Monday 4 August 2014

Best Short Term Loans UK: Review 3 of 16: Wonga Pay Day Loans

This post is Part 3 of the 16 Part Mini Series which reviews the best short term loans in the United Kingdom. After receiving a high volume of emails enquiring about the best short term loans in the United Kingdom I was inspired to write 16 reviews on the best pay day companies in Britain. This review is for the payday loan company Wonga.com.

Before you take out any sort of pay day or short term loans you should be aware of the consequences of missing a payment. In the unlikely event that you do miss a payment the term may be automatically rolled over and you will incur additional interest charges and late payment fees. The late payments and charges will have a negative effect on your credit score and will be reflected in your credit file. If you fail to repay the loan collection agencies may be involved to recover the money. So without further ado here is review number 3 on Wonga.com.

Review 3: Best Short Term Loans UK – Wonga.com

Wonga.com is a digital finance company that offers short term credit facilities to everyday people and businesses. The company is based in London and first launched its website in 2007. Wonga has provided millions of loans to over 200,000 UK customers and businesses. Wonga has the aim of providing the best online and mobile finance alternatives to banks and building societies.

Wonga.com offer short term loans to meet short term cash flow needs. The application process is fully automated and once your loan is approved you will receive your money within 5 minutes or less.

Wonga.com believes in responsible lending and decline a large number of applications to customers who have inappropriate credit histories. Wonga.com is regulated by the Financial Conduct Authority which means they will lend ethically.

Short Term Loan Example from Wonga.com

Wonga.com has an APR representative of 5,853% and offers a loan amount of between £1 and £400 with a maximum term of 30 days. If you were to borrow £100 over 28 days you would repay £135.04.

The ARP representative which is 5,853% is worked out as follows. If you borrowed £150 over 18 days at a fixed rate of 365% Per Annum you will need to repay £183.49 which also includes a transmission fee of £5.50.

Best Short Term Loans in the UK

Wonga.com is a very popular short term loans company in the UK because it offers to send money within 5 minutes once the application is approved. Wonga does charge a higher APR representative compared to Sunny.co.uk and QuickQuid.com but the approval rate is much more higher compared to the other two. You can apply online and via your Smartphone app and the process is fully automated. Wonga.com is definitely worth considering when you need to bridge the gap between paydays and you have slightly adverse credit history and score.

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