If you are considering getting a loan from Wonga, we will discuss how you can apply for wonga loans as well as everything else you should know. Wonga provides a range of credit options to cater to the diverse needs of South Africans, which allows prospective customers to select the right option for them. Without further ado, let’s quickly dive into all there is to know about the financial provider in question.
How does wonga loan work
If you need short-term loan financing promptly so you can get by until your next payday, Wonga payday loans can help. They are a reputable and registered credit provider created by South Africans for Mzansi. The company specializes in providing short-term loans online.
Are you in need of a Wonga payday loan? Here is a quick overview of the application process:
- You can apply on your mobile phone, tablet, or PC at any time of the day, anywhere!
- You don’t have to visit Wonga offices to get a loan.
- There are no hidden fees, and every step of the process is transparent.
- Your personal details are kept safe and confidential
Wonga loans Interest rates
In South Africa, Wonga gives some of the lowest interest rates loans. For new borrowers, the interest rate will be just 5%, regardless of the amount or repayment schedule. Existing customers on the other hand who have previously had a Wonga loan can expect to pay between 3% – 5% interest.
There is a simple fee structure that you can see when selecting your loan amount and term, even before you apply. In addition, you’ll also see the total amount that needs to be repaid over the loan’s duration. Should you decide to settle your loan earlier, you can even save on interest and fees by doing so.
As you become a Wonga customer, your trust rating will gradually improve, allowing you to apply for up to R8000 in loans. This will eventually allow you to borrow bigger amounts at the same interest rate, while still taking advantage of Wonga’s flexible and convenient repayment options.
What do you need to apply for a Wonga loan
Here’s a list of requirements you need to apply for a wonga loan;
- You need to create an account on the Wonga website and log in;
- SA ID number;
- Cell phone number;
- Bank account details;
- Most recent proof of income; and
- You should also be at least 18 years old.
Does Wonga do credit checks
Wonga isn’t like your typical internet lender because there’s no need to fax documents or wait on the phone for hours. Due to their sophisticated credit reference system, they are able to accept applications and payments entirely online. In a matter of seconds, Wonga assesses your application, offering you financing only if they believe you are able to make repayments.
If you repay an online cash advance from Wonga, you may also see an improvement in your credit history since they perform a credit check as part of the application process. That’s because Wonga notifies their credit bureau partner of your trustworthy behavior with respect to timely repayments.
How to apply for a Wonga loan
The application process for a wonga loan is pretty simple and direct. Below is a step by step guide through the process;
- Visit wonga’s official site.
- Use the repayment calculator to choose how much money you want. The default term is 30 days.
- Wonga will instantly calculate so you can see the interest and fees plus the full amount you need to pay back.
- If you’re satisfied with the amount, click on ‘Apply now’ and;
- Fill out the secure online application form.
- You will be immediately notified on whether your application is successful or not.
- In order to process a successful loan, Wonga will require you to provide proof of income. This is where you submit your proof of income (payslips or bank statements with your personal details).
- The cash is then transferred to your bank account.
Can you get a Wonga loan with bad credit
With a low credit score, you may have limited options, but that does not mean you cannot qualify. We will only approve your loan request if we believe you will be able to pay back your debt. Taking a step back and looking at your finances might be a good move if your credit score is low or if you have previously had trouble repaying your loans. There are also loans for bad credit scores available.
In most cases, if you need a payday loan and have an unsatisfactory credit history, the application process will be the same as for someone with a good credit history; however, your borrowing terms may be more restrictive. It may be necessary for you to provide more information about your ability to pay back.
You can learn more about financial literacy with the Wonga Money Academy if you’re ready to master your money. Consider reviewing your knowledge of debt, savings, budgeting, and investing, and seeing where you might be able to improve?
How much can you get with a wonga loan?
The minimum/maximum amount you obtain as a loan with wonga depends on whether you’re a new or existing customer. New Customers can get a loan for up to R4000 rand from Wonga, which should be repaid within 3 months. Existing customers can apply for a maximum of R8000, and they have 6 months to repay.
Does Wonga do long term loans
In most cases, personal loans are repaid in monthly installments over a period of up to 24 months. For new customers, Wonga’s personal loans allow you to borrow up to R4000 and repay within three months. If you are an existing customer, you can borrow R8000 and repay it within six months.
Wonga Loans: Repayment Terms
Direct lenders like Wonga work directly with customers via their websites. During the loan application process, all fees are clearly communicated to you. It is agreed that you will receive a loan amount, which you will repay on a specific date.
Once the payment deadline arrives, Wonga deducts the agreed-upon amount from your bank account. This happens every month until the whole amount is repaid.
Does wonga loan perform credit checks?
In contrast to other internet lenders, Wonga doesn’t require faxing documents or waiting on hold for lengthy periods of time. The application and payment process is entirely online since they have a sophisticated credit reference system.
Using their technology, they are able to assess applications in seconds and ensure that they only lend to people who are capable of repaying the loan. They simply don’t lend to anyone who isn’t.
Wonga conducts a credit check as part of the application process, so you may also see an improvement in your credit history when you repay an online cash advance from Wonga. This is because they inform their credit bureau partner about your timely repayment behavior.
Why choose wonga loans
Wonga loans have the following advantages over other credit providers;
- Applying and receiving Wonga loans is all done online.
- Wonga is trustworthy and regulated by the National Credit Act.
- They offer excellent customer service, including a hotline you can call if you see anything suspicious.
- Wonga allows you to earn more trust and increase your borrowing amount as you continue to work with them.
- The company is a popular and registered credit provider. It offers fast responses and easy-to-use services, making it highly recommended.
- When faced with an unexpected financial crisis, Wonga offers a quick, easy solution.
- Wonga offers flexible repayment terms.
Wonga Contact Details
If you have any questions, please contact 0861 966 421, and a consultant will assist you Or visit www.wonga.co.za for more information about Wonga loans and how you can apply. Let Wonga help you.
Don’t hesitate to ask for help from Wonga consultants if you’re having trouble completing your Wonga loans application over the phone. They will also provide you with free financial advice.
Conclusion
In comparison to other online lenders, Wonga’s sophisticated risk and decision technology mean the application and approval process takes only minutes to complete. Additionally, they are uniquely flexible and can help applicants borrow the amount of cash they need and for the number of days needed.