Credit Poor Advice: Should You Apply for Wonga Loans?

Have you thought about applying for a short-term loan? You probably have! Nowadays, most people tend to consider going down that road every now and then. Financial difficulties are affecting most families, and monthly expenses are taking over most of their salary. Whether you intend to reimburse a persisting debt or you are short on cash-flow, a short-term loan might be the answer for you.

There are a lot of companies out there that are established to help out those in need. It must be a bit difficult to choose from the wide variety of lending services, with their advertisements swarming around the web. You probably came across a company called Wonga. They are one of the most trusted companies in the lending business, and that is why we chose to provide our clients with a Wonga company overview.  

• What is Wonga?

If you are thinking about applying for a Wonga loan, you need to learn more about their services through this Wonga company overview. Wonga Group consists of multiple international lending services. They started providing their services in the UK back in 2007. Since then, they have catered to millions of applications and proved their worthiness in the field. They cater to their clients’ needs through online services, and the interest rate of their loans is known to their customers upfront. They promise their clients the best lending services in the UK for those that are usually not well served by the traditional financial solutions.

• What Kind of Services Do They Offer?

In this Wonga company overview, we are going to let you know more about their lending services. If you are short on cash or you want to make an instant purchase, you might consider their trusted services. Like most lending companies, they offer two kinds of short-term loans: a regular short-term loan and a Flexi loan. Their regular short-term loan gives you the opportunity to borrow from £50 to £400, and their application is usually processed within five minutes. You have up to 35 days to repay the borrowed amount, and their interest rate increases according to how long you need the money for.

Their other lending option is a Flexi loan. You can borrow from £150 to £500, and their application is also processed online. The other difference between a Flexi loan and a regular short-term loan is the time you are required to repay the borrowed amount. Through a Flexi loan, you have up to three months to repay your loan. The repayments are in the form of monthly installments. You should consider this option if you cannot repay your borrowed amount in a single installment.

• Should You Apply for a Wonga Loan?

We aim to provide you with the proper information in this Wonga company overview to consider the companies’ services. However, applying for a short-term loan is not an easy decision. If you are terribly in need of some cash, then it might be the best answer for you. You might want first to reach out to friends and loved ones to help you out in order to avoid the interest rate of your loan. However, if you cannot find any family member to help you through your financial difficulties, you might want to consider this option.

If you are in a financial difficulty due to unexpected incident, it’s okay. However, if you are falling into this pit due to poor financial management, you need to reconsider your behaviors. Here at Credit Poor, we always advise our clients to review their financial habits and alter the ones that damage their situation regularly. We hope that this Wonga company overview has provided you with the proper knowledge you need; and you should also sift through their clients’ reviews to learn more about their business.