What Are Wonga Loans?
Wonga was the largest payday loan lender in the country, until it inevitably closed down in 2018, because of an excessive amount of consumer settlement issues. However, the term wonga loans stuck around and it has now become synonymous with payday loans for thousands of people in the UK.
It is for this reason that many people still search online for terms like: wonga loans, wonga loan UK, or even wonga loans online application form. This is also why PaydayLoansUK has partnered with a wide panel of legitimate credit lenders that are able and ready to supplement anyone with payday loans wonga.
However, the difference is that unlike Wonga, you won’t have to worry about our lenders charging you any unreasonable interest rates or hidden fees, as you will be able to easily and quickly find a suitable wonga loan lender that offers fair and affordable lending terms that are best suited to your financial situation.
Why Should I Consider PaydayLoansUK as an Alternative to Wonga?
You can get started on your wonga loan application by simply filling out our online form, which is also accessible via wonga mobile login. You will need to input your personal address details, employment or business status, bank details, as well as contact information, which will be used by the lenders in our network to determine your affordability and creditworthiness.
Get Paid Fast
The review process is often quick because our panel of lenders will usually be able to assess your application online and give a decision in as fast as 10 minutes. You can apply for a maximum of £5000 and if approved for a wonga loan, you can expect your funds to be deposited in your account within 24 hours.
No Hidden Fees
There are also no hidden fees with any of the loans that our lenders offer, which means that you can comfortably proceed with your application being fully aware of the loan agreement’s terms and conditions before signing it.
Bad Credit Considered
Our lenders are also happy to accept applications from any borrower with a bad credit score. This is because they are usually more interested in your ability to repay the loan, rather than your credit report. So, as long as you have a steady income stream, you should be able to secure yourself loans from wonga.
How Does Payday Loans UK Compare?
|Why Use Us?|
|What is the maximum amount I can borrow?||Up to £5000||Instant approval|
|Will I be considered if I have bad credit?||Yes||Bad Credit Considered|
|Interest rates (variable)||49.7%||Zero paperwork|
|Loan repayment terms||1-36 months||Flexible repayment|
|Will I be credit checked?||Yes||Will perform credit checks as for financial regulations|
|How do I apply?||Apply online||Simple application form|
Apply for Wonga Loans Alternative Through PaydayLoansUK
1. Fill In Your Application Form
Wonga may no longer be in the picture, but that doesn’t mean you can’t secure yourself payday loans like wonga, even if you have a bad credit score. And the first step that you need to take is to head to PaydayLoansUK and fill out an online form for wonga loans, which should only take a few minutes to complete.
2. Compare Your Loan Offers
Once submitted, you will receive a list of FCA-compliant lenders and you can compare your options to find the wonga loan UK that fits your financial situation best. You can usually borrow up to a maximum of £5000, but take care to only apply for a loan wonga that you can comfortably afford to repay, otherwise, you risk high penalties and fees for defaulting.
3. Await Loan Approval
Once you accept the offer and terms that you feel most satisfied with, the wonga loans lender will conduct a soft credit check to assess your level of creditworthiness before granting final approval. The review process is usually fast, as they can even make their decision in as little as 10 minutes.
4. Receive Your Funds
If final approval is made, you can expect your wonga payday loan to be deposited into your account within 24 hours, if not less. However, this can sometimes vary depending on the date and time of the application, as well as your bank’s processing times.
Want to Get a Loan?
Representative Example: Rates from 43.1% APR to 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: £1,200 borrowed for up to 75 days. Total amount repayable is: £1506. Interest charged is 0.34% per day, amounting to £306, annual interest rate of 124% (variable). Representative APR: 49.7% (variable).
Am I Eligible for PaydayLoansUK?
In order to successfully qualify for instant payday loans like wonga, there are a few eligibility criteria from our lenders that you will need to fulfill to prevent your application from being declined. Luckily, the requirements are often standard across the board, as you usually only need to prove that you:
- Are over 18 years of age
- Are a UK resident with a permanent UK address
- Have a steady income stream
- Have an active bank account and debit card
- Have an active phone number and email address
As long as you meet all of the above criteria, you should be able to qualify for a wonga loan from our FCA-compliant lenders without much difficulty.
And if you happen to have a bad credit score, then you can rest assured that your ability to apply and qualify for wonga loans UK will not be affected. However, having a low credit rating may still affect your ability to access higher loan limits, as well as lower interest rates.
Furthermore, the credit lender will also want access to your financial information, in order to conduct an affordability check that proves you can actually afford to repay the wonga loan amount that you want to borrow. And in most cases, this usually involves reviewing your monthly income and expenditure.