Wonga.com is 'a new web loan innovation' according to some, but what does it actually do - and does it have a place among debt management solutions?
Wonga.com is a UK based internet loans company. It has been running for approximately 10 months now, and is already profitable. It ofers loans similar to those offered by payday loans companies. The difference is in the selection process, and the speed.
Wonga use a 100% online application, the credit check is fast, and once accepted, they can arange for the money to be transferred to your account within the hour. Wonga charge 1% per day for their services, on a 5-30 day loan. This can work out at a staggering 2689%APR.
Unlike some other payday loan providers however, Wonga make it clear that they are aexpensive, and have put a lot of effort into making debt management information available on their website.
If you need quick cash for an unexpected accident, Wonga could potentially help. If you are struggling with debts, then Wonga isnt for you - call MRA Debt Help on 01424 777156 to speak to one of our debt counsellors.
I think that it is better to talk to a person who specialize in debt management.
Very high charges if you go into the red. I was charged ?180 in a single month for a few excursions into the red. All was good until my current account manger moved on and his useless replacement came in. It took me 2 weeks to get a reply to my messages! Basically a bank is only as good as the business manger you are assigned. If you get a good manager then you usually get good service. I'm now looking for another bank/manager.