short term use only and may not be the cheapest option

Late repayment will mean extra costs and may affect your credit rating

You shouldn t use our loans to manage existing debt

If you take out loans regularly Wonga may not be right for you

You should only take out a loan if you are comfortable you can repay on time

A guide to payday loans

It s always important to thoroughly understand the details of a product before buying it. Would you buy a car without first checking how expensive it would be to run, or how many people it can hold?

The same applies to payday loans what are they used for? How can you apply? How quickly will you get your money?

We ve put together this handy guide to answer all of the important questions when you want to borrow money and need to know if a payday loan is right for you.

What is a payday loan?

Payday loans can be useful if you need a small loan (usually between 50- 1,000), at short notice, for a small period of time (usually between 1 day and 30 days). They are designed to give you cash for unexpected, one-off expenses and act as a bridge to tide you over until payday. Due to their short repayment period, they have a small credit limit and a relatively higher APR.

What is a payday advance?

A payday advance is just another way of describing a payday loan. Other names you might see include fast cash advance. These types of loans are usually taken out online which means the borrower gets a lending decision from the comfort of their own home. The name payday loan comes from the borrower typically being given a set amount of money based on their pay, which is repaid on their next payday.

Applying for a payday loan online

When you apply for payday loans online you won t be asked to supply any paperwork or speak to anyone on the phone. You ll usually be asked for your address, bank and employment details. Your employer is not usually contacted, but it is common for a lender to run an online credit check. One reason borrowers choose to apply online is because they usually receive a decision almost instantly. Applying for a payday loan is often easier than a traditional loan, but people should be wary of lenders offering easy payday loans or no credit check payday loans as it may mean they do not provide sufficient verification checks designed to protect customers.

Do Wonga offer quick payday loans ?

Lenders like to advertise quick payday loans or quick cash loans as potential customers are specifically looking for a fast solution for their financial issue when applying. Be careful of companies that offer them however, as they may not have your best interests at heart it s important to choose a company that does the proper checks to see if you can afford a loan. Wonga does not offer quick payday loans or quick cash loans but once you submit your application, we will typically give you an on the spot loan decision once our checks are complete. For more information, read our guide to quick loans.

Is Wonga a direct loan lender?

There are two types of payday loan websites brokers and direct lenders . Wonga is a direct payday lender, offering payday loans directly to customers online. Your application comes directly to us, we assess it and we approve you based on our lending criteria. One advantage of using direct payday lenders only, and not brokers, is that you are dealing directly with the lender. Brokers, however, are there to help you find a direct lender. They will submit your applications to various lenders to find one that will lend to you. With Wonga, you won t have any broker fees or middlemen and there is less chance of miscommunication, as the lending facts are presented clearly before you apply.

What makes Wonga different?

We re different to other payday lenders because you choose exactly how much you want to borrow and when you want to pay back. Simply use the sliders on our Short Term Loan homepage or Flexi Loan homepage to decide exactly how much you want to borrow and how long for. You ll see the full cost upfront and there are no hidden fees. We re here to solve our customers short term, urgent cash needs. If you need to solve an emergency or unexpected bill we may be able to help.

Please make sure you meet the minimum requirements for applying for a loan at Wonga:

  • Be over 18
  • Be a bank account and debit card holder
  • Be a mobile phone owner
  • Live in the UK

Answering yes to these questions means you can apply for a Wonga loan, but we can t guarantee acceptance. We always assess each application individually and only lend to people we think can afford to repay on time.

How much does a Wonga loan cost?

To find out how much a Wonga loan costs, simply select how much you d like to borrow and when you want to pay us back. Before you apply you ll be shown exactly how much you have to repay including interest. For more information on how much our loans cost, please see how Short Term Loans work or how Flexi Loans work. You can choose to borrow between 50 and 1000 and from 1 or 3 repayments.

What are my repayment options?

At Wonga, we ve made repaying simple. We ll take payment from the debit card you register with us, on the dates you choose when you apply. As long as there is enough money in the bank account from 5am on each repayment date we ll take care of it automatically. If we re not able to collect on a repayment date, we ll contact you via email or SMS to find out why the collection attempt failed and what we can do to help. For more information, read our guide to repaying your loan.


About us, About Wonga, wonga loans.#Wonga #loans


About Wonga

Wonga Group Limited is made up of a number of international financial services businesses. We are best known for our Wonga short term loan product.

Every day, people around the world discover they need help with their finances to deal with unexpected expenses, but find they are ignored by traditional lenders. The closer we looked at the problem, and the more we understood the needs and the pressures faced by those who are cash and credit constrained, the more we realised a new, flexible solution was required.

So in 2007 we launched a lending service in the UK that people could access online, tailor to their needs and understand the cost of upfront. The concept proved popular and we went on to process millions of applications. We continue to trade in the UK as wonga.com, a trading style of WDFC UK Ltd – authorised and regulated by the Financial Conduct Authority under registration number 671454.

As we’ve matured as a business, we know we’ve made mistakes along the way. We believe we’ve learned from those mistakes and have compensated customers who were impacted by them. We have also responded by improving the way that we work, to do our best to ensure customers outcomes are always put first. In particular, we have strengthened our lending criteria and moved to a new decision engine to help ensure we only lend to people we believe can afford to repay.

Where we work and what we do

Our products are designed to provide responsible solutions for the everyday financial needs of modern life, especially for people who are not well served by mainstream finance.

Wonga loans

Wonga is a household name in the UK. We also help people manage their short term cash flow in South Africa, Canada, Poland and Spain.

Wonga reinvented short term, unsecured loans by giving applicants the ability to choose exactly how much cash they want to borrow and then showing a clear price based on the length of time the money is needed for.

Two of our principles are flexibility and transparency. We provide automated decisions to applicants based on the information they provide in the application, data from Credit Reference Agencies and other sources. All applicants are credit checked and need to pass stringent lending and affordability criteria.

Wonga loans


Payday Loans Online, Credit for the Real World, Wonga, wonga loans.#Wonga #loans


Welcome to Wonga Payday Loans

Payday loans from £50 – £500 sent within 5 minutes of approval

Is a Wonga Payday Loan right for you?

Our loans are for short term use only and may not be the cheapest option

Late repayment will mean extra costs and may affect your credit rating

You shouldn t use our loans to manage existing debt

If you take out loans regularly Wonga may not be right for you

You should only take out a loan if you are comfortable you can repay on time

A guide to payday loans

It s always important to thoroughly understand the details of a product before buying it. Would you buy a car without first checking how expensive it would be to run, or how many people it can hold?

The same applies to payday loans what are they used for? How can you apply? How quickly will you get your money?

We ve put together this handy guide to answer all of the important questions when you want to borrow money and need to know if a payday loan is right for you.

What is a payday loan?

Payday loans can be useful if you need a small loan (usually between 50- 1,000), at short notice, for a small period of time (usually between 1 day and 30 days). They are designed to give you cash for unexpected, one-off expenses and act as a bridge to tide you over until payday. Due to their short repayment period, they have a small credit limit and a relatively higher APR.

What is a payday advance?

A payday advance is just another way of describing a payday loan. Other names you might see include fast cash advance. These types of loans are usually taken out online which means the borrower gets a lending decision from the comfort of their own home. The name payday loan comes from the borrower typically being given a set amount of money based on their pay, which is repaid on their next payday.

Applying for a payday loan online

When you apply for payday loans online you won t be asked to supply any paperwork or speak to anyone on the phone. You ll usually be asked for your address, bank and employment details. Your employer is not usually contacted, but it is common for a lender to run an online credit check. One reason borrowers choose to apply online is because they usually receive a decision almost instantly. Applying for a payday loan is often easier than a traditional loan, but people should be wary of lenders offering easy payday loans or no credit check payday loans as it may mean they do not provide sufficient verification checks designed to protect customers.

Do Wonga offer quick payday loans ?

Lenders like to advertise quick payday loans or quick cash loans as potential customers are specifically looking for a fast solution for their financial issue when applying. Be careful of companies that offer them however, as they may not have your best interests at heart it s important to choose a company that does the proper checks to see if you can afford a loan. Wonga does not offer quick payday loans or quick cash loans but once you submit your application, we will typically give you an on the spot loan decision once our checks are complete. For more information, read our guide to quick loans.

Is Wonga a direct loan lender?

There are two types of payday loan websites brokers and direct lenders . Wonga is a direct payday lender, offering payday loans directly to customers online. Your application comes directly to us, we assess it and we approve you based on our lending criteria. One advantage of using direct payday lenders only, and not brokers, is that you are dealing directly with the lender. Brokers, however, are there to help you find a direct lender. They will submit your applications to various lenders to find one that will lend to you. With Wonga, you won t have any broker fees or middlemen and there is less chance of miscommunication, as the lending facts are presented clearly before you apply.

What makes Wonga different?

We re different to other payday lenders because you choose exactly how much you want to borrow and when you want to pay back. Simply use the sliders on our Short Term Loan homepage or Flexi Loan homepage to decide exactly how much you want to borrow and how long for. You ll see the full cost upfront and there are no hidden fees. We re here to solve our customers short term, urgent cash needs. If you need to solve an emergency or unexpected bill we may be able to help.

Please make sure you meet the minimum requirements for applying for a loan at Wonga:

  • Be over 18
  • Be a bank account and debit card holder
  • Be a mobile phone owner
  • Live in the UK

Answering yes to these questions means you can apply for a Wonga loan, but we can t guarantee acceptance. We always assess each application individually and only lend to people we think can afford to repay on time.

How much does a Wonga loan cost?

To find out how much a Wonga loan costs, simply select how much you d like to borrow and when you want to pay us back. Before you apply you ll be shown exactly how much you have to repay including interest. For more information on how much our loans cost, please see how Short Term Loans work or how Flexi Loans work. You can choose to borrow between 50 and 1000 and from 1 or 3 repayments.

What are my repayment options?

At Wonga, we ve made repaying simple. We ll take payment from the debit card you register with us, on the dates you choose when you apply. As long as there is enough money in the bank account from 5am on each repayment date we ll take care of it automatically. If we re not able to collect on a repayment date, we ll contact you via email or SMS to find out why the collection attempt failed and what we can do to help. For more information, read our guide to repaying your loan.


Choose Wonga over quick loans online #money #loan


#quick loans online
#

Choose Wonga over typical quick loans online

Looking for loans online?

Wonga is an innovative digital finance company. We’re here to ease your short term, urgent cash flow needs. So if you’re short of cash due to an expected bill or emergency, we could help.

Why use Wonga?

Transparent

We always show you the full costs upfront and the total amount to repay before you apply. There are no catches or hidden fees and if you repay early, you will save money as you only pay interest for the days you borrow.

Our flexible, short-term service comes with a representative APR of 1,509%APR, but bear in mind that the average loan duration is usually less than 20 days. We provide short-term loans, while APR is an industry-standard calculation that looks at annual repayment costs. We don’t actually charge thousands of percent in interest.

Wonga is a responsible lender and we carefully assess all applications on an individual basis and only lend to applicants whom we believe can comfortably afford to repay their loan on their promise date.

You should always think carefully before committing to any form of credit. If you can’t repay on time we’d urge you to contact us immediately. We always want to help you if you are experiencing financial difficulties and we’ll try to find a fair and flexible solution that takes your financial circumstances into consideration.

Flexible and convenient

Wonga offers a flexible online service where you get to choose how much to borrow and for how long. You can even pay back early and save on interest, as we only charge for the number of days you actually borrow. If your online loan application is approved, we’ll send the money within five minutes.

We also make repaying your Wonga loan as easy as possible as we automatically collect repayment from the debit card which you register with us. Please make sure you read about how we collect payments for further detail.

You can also apply for a Wonga loans online 24/7 through our website and mobile.

To be eligible to apply for a Wonga loan, you must:

  • Be a UK resident
  • Be over 18
  • Have a UK bank account and debit card
  • Own a mobile phone

If you need to get in touch, our contact details are:


Payday lenders should wipe out loans in wake of Wonga ruling, experts say #federal #perkins #loan


#payday loan companies
#

Payday lenders should wipe out loans in wake of Wonga ruling, experts say

Payday lenders including The Money Shop, owned by Dollar Financial, have similar affordability tests to Wonga’s. Photograph: Jonathan Nicholson/Demotix/Corbis

Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.

This follows the announcement on Thursday that the payday lender was forced by the Financial Conduct Authority, the new City regulator to write off 220m of loans to 375,000 borrowers after the firm admitted those people should never have been given loans.

The company, which charges annualised interest rates of up to 5,853% a year and has been accused by MPs of “legal loan sharking”, said it would entirely wipe out loans to 330,000 people, and scrap interest and charges owed by a further 45,000 customers.

Wonga is the biggest online lender in the payday loan sector with about a 30-40% market share, but there are around 90 other lenders including Dollar Financial UK (the parent company of brands that include The Money Shop, Payday Express and Payday UK), CashEuroNet, QuickQuid, Peachy and Sunny. In 2012 the volume of loans lent between them was 10.2m, according to the CMA.

Wonga was required to write off the debts because the FCA found that it had granted the loans without checking people could afford the repayments. But a number of experts who deal with complaints about the payday loan sector have told the Guardian that the affordability tests carried out by many of these other lenders are as bad or worse than Wonga’s. This could potentially open the floodgates to thousands of payouts to other borrowers.

“If this redress package is required of Wonga then what of the other payday lenders in the country?” said Mike Dailly, consumer rights campaigner and principal solicitor at the Govan Law Centre in Glasgow. He also sits on the FCA consumer panel. “From my experience as a lawyer helping consumers there is no doubt in my mind that other payday lenders have failed to comply with the affordability criteria laid out in the Consumer Credit Act in the way that Wonga did.”

He added: “It is likely now that other lenders in the sector who want a future will have to come clean or face action from the FCA.”

Dollar Financial said: “Our UK companies have been working closely with various stakeholders including our regulators to ensure that we offer compliant and responsible products to all of our customers.”

Although the FCA has stopped short of saying that it is proactively investigating other firms, Clive Adamson, director of the supervision at the watchdog said that the action it had taken against Wonga should “put the rest of the industry on notice” and that “some firms still have a way to go to meet our expectations.”

“We have long called for more responsible affordability checks and better advice,” said Which? executive director Richard Lloyd. “The next step must be a clamp down on excessive fees and charges across the board to show lenders that the FCA will continue to clean up the credit market.”

People who have already paid off loans, including those from Wonga, may also be in line for redress if it can be shown that they should never have been lent to in the first place, say experts.

A number of these people were only able to repay the loan with help from friends or family or by borrowing elsewhere, while others are still paying off the loans through repayment plans set up by debt charities and organisations like Citizen’s Advice.

Wonga said that it would be contacting all those affected by 10 October and that this included those whose debt had been sold to a third party or had been entered into an individual voluntary arrangement or a debt management scheme. However, it would not be drawn as to whether former customers would be contacted.

“We’ll work with the FCA to identify if any further remedial action is required and will communicate details, if appropriate, in due course,” it said in a statement.

There are fears that claims management companies, best known for handling PPI claims, will try to entice payday loan borrowers to make a claim using their services. Borrowers who go down this route will typically be asked to pay an upfront fee to the claims management company.

“If people are contacted by claims management companies or solicitors offering to recoup their money for free, we would say hold fire as discussions are still gong between Wonga and the FCA,” the Financial Ombudsman Service said.

It urged anybody who has a payday loan and thought they might be affected not to stop making repayments until the situation became clearer.


Choose Wonga over typical fast cash advances #beneficial #loans


#fast money loans
#

Choose Wonga over a typical fast cash advance

Looking for a cash advance?

A cash advance is meant to tide you over for a short time for example, until your next payday, which could just be a week or two away. You can apply for a cash advance from lots of different lenders, but they don’t all offer the same deals. Processing fees, daily interest rates and other charges can often apply, so you should always think carefully before committing to any form of credit.

Choosing Wonga

We offer a solution for occasional, urgent and short term cash needs but you shouldn’t use our service to manage existing debt or if you’re feeling the strain financially. Check out these key features about our service:

  • You control how much you borrow and how long for
  • See the full cost upfront
  • We send the cash within 5 minutes of approval, 24/7
  • You can manage your loan and personal details 24/7 with your online account

An online cash advance

You can access our website on PC and mobile anytime, 24/7.

Using the sliders on the homepage, just select how much money you’d like to borrow and for exactly how long. We’ll show you the full cost upfront too with no hidden fees. If your application has been approved, we’ll send the cash within five minutes.

We want our relationship to be a happy and trusting one, so we lay out the facts as clearly as possible. Only you can decide whether to apply or not. So if you’re not sure you can afford a loan, or comfortably repay on your chosen date, please get advice before making a decision.

With your online account, you can manage your money whenever you want. Want to pay back early? You can repay some or all of your loan early by logging into your account on our website and you’ll save money as we only charge interest for the days you borrow.


Choose Wonga over quick loans online #cheap #payday #loans


#quick loans online
#

Choose Wonga over typical quick loans online

Looking for loans online?

Wonga is an innovative digital finance company. We’re here to ease your short term, urgent cash flow needs. So if you’re short of cash due to an expected bill or emergency, we could help.

Why use Wonga?

Transparent

We always show you the full costs upfront and the total amount to repay before you apply. There are no catches or hidden fees and if you repay early, you will save money as you only pay interest for the days you borrow.

Our flexible, short-term service comes with a representative APR of 1,509%APR, but bear in mind that the average loan duration is usually less than 20 days. We provide short-term loans, while APR is an industry-standard calculation that looks at annual repayment costs. We don’t actually charge thousands of percent in interest.

Wonga is a responsible lender and we carefully assess all applications on an individual basis and only lend to applicants whom we believe can comfortably afford to repay their loan on their promise date.

You should always think carefully before committing to any form of credit. If you can’t repay on time we’d urge you to contact us immediately. We always want to help you if you are experiencing financial difficulties and we’ll try to find a fair and flexible solution that takes your financial circumstances into consideration.

Flexible and convenient

Wonga offers a flexible online service where you get to choose how much to borrow and for how long. You can even pay back early and save on interest, as we only charge for the number of days you actually borrow. If your online loan application is approved, we’ll send the money within five minutes.

We also make repaying your Wonga loan as easy as possible as we automatically collect repayment from the debit card which you register with us. Please make sure you read about how we collect payments for further detail.

You can also apply for a Wonga loans online 24/7 through our website and mobile.

To be eligible to apply for a Wonga loan, you must:

  • Be a UK resident
  • Be over 18
  • Have a UK bank account and debit card
  • Own a mobile phone

If you need to get in touch, our contact details are:


Payday lenders should wipe out loans in wake of Wonga ruling, experts say #i #need #a #loan #but #i #have #bad #credit


#payday loan companies
#

Payday lenders should wipe out loans in wake of Wonga ruling, experts say

Payday lenders including The Money Shop, owned by Dollar Financial, have similar affordability tests to Wonga’s. Photograph: Jonathan Nicholson/Demotix/Corbis

Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.

This follows the announcement on Thursday that the payday lender was forced by the Financial Conduct Authority, the new City regulator to write off 220m of loans to 375,000 borrowers after the firm admitted those people should never have been given loans.

The company, which charges annualised interest rates of up to 5,853% a year and has been accused by MPs of “legal loan sharking”, said it would entirely wipe out loans to 330,000 people, and scrap interest and charges owed by a further 45,000 customers.

Wonga is the biggest online lender in the payday loan sector with about a 30-40% market share, but there are around 90 other lenders including Dollar Financial UK (the parent company of brands that include The Money Shop, Payday Express and Payday UK), CashEuroNet, QuickQuid, Peachy and Sunny. In 2012 the volume of loans lent between them was 10.2m, according to the CMA.

Wonga was required to write off the debts because the FCA found that it had granted the loans without checking people could afford the repayments. But a number of experts who deal with complaints about the payday loan sector have told the Guardian that the affordability tests carried out by many of these other lenders are as bad or worse than Wonga’s. This could potentially open the floodgates to thousands of payouts to other borrowers.

“If this redress package is required of Wonga then what of the other payday lenders in the country?” said Mike Dailly, consumer rights campaigner and principal solicitor at the Govan Law Centre in Glasgow. He also sits on the FCA consumer panel. “From my experience as a lawyer helping consumers there is no doubt in my mind that other payday lenders have failed to comply with the affordability criteria laid out in the Consumer Credit Act in the way that Wonga did.”

He added: “It is likely now that other lenders in the sector who want a future will have to come clean or face action from the FCA.”

Dollar Financial said: “Our UK companies have been working closely with various stakeholders including our regulators to ensure that we offer compliant and responsible products to all of our customers.”

Although the FCA has stopped short of saying that it is proactively investigating other firms, Clive Adamson, director of the supervision at the watchdog said that the action it had taken against Wonga should “put the rest of the industry on notice” and that “some firms still have a way to go to meet our expectations.”

“We have long called for more responsible affordability checks and better advice,” said Which? executive director Richard Lloyd. “The next step must be a clamp down on excessive fees and charges across the board to show lenders that the FCA will continue to clean up the credit market.”

People who have already paid off loans, including those from Wonga, may also be in line for redress if it can be shown that they should never have been lent to in the first place, say experts.

A number of these people were only able to repay the loan with help from friends or family or by borrowing elsewhere, while others are still paying off the loans through repayment plans set up by debt charities and organisations like Citizen’s Advice.

Wonga said that it would be contacting all those affected by 10 October and that this included those whose debt had been sold to a third party or had been entered into an individual voluntary arrangement or a debt management scheme. However, it would not be drawn as to whether former customers would be contacted.

“We’ll work with the FCA to identify if any further remedial action is required and will communicate details, if appropriate, in due course,” it said in a statement.

There are fears that claims management companies, best known for handling PPI claims, will try to entice payday loan borrowers to make a claim using their services. Borrowers who go down this route will typically be asked to pay an upfront fee to the claims management company.

“If people are contacted by claims management companies or solicitors offering to recoup their money for free, we would say hold fire as discussions are still gong between Wonga and the FCA,” the Financial Ombudsman Service said.

It urged anybody who has a payday loan and thought they might be affected not to stop making repayments until the situation became clearer.


Choose Wonga over getting a quick quid #bad #credit #loans #no #guarantor


#same day loans
#

Choose Wonga over getting a quick quid

We’re here to ease your short term, urgent cash flow needs. So, if you’re short of cash due to an unexpected bill or emergency, we could help. We know life doesn’t always go to plan so we’ve made our service as flexible as possible. Our service isn’t about simply getting you a quick quid; it’s about providing an efficient and transparent service, when you need it most.

Online loans

Use the sliders on the homepage to choose exactly how much you’d like to borrow and how long for and we’ll show you the full cost upfront with no catches or hidden fees. Our online application is straightforward to complete and if approved, we’ll send the cash within five minutes, no matter what time of day or day of the week.

Want to pay your loan back early? You can save money as we only charge interest for the days you borrow. We make it easy to repay your loan early as you can do so by logging on to the “my account” area of the website.

A lender you can trust

As a responsible lender, we assess every application on an individual basis as we only want to lend to people who we believe can comfortably afford to repay the loan on their chosen repayment date.

We only offer short-term loans. Our loans are not designed as a continual source of credit and will be unsuitable if you need to borrow for a longer period.

If you fail to repay on your chosen repayment date, we will charge you a missed payment fee and it may be more difficult for you to borrow in the future.

Responsible borrowing

We need you to make sure that a Wonga.com loan is right for you. Our loans are intended for occasional use only and you shouldn’t use our service to manage existing debt or if you’re already feeling the strain financially.

We want our relationship to be a happy and trusting one, so we lay out the facts as clearly as possible. Only you can decide whether to apply or not. So if you’re not sure you can afford a loan, or comfortably repay on your chosen date, please get advice before making a decision.