Compare the best loans of South Africa and find the lowest rate
Are you having problems to keep your business afloat? If you are looking for a little help to get through this bad time, I can help you get it. I’ll refer to Wonga Loans, which unfortunately doesn’t’ provide business loans but, they offer short term loans that could be extremely helpful in these times. I’ll expand on the requirements, online application, contact details and everything you need to know.
Although Wonga can’t provide you with a business loan, they have the perfect solution for those unexpected events every business usually experiment. If, for example, your computer breaks and you need it urgently to keep working, but you can afford the repair until next month, Wonga can help you thanks to its short term loans. Time is money, and every day you waste waiting you lose more money. Through Wonga, you’ll have your computer fixed soon and you’ll avoid losing more money.
Wonga Loan Requirements
In order to apply for a Wonga loan you need to pay attention to these requirements. But don’t worry because they are only few and really simple.
- you need to own a cellphone number.
- you need to have a SA ID number.
- you need to give Wonga your bank accounts details.
- you need to prove your income for the past three months.
How to apply?
As you can see the requirements are super simple, so now we can talk about how you can apply for the loan.
First of all, you should decide the amount of money you need and when would it be perfect for you to repay it. On Wonga website you’ll find an online calculator which helps you with this step. You submit the amount of money and the time to repay it, and the calculator will present you the cost of the loan. You can try different numbers to see which is the perfect deal for you. Once you reach that perfect deal, you click on the “Apply Now” button.
Second, you will be shown an online application form that you need to complete with your personal information. This required information includes: your ID number, some employment details, bank account information and monthly income and expenses. Wonga will process all this data to calculate and decide if you properly qualify for the loan you asked for. You won’t have to wait long to know the outcome as they usually answer right away.
Third, after they have authorized the loan, they will corroborate your income. In order for them to do so, you will have to send them your last three pays lips or bank statements that displays your personal details and your salary for the past three months.
And last, they will transfer the money to your bank account. They will make sure to prove the income you stated is true, and they will transfer the money for the loan to your account. As they will collect the money to repay the loan from your account, all you have to do is to make sure the funds are available on due date.
Wonga Loan Quote
If you are a new Wonga’s client you can ask as much as R 4,000, but for current clients the quote goes up to R 8,0000.
Keep in mind they will inform you the total cost of the loan from the beginning, and that there won’t be any extra fee. Their annual interest rate is of 36%, and they will charge a monthly fee of R 68,40, which is used to cover the fast cash deposit system. You should also know that 14% VAT is included in the fees. So, as you have all this information from start you can calculate the total cost of your loan in order to decide properly if you can apply or not.
You can get in contact with Wonga by calling the number 0861 966 421. Or you can send them an email to firstname.lastname@example.org. You have another email address in case you have any queries about the repayments: email@example.com. Please, bear in mind that they open on weekdays from 7 a.m. to 7 p.m, and on Saturdays from 8 a.m. to 1 p.m.
Wonga Loans Reviews
What about clients that have already used the service? Well, we have gathered some reviews from them, and they all agree that Wonga Loans have provided them with a really good and efficient service. Within the feedbacks they mentioned, we found they appreciated the speed Wonga worked. One of them claimed that the money was in their account within an hour since the application was submitted. And they also complimented the simplicity of the process, which, they said, is really easy to follow.
Wonga Loans Benefits
Now, we’ll point out some characteristics you may find if you apply for a Wonga loan. When working with Wonga you are sure to find:
1 Flexibility: they let you decide on the amount and the repayment term. You can study all viable situations until you are happy with your own decision.
2 Short term: you won’t be put under endless extensions on your debt. You must make sure to cancel the loan within the period you agreed on.
3. Crystal clear service: you will know from the very beginning how much money you need to pay and for how long. You may find an increase on the charges only if you fail to fulfil the agreement.
4. Online Procedure: from the time you apply until you cancel the debt, the entire procedure develops online. There are no paperwork or waiting hours.
5. Confidence: their aim is to build a trusting relationship based on responsibility from both parties. That’s why newly clients are allowed to borrow up to R 4,000, and if they comply with the repayment terms they can ask for more in the future.
Now you know more about Wonga Loans you can feel sure to be able to decide correctly if their service fits you.