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Wonga Unsecured Personal Loans

Wonga Official Website: www.Wonga.com Wonga

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Online Application

If you have ever tried looking for a loan, then it doesn't take long to discover that there are usually more than a handful of companies willing to lend you money. However, as you've hopefully discovered before signing up with them, many loan companies end up creating even bigger problems for you down the road, with sky-high interest rates, and all of the accompanying hassles if you happen to be a day or two late with your payment. However, Wonga is not your typical loan company, and if you want a quick loan, with minimum hassle, then you may well decide that Wonga is the company for you.

You should always check the cost of credit before you borrow, from any lender. Using a representative 5.853% APR, here is an example of the cost of borrowing:

Representative 5.853% APR so if you borrow £150 over 18 days at a rate of 365% p.a. (fixed) you will repay £183.49. Includes £5.50 transmission fee. WDFC UK Limited Registered Address: 88 Crawford Street, London, W1H 2EJ.

There are as many names for the type of loans that Wonga offers as there are companies that want to offer them, but whether you choose to call them cash advances, pay-day loans, same-day loans - or whatever - the types of loan that Wonga offer can be described like this: they are usually for small amounts, between £50 and £1,000; they are unsecured loans (meaning that your house or car is not offered as collateral); the loans are for short periods of time; and the loans are provided very quickly - usually within a couple of hours the money can be in your bank account.

So, what's the catch. There really is no catch to Wonga loans; Wonga is simply an online operation that provides small, speedy loans to those that qualify. As with any type of loan company - or credit card company, or bank, etc - if you have a good credit rating then so much the better. However, although your credit rating is considered when you apply for a Wonga loan, you certainly don't need to have perfect credit to obtain a Wonga loan.

In fact, if you don't have good credit, when you obtain a Wonga loan, and if you ensure that you pay it back on time, then you have a good chance of actually improving your credit rating, because Wonga will report your loan and repayments to the various credit rating agencies (typically Experian, Equifax and Callcredit).

As with most loans of this type, you can probably find cheaper interest rates elsewhere (i.e. borrowing money via a bank overdraft, for example). However, depending on your situation you may find Wonga to be ideal; if you know you can afford to repay when the repayment date is due, and if you only want to borrow for a short period of time, then Wonga may be a good idea for you. Nonetheless, you should check out all the information on the Wonga website before you apply, where you'll find plenty of information about how the loan process works, and other frequently asked questions.

All in all, compared to many companies, Wonga can certainly be recommended above many others; nonetheless, if you don't need the money urgently, or if you have any concerns that you may not be able to repay your loan as agreed, then you may want to consider alternative methods of funding.

However, the application process is as straightforward as they come, and since everything is done online you have no paperwork to fill out, no obnoxious telephone operators to deal with, and no need to wait around for faxes or mail to arrive, etc. In a nutshell, you'll have difficulty finding a loan application that is any simpler than at Wonga.

Information on all Wonga Products at CreditShop.at

Wonga Unsecured Personal Loans

Wonga


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