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Wonga Loans | www.wonga.com Reviews

Wonga Loans

Intro…

The market leader has enjoyed a remarkable decade in operation. Their initial approach was to sidestep the big payday firms at the time (PaydayUK & QuickQuid) to deliver a more flexible alternative. This early innovation helped spur on growth and they would soon take advantage by taking promotion to the next level, as seen from their past triple kit sponsorship of Blackpool, Hearts and Newcastle. The past few years have however been very troubling through capping, fines and write-offs. It seemed like they really hit a brick wall when they reported a loss after tax of £76.5 million across 2015. Despite this, they have managed to steer the ship back into the right direction, maintaining their #1 status.

About…

Brand: Wonga.
Company: WDFC UK Ltd (subsidiary of Wonga Group Ltd).
Founder: Errol Damelin.
Launched: 2007.
Licence: 671454.
Offers: Instalment, payday, short term (flexible).
Opening Hours: Monday to Saturday (7am-8pm), Sunday (8am-5pm).
Other Projects: Non.
Web: www.wonga.com.

Contact…

Address: Sheffield, S95 1AR.
Email: customercare@wonga.com.
Phone: 0207 138 8330.

Popularity…

Alexa Rank (Local): #7374.
Facebook Page: 365,700+.

Pricing…

£5.60 /£100 (7d).
£24 /£100 (30d).
£156.74 /£300 (3m).
£277.90 /£300 (6m).

Product…

Amounts: £50 to £600 (new applicants).
Amounts: £2000 max (when reloaning).
Amount Selections: £1 increments.
Late Payment Fee: £15 (after 3 days).
Terms: 1 day to 6 months.

*The short term product enables £50 to £400 (£1000 return) across 1 to 30 days. This often extends to 35 depending on the month. Flexi Loan is fixed at 3 months for £150 to £500 (£1500 return) and then at 6 months we see £200 to £600 (£2000 returning). Whilst there are no other local projects, this same brand operates internationally in Poland, South Africa and Spain.

Service Pros…

The flexibility for shorter term borrowings is very impressive at www.wonga.com. First time applicants have the ability choose any amount (to the exact £1) between £50 and £400 for any specific day across the month. Technology is another area of note whereby lending decisions are instantly determined 24/7 when reloaning, but you may of course still be declined. Their support advisors did operate at one time 24/7, but they are at least still reachable 7/7 should any issues crop up. Their valued experience and proven track record does count in their favour. They have faced many controversies over the years, but they have taken positive steps to put things right as seen through the Wongability scheme.

Service Cons…

The Wonga loans don’t compare that well on pricing. When borrowing for short terms throughout the month you’ll always be paying 0.8% daily (the payday cap). The 3 and 6 month loan charges are reasonable, but you’ll be able to source cheaper deals elsewhere. There has been a few notable service downgrades enforced. They had for instance previously offered any amount from £1 onwards, but this was raised to £50. 24/7 customer support was dropped and promo codes are no longer available. Their original promos were designed to wipe out their transfer fee that is no longer charged, but even still it would be good to see potential discounts. Other firms do this today like QuickQuid and Sunny.

Similar Lenders Like Wonga…

Factoring popularity, QuickQuid is their closest competitor whilst they also face increasing competition from SafetyNet Credit and Sunny. The lender Cash Asap is well matched for product specs, but SafetyNet would be the ideal choice based on their 24/7 payouts and interest cap for longer term borrowing. There are plenty of options for those seeking weekend payouts as available here. Comparing pricing is important especially if opting for 6 months. Rather than paying the £277.90 per £300 charge here you could pay around £150 with select companies. The cheapest sector option in fact drops much lower down to £76.50. This deal is offered by Tappily who only recently launched in 2017.

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www.wonga.com Reviews
Average rating:  
 1 reviews
by Jeff on www.wonga.com Reviews

Fantastic speedy service! Love the new flexi options.