Review Of Wonga - Apply For A Short-term Loan With Wonga
Recently the UK has seen a rapid growth in short-term loan lenders and one of them
above all others is doing remarkably well and calls itself the slang for money: Wonga. It has a huge presence online as its entire business flow from beginning to end is done online. This Wonga Review reveals all.
Not only is their business process conveniently online only, but this lender say on their website that they can transfer money into your bank account during weekends as well as during weekdays. This is a step forward in the world of consumer finance in the United Kingdom. It means they can transfer cash to you even outside banking hours. This lender also states something else unique about its service and that is that it can guarantee the cash will leave for your account in fifteen minutes of your approval.
Wonga can provide a level of service over and above what other loan providers can and this is excellent news for the discerning borrower. They give you the ability to choose how long you wish to make the loan term. This means you only pay interest charges for the exact number of days your loan is outstanding. Also, there are no late fees should you wish to extend the loan period from anywhere below 30 days right up to 30 days on the nose.
Thus a shorter loan period translates into a smaller interest charge on due date. This is a welcome service as it gives the consumer greater choice in controlling length of loan and hence cost of loan.
You should also know that the whole application process on the Wonga site is very user friendly and much better than most other short-term online loan lenders in the United Kingdom. A slider is incorporated on their website that acts as a calculator as you choose the number of days you need the loan for.
As you move the slider to select your desired loan duration the cost of the loan is instantly and automatically updated for your convenience. You will note that even though you can completely repay the loan earlier than with other lenders the APR is still high, sometimes even higher than what other lenders charge. But on average short-term loans last for 2 weeks, so the average borrower is better off with Wonga.
This Review of Wonga should go some way to helping you apply for a loan.