Wonga Loans Application Online | Get your money Fast
Wonga Loans is a lending company working in South Africa aiming to be the first option when it comes to getting instant loans. This company has focused on giving South Africans the best service possible providing them with a variety of loan offers they can get the same day. By the time you end up reading the following lines, I can assure you the loan decision making will be much easier to do.
How do Wonga Loan works?
This is a very important question because, although we can say Wonga offers short-term loans, there are two alternatives:
On one side, you can take what works as a payday loan
On the other, a short-term personal loan can also be an option.
While in the first case the repayment term lasts for a month, in the second one, it can extend up to 6 months. Basically, that’s the difference between these two loan alternatives you can find at Wonga. Now I’ve showed you your options, it’s time we delve into this company’s loan main information.
How do I apply for a Wonga Loan in South Africa?
As you have just read, Wonga grants short term personal loans which makes the application process much simpler to go through. You are only asked to meet few requirements - I’ll refer to this in the following question - and you need to go over a credit check. Once that credit check shows your financial status allows you to borrow money, you can enjoy from Wonga funds freely. Then, you repay the credit when due date arrives.
How do you qualify for a Wonga Loan?
To begin with, what you need to apply for a Wonga loan is to be sure you’re in right economic status. I mean, be sure you have chances of getting your loan request approved.
About Wonga qualifying criteria to take a loan, it’s not complicated at all. I mean, they ask what any lending company asks when about to loan money. As long as you
are a South African old enough to take a loan.
have a bank account in the country and a cellphone
enjoy form a steady job;
You can start considering your loan application at Wonga. Then, of course, Wonga will check you comply with these requirements through proper South African documents. At last, Wonga takes your information to verify your credit history.
How do I use a calculator to compare different payday loans in South Africa? Is Wonga the best option?
A loan simulator is one of the most amazing electronic tools you can use when asking for a loan, as you know banks and lending companies charge fees when lending money. Also, there’s always an interest rate to pay that depends on few factors:
The applicant’s credit score: for those who have good score, it means they have paid their debts responsibly in the past. This makes banks trust those possible clients, so they prize the borrower with a lower rate.
The length of the loan, as fees and rates are paid according to the repayment term. For instance, if the interest rate is charged daily.
Let’s see now how can you take advantage of a calculator to know how much would you pay back for a Wonga loan.
By using a simulator to calculate your Wonga Loan, you can try different loan quotes to have the cost to pay for it and, for example, lower it if you think it’s too expensive. For example, say you choose 3000 rands and you want to pay it in just 31 days. If we suppose you get 0.16% on daily interest, your Wonga instalments might be around 3732 rands. Remember, there are also an initiation and a service fee included in that amount. Now, if you want to take more time to repay it, 4 months for example, each of those installments would be1009 rands approximately.
This way, you can try different loan terms to compare the cost before deciding.
Can I use the online loan calculator to get information about a 2000 rands Wonga loan over 3-month?
Yes! A loan calculator is exactly what you must use to know the cost of this loan. Don’t forget, of course, the calculator will only show you an approximately cost. The official total to repay will vary according to the interest rate Wonga decides to charge you. But, all in all, the online calculator shows us the following charges: your fees might be around 486,45 rands and the interest rate 189.78 rands. So, if you take 2000 rands and pay it in 3 installments, the cost will probably be 2676.21 rands.
Is it better to pay a Wonga loan over a month or to extend it to 6 months?
When you have to decide the number of instalments to cancel your Wonga loan it’s of paramount importance you take everything into account. Remember, interest is charged per day, so the sooner you cancel the loan, the cheaper it’ll be. However, you have to be completely sure you’ll have that sum of money to make your payment or you’ll start amounting installments. The good news is that Wonga allows their borrowers to make early payments with no extra cost. This means that if you have a 5 months loan but you then realize you can pay sooner; you can pay in advance to cancel that loan.
Does Wonga offer long term loans?
If you are thinking about paying your loan borrowed over 12 months or longer, you shouldn’t have Wonga as an option. The longest period to cancel your loan with Wonga will be only 6 months. They focus only on short term loans to offer the best products on this term and be capable of dealing with loan request fastest. You may consider lowering your installments to 6 or, looking for a bank granting long term personal loans. Usually, those companies’ terms can be from 12 months up to 5 year.
What to pay attention to if you’re Wonga loan new customer
The only difference between new and existing Wonga customers is the loan amount available to ask for. If you have never taken a loan at Wonga, your limit will be lower. Then, if you ask again, you can increase the loan amount
What other types of loans does Wonga offer?
If you search for Wonga loan alternatives, you might find more options than short term loans. However, I must clarify Wonga works on other countries outside South Africa. So, there’s a chance you might be getting misleading information. As regards South Africa, they only work with short term personal loans.
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Are Wonga loans suitable for unemployed?
If you don’t have a steady job at the moment, these loans aren’t’ suitable for you. Basically because, as I mentioned, Wonga needs a proof of income to accept a loan petition. If you are unemployed and you’re trying to get financial support, you must carefully and honestly analyze if you can afford the repayment. You might get financial help from a family or a pension, so in that case, you have funds to cancel the money. On the contrary, if you don’t have any source of income, you really need to stay out of loans for the moment.
Why is Wonga the best option to get a loan in an emergency?
Similarly to what I’ve been saying, these loans are granted in the fastest way possible. Wonga takes care of processing loan request as fast as the application is submitted. In turn, when you have to face an emergency, you can rely on Wonga doing the quickest job to give you an answer right away. As fast as few hours, you’ll be ready to solve that unexpected event you didn’t planned.
Can Wonga loans be taken by students?
Although there aren’t student loans at Wonga, a student can easily apply for a loan. Of course, it will only be useful to pass through a bad time not to pay for university, for example. Let’s say you are a student who have a job and you use your salary to pay your studies. Then, your computer breaks down and you don’t have sufficient funds to repair it. This is when Wonga can assist you with their loans providing you meet the requirements.
Is it possible to get a Wonga loan for a Business if I live in South Africa?
In the same way Wonga can help students, they can financially assist businesses. You can’t ask for a business loan, but you can take a short-term loan to spend on your business. All the same, whether these loans work for your business or not depends on what you need to pay for. If you need to boost your company, you are surely looking for a high quote. In that case, it might be more useful to turn to a bank dealing with business loans.
Wonga Loans FAQ
Being aware of the many doubts borrowers face with when applying for a loan, I’ll answer some of the most common questions about loans at Wonga.
Can I increase my Wonga loan?
Wonga’s main objective is helping their clients stay out of financial trouble. So, they might reject you increasing your loan unless your income is more than enough to cancel the final amount.
How many Wonga loans can I have?
Wonga only grants a loan at a time so; you need to cancel your current loan before asking for another one. But you don’t need to worry as Wonga has only short-term loans which means in few months you repay your loan and you are free to take another one.
How long does it take to get a Wonga Loan?
As Wonga takes full responsibility on their clients, they know time is money. So, they put all their effort on going through each application quickly to get to the loan approval. Consequently, you have great chances of getting your funds into your bank account the very same day you apply.
How do I repay my Wonga loan?
This is one of the most practical benefits Wonga offers on their loans. They take the money right from your bank account on a previously arranged date. As long as you have funds on that day, you don’t have to worry about anything else.
Does Wonga pay out on weekends?
Wonga lets clients to apply at any time, Saturdays and Sundays included. However, as transferring money is a bank operation, they can only make the loan deposit on working days. So, keep this in mind for the day you apply for a Wonga loan.
Are there another direct payday loans like Wonga?
Sure, there are! As I’m sure you know, you can take a loan with a direct lender or a broker. Direct lenders refer to those entities lending money on their own, like Wonga does. So, there are plenty on companies working in a similar way. Cash Converters Loans, for instance, offers up to 3 installments to cancel the loan.
Wonga Loans: reviews about their products
If I take Wonga loan products and analyze them, I can see they have pretty good idea about dealing with short term or payday loans. Through time, they have polished their service to finally provide South Africans with a trustful service.
Among their benefits, I found:
A credit check will prevent you from entering a non-payable loan.
Early payments with no extra fees allow you to save money.
Having from just 1 installment to 6 offers you flexibility when choosing your repayment term.
They try to help you manage your finances by letting you have only one loan at a time.
What’s Wonga South African contact number to apply for a payday loan?
If you want to make any specific consultation about Wonga loans, you can leave us your question below to have a quick response. Now, if you want to talk to any of Wonga consultants, you can dial the number 0861966421. Or maybe, you prefer to write them an email to firstname.lastname@example.org.
Where’s a Wonga branch to apply for a loan?
Although they have an office in Cape Town at 33 Bree Street, it’s not available to ask for a Wonga loan in person. You can only apply online. If you want, remember you can start the procedure by using our online loan simulator before applying.
If you still have doubts about these types of loans, you can read about payday loans and short-term loans here in our platform to perfectly understand what should you deal with. Now you know what Wonga offers, you can decide if this is the company for you.
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