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Representative 49.9% APR.
Representative example: Amount of credit: £750 for 12 months at £77.29 per month.
Total amount repayable is £927.48.
Interest charged is £177.48, interest rate 49.9% pa (variable).
Rates from 11.8% APR to 1575% APR – your Free, No obligation quote and APR will be based on your personal circumstances, and Finance is subject to availability and status. Authorised and regulated by the Financial Conduct Authority.
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Wonga Payday Loans
Wonga Payday Loans Review
In 2011, Wonga was having a major success. Their profits continued enhancing in size and also they rapidly turned into one of the leading direct lenders. However the factor behind their success is the same reason for their eventual downfall.
Wonga was one of the most significant payday lenders in the UK till it closed down in 2018 due to an overwhelming variety of consumer settlement problems.
Still, their name lives on, as the term ‘Wonga’ has become synonymous for Payday Loans in the UK. Today, thousands of people still search online payday loans using terms like: “Wonga”, “Wonga loans” and even “borrow wonga”. As this is no more of an option for UK customers, Pounds4U.com can supply risk-free, simple and quick payday loans like Wonga to fill up that requirement.
History of Wonga
Started by Errol Damelin and Jonty Hurwitz, WDFC UK Limited, trading as Wonga, in 2009.
Wonga was the first firm of its kind that provided payday loans and payday advance totally online. Previously, loan providers could not grant any loans without obtaining physical documentation from the clients via fax or email.
It really did not take that long for the business to take off, and Wonga took its place ahead of the payday loans UK industry. The term ‘Wonga’ is a British vernacular word of Romani which means “money”. ‘Wonga’ and ‘payday loans’ are now famous, due to the firm’s extensive marketing.
With adverts saying ‘straight talking money’ and ‘credit for the real world’, Wonga.com has become the biggest credit short term loans and payday loans direct lenders that everyone knew.
They presented on TV ads Wongies – puppets of two old people talking highly abut wonga payday loans for bad credit.
Wonga’s success was made from having exceptionally high-interest rates with some of the APR being as high as 5,000%. Wonga’s loans were for just a couple of days to a few weeks since they just offered out a tiny quantity of cash money, up to £400 for up to 34 days.
In 2013, FCA regulations were made that restricted how high the complete interest rate of a financing can be. They also put strict rules on wonga such as:
- Total cost cap of 100%, meaning that the most people ever pay back is double the loan amount.
- Loans are capped at 0.8% per day.
- All fees are capped at £15.
- Loans won’t be rolled over more than twice.
- A risk warning must be included in all television advertising
But some customers could not repay these loans due to the high amount of rate of interest related to their loans. This led to many clients and claims management firms submitting claims against Wonga which resulted in them spending millions in 2015 and also 2016 to resolve.
With many claims piling up against Wonga, they had to repay back vast amounts of money to their clients. That ended their run and Wonga formally entered administration in 2018.
Always remember that late repayment can cause you serious money problems. For help, go to Money Helper
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How Cash Loans Online Work?
Who can apply?
To be eligible to get a loan, you need to:
Be a Legal UK resident
Be 18 years of age or older
Have a valid UK bank account, working phone and email
Have a regular source of income (min £700 per month)