How does Wonga compare to other companies? |
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About Wonga
Wonga.com began its operations as a London based online lending firm. Wonga.com was founded by Errol Damelin and Jonty Hurwitz, who now act as CEO and CTO respectively. The company enjoys strong backing from prominent and successful investors such as Accel Partners, Dawn Capital, Greylock Partners and Balderton Capital. In London, the word “Wonga” is known as a slang term referring to money or cash.
Mission of Wonga.com:
The company’s mission is to offer small but immediate loans online to its customers as and when required.
Short term online loans at Wonga:
Short term online loans, otherwise known as payday loans, are sought for several reasons but primarily to help overcome immediate financial problems. At Wonga, short term loans are also provided to customers who require financial assistance to help with monthly outgoings in between salary paydays. At Wonga.com, the loan applications are processed online, so there are no unnecessary delays while waiting for loan approval and the money is deposited in the customer’s bank account within 15 minutes of approval, day or night. The short term loan procedure at Wonga.com is simple, secure, confidential, convenient, and fast. Wonga runs a credit check as part of their decision making process, which may affect applicants with very poor credit records. But it doesn't automatically rule them out as Wonga also place emphasis on lots of other factors as well as honesty and trust.
Eligibility to apply for loans:
Applicants are required to satisfy Wonga's basic eligibility criteria which include being a UK citizen, over 18 years old, having a UK bank account and active debit card, and potential clients need to be regularly employed for a minimum of six months with a reputed company and should have fixed earnings every month.
Why online loans from Wonga?
Online loans from Wonga are simple and easy to organise as the entire loan procedure can be carried out online. There are various benefits such as the application form needs to be filled only once, immediately before the loan process is initiated, and once approved, the loan can be processed within minutes. Wonga is a trustworthy company as the repayment amount is calculated and intimated to the client upfront based on the amount he/she wants to borrow and the time period required.
Wonga is different from other internet lenders because their entire service is online and they can give you a decision in seconds and then pay cash directly to your bank account within 15 minutes. They're also available 24/7. Wonga allows the customer to decide how much money to borrow and how long they need it for and they tell you exactly how much your repayment will be up front. Customers can improve their credit rating if they make the repayments on time as Wonga communicates the customer's credibility to its credit bureau partners.
