A company called Wonga used to give out short-term loans, but now the company no longer does this. These loans were referred to as "payday" loans because of their short repayment terms. Nowadays, online financial companies have developed short-term loans, called wonga loans, to assist consumers who are unable to make ends meet. If you're looking to borrow money for a limited time, then a short-term wonga loan is the best option for you.
There may be better rates available to you if you apply for a wonga payday loan using UKBadCreditLoans' simple form and fast approval process. Additionally, UKBadCreditLoans works exclusively with Financial Conduct Authority (FCA)-regulated payday lenders in the United Kingdom. Like Wonga, UKBadCreditLoans is fast and easy to apply for. The only difference is that its customer service is superior and its lending criteria are more stringent. Apply now for a completely redesigned payday loans wonga experience.
History of Wonga
Wonga was started in October 2006 by a South African businessman named Errol Damelin. The firm specialised in providing customers with short-term, high-cost loans via online applications and began processing loans in 2007. The company conducted business in several countries, including the United Kingdom, Spain, Poland, and South Africa.
The FCA established new limits on the maximum total interest rate that can be charged on a loan beginning in 2013. They also imposed strict limits on the amount of money that could be exchanged. Customers were unable to repay these loans because of the hefty interest rate they were charged. Customers and agencies that handle claims started to file complaints against Wonga. In 2015 and 2016, the company had to spend millions of dollars to solve these complaints.
Also, a security breach occurred in April 2017 that was suspected to have affected 245,000 of Wonga's clients in the United Kingdom. There were names, phone numbers, addresses, and bank account numbers stolen, but Wonga said that passwords were not.
Due to a slew of lawsuits against Wonga and security breaches, it had to pay back a large portion of its clients' money. It came to an end in 2018 when Wonga formally entered administration.
Getting a Wonga Payday Loan Alternative in 2023
Perhaps you're attempting to apply for a payday loans wonga. Following their administration in August 2018, Wonga is no longer able to provide any more lending opportunities. Consider UKBadCreditLoans as a Wonga loan alternative if you're struggling to keep up with unexpected bills.
While Wonga is a well-known payday lender, we at UKBadCreditLoans are happy to distinguish ourselves as something different. We prioritise cost and transparency above anything else. It's our goal at UKBadCreditLoans to help you find a solution that fits your needs and budget. We take into account your financial situation and preferences. The procedure of applying for a loan is straightforward. You must provide your personal basic information and request the amount of money you need as a loan. After we match you with the right lender, you will receive a quick response to your application.
Because of the use of SSL encryption, our login pages are highly safe from intrusion. You can be sure that UKBadCreditLoans has the highest level of security in place for the safety of our customers' information.
Additionally, we work with a carefully selected panel of some of the most reputable lenders in the United Kingdom. If you apply for one of our loans, we'll use the information you give us to put you in touch with the best wonga loans provider who can help you get money.
|How much can I apply for?||£100 to £5,000||Zero-obligation quote|
|Length of the repayment||1-36 months||Quick payout|
|Interest rates (variable)||49.7%||Zero paperwork|
|Can I apply with poor credit standing?||Yes||Bad/low credit considered|
|Do I have to pay a lump sum?||No||Flexible repayment|
|When am I allowed to apply?||24/7||2-min simple application|
Requirement for a Wonga Payday Loan Alternative
Before one may be deemed qualified for Wonga Alternative loans, he or she must first meet a set of requirements that are mentioned as follows.
- You must be a United Kingdom citizen to be considered for the loan.
- You must be at least 18 years old in order to apply for the loan.
- It is mandatory that you have a mobile phone.
- You must be the owner of a bank account as well as a debit cardholder.
Important Facts to Remember before Applying for a Wonga Loan
Anyone considering borrowing money should be aware of the reasons why lenders make short-term loans available to customers. Generally speaking, these sorts of loans are not intended to be used regularly.
The first step in deciding whether or not to take out a loan is to determine how much money you require. After determining the amount of money, you wish to borrow, you should determine how much you can afford to repay each month. In this way, you can better decide for how long you need to take out a loan.
Keep in mind that you are under no obligation to take any loan that is given to you by a lending company at any point in time. Please take the time to thoroughly review the terms and conditions before agreeing.
Any firm that lends money that is not registered with the Financial Conduct Authority is lending money in violation of the law. As a result, you should only ever take out a loan from a company that is subject to government regulation.
The final consideration is how short-term credit impacts your credit score. You will leave a trace on your credit report if you apply for or borrow money on a payday loan or a short-term loan.
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We Connect You with the Right Lender
Our platform functions as a mediator, which means we link you with the most appropriate lender. Before submitting your application, you must first complete the online application form. You'll need to submit your name, address, phone number, and work information, as well as banking and credit information. If your request is approved, you'll be linked to a lender in a matter of minutes if the lender is willing to lend you the money. You'll receive an offer from the direct lender, and if it's acceptable to you, you can accept it and the process is over. If you're not happy with the offer you've got, you can always start the process over again.
Looking to Borrow Money Easily?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
As long as Wonga was giving out payday and short-term loans, there were no rules about how much interest could be charged. Due to new regulations introduced by the Financial Conduct Authority (FCA), UKBadCreditLoans will only charge you a limited amount if you have been awarded the loan. We are neither a lender nor a payday loan direct lender and do not offer customers loans or credit, but are fully FCA regulated and authorised credit broker who links borrowers and lenders to engage in short-term unsecured loan arrangements. UKBadCreditLoans works with a selected group of credit providers. When you apply for a loan, we consider affordability and a variety of other variables in addition to your credit score. It should be noted that we are not linked with Wonga.com or WDFC UK LTD, which has now ceased to be an active lender.