Wonga Cash loans Contact Number

Types of Wonga Cash Loans

Payday loans

Payday Loans are small short-term cash advances that you can take against your next payday. You can borrow as much as $500 or less to be paid back with interest at the agreed date.The repayment term of a payday loan is usually between 4 days to 3 months and you have the option of choosing a term that is most favorable to you.

Personal loans

Apart from payday loans, Wonga also offers unsecured personal loans. Personal loans are installment loans. This means you can spread out your repayment across the agreed loan term. The loan term for personal loans is often longer than that of payday loans and can be spread across two to six months.

How to qualify for a Wonga Cash loan?

Lenders focus on providing affordable and flexible loan services. The requirements are basic and uncomplicated and to qualify you simply have to;

• Be at least 18 years old 
• Have a valid bank account and be a debit cardholder
• Have a valid phone number 
• Have a stable source of income 

You may also be required to answer a few questions about your employment and income status.

How does repayment work?

You will be required to provide your bank account information before your loan can be approved. Once your payment is due, money will be directly deducted from your account. 

To avoid defaulting on your loan payment, make sure you have the required funds in your account on your loan due date(s). If you will not be able to make your scheduled repayments, contact your lender for assistance.

Pros

Online application

You can apply for a cash loan online and receive the funds within a few minutes unlike when applying for a loan from a traditional bank where you have to visit a physical bank branch.

Fast response

Wonga cash lenders provide loan services via an automated system. Their services are available 24/7 and you will receive a decision immediately you apply. 

Same-day funding

Once your loan is approved, you will receive your cash on the same day.

No hidden charges

The interest rate and any other fees associated with your loan are spelled out. 

Fewer requirements

When compared to traditional bank loans, Wonga loans have fewer requirements. For instance, most financial institutions only offer secured loans but you can get a Wonga cash loan without using your asset(s) as security.

Higher Loan amount for repeat customers

While there is a limit on how much first-time customers can get, repeat customers can get a loan amount of up to $1500 at once.

Cons

High-interest rate

The interest charged on payday loans and other unsecured loans is often high.

Late repayment fees

If you fail to repay your loan at the agreed date, you will incur more costs in form of late repayment fees.

Automatic repayment

This lender has direct access to your bank account and can recurrently take out payments.

Wonga cash loans are great to cover financial emergencies. They are however expensive and not suitable to pay debts or to cover long-term financial needs. Only take a payday loan or a personal loan when you need to. Be sure you can meet up with your repayments before applying for a Wonga cash loan. This is because late or missed payments will not only cost you more, they will also hurt your credit score.