The “Fast Little Loans” slogan has steadily gained popularity in the South African financial market in the last few years. It’s highly likely that at least one out of ten individuals recognises the slogan as that of fast-growing micro lending institution Wonga. Founded in London by two South Africans, Wonga has provided over 1 million “fast little loans” since 2012. The founders spent 3 years in the UK building it into one of the most innovative credit entities around.
A registered credit provider and NCA regulated, Wonga specialises in eliminating the complexity and inflexibility many consumers face when applying for short-term loans. The unique service is online from start to finish. New customers get up to R2500, while existing customers get up to R8000 in finance. Using the sliders on the online widget, borrowers are able to calculate how much is needed as well as how much the repayments are going to be. Applicants need to click on the ‘apply’ tab, upload their personal details and give Wonga their banking details. As a conscientious lender, Wonga will then do a quick credit check. Wonga subscribes to an almost instant response system, so applicants are guaranteed an almost instant response. Prospective clients are able to choose their own repayment date and are responsible for ensuring that there are sufficient funds on the selected repayment date for Wonga to make a debit order collection. Cash advances are for up to 30 days and are available to individuals over the age of 18 who are living in South Africa who have an active South African bank account. Applicants are also required to present their email address and cellphone number during this process. Wonga charges interest by the day, so the shorter the loan period, the less clients have to pay for their cash. A R57 monthly service fee and an initiation fee are associated with this loan option, while early repayments are permitted with no penalty fee.
Wonga resolves to solve people’s short-term and urgent cash flow problems with an equally short term responsible solution.
For quick short-term solutions call: 0861 966 421
