Wonga Loans Review

Product Review

Wonga offers South Africans a way to secure short term loans online. Wonga provides fast cash advances for a few days or for a few weeks. Wonga will lend you a maximum of R2500 for up to 31 days.

Application process

Applying for a loan through Wonga is easy as there is no need for mountains of paperwork. You can simply just apply online. On the Wonga site you can pick the amount and the time that you wish to borrow it for. The interest and full cost is calculated straight away so you know exactly what you need to pay. Wonga will ask for your personal details, banking information and will carry out a credit check. Once your Wonga loan is approved the money will be in your account quickly.

How Long Does it Take for the Loan

Wonga is one of the fastest paying loan companies in South Africa. As soon as the application has been approved, Wonga will email you once the money has left their account. If the application is approved after 15:00, on a weekend or public holiday then you may only receive the funds the next business day.

Benefits

Wonga loans help you to pay for those unforeseen circumstances that may come your way.

Customer Rating

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Additional info

Interest Rate/APR

  • Wonga Interest rate is 0.17% per day.

  • The APR is 60%.

Implications of Non-Payment

  • If the Wonga collection attempt is declined, Wonga will try and contact you. The bank at this point may charge you a penalty fee.

  • If the matter is not resolved then the Wonga professional collections team will handle the case and contact you. Interest will be incurred on the balance for up to 90 days.

  • If the matter is not resolved the matter will be passed to external collections partner.

  • Legal action might be taken if the debt is still not paid.

  • Your credit score will be affected negatively and the credit bureaux will record this debt.

Financial Implications

  • There is a monthly service fee of R50 plus 14% VAT.

  • Initiation Fee is 15% on the first R1000 plus VAT. Any amount above R1000 there is +10% plus 14% VAT.

Potential Impact to Users’ Credit Score

Your credit score will improve if you pay a Wonga loan back and on time. If you are late with payments or fail to pay then your credit score will be impacted negatively

Renewals

When you first use Wonga Loans you are able to borrow up to R2500. Once you have paid this back by the required time you are able to use Wonga again. Wonga will also begin to increase the amount that you can loan.

Collection Practices

  • Wonga will collect the required amount straight from your bank account the morning of the repayment date.

  • You are able to pay back your loan early by making a bank deposit into the Wonga account.

Physical Addressw: 1st floor, 33 Bree Street, 8001, Cape Town, South Africa.

Click-Here-to-Apply

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