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Wonga Payday Loans
Wonga Payday Loans Review
In 2011, Wonga was having major success. Their profits continued enhancing in size and also they rapidly turned into one of the leading lending institutions. However the factor behind their success is the same reason for their eventual downfall.
Wonga was one of the most significant payday lenders in the UK till it closed down in 2018 due to an overwhelming variety of consumer settlement problems.
Still, their name lives on, as the term ‘Wonga’ has become synonymous for Payday Loans in the UK. Today, thousands of people still online search payday loans utilizing terms like: “Wonga”, “Wonga loans” and even “borrow wonga”. As this is no more of an option for UK customers, Pounds4U.com can supply risk-free, simple and quick payday loans like Wonga to fill up that requirement.
History of Wonga
Started by Errol Damelin and Jonty Hurwitz, WDFC UK Limited, trading as Wonga, in 2009.
Wonga was the first firm of its kind that provided payday loans and payday advance totally online. Previously, loan providers could not grant any loans without obtaining physical documentation from the clients via fax or email.
It really did not take that long for the business to take off, and Wonga took its place ahead of the payday loans UK industry. The term ‘Wonga’ is a British vernacular word of Romani beginning which indicates money. ‘Wonga’ and ‘payday loans’ are now almost identified, due to the firm’s extensive marketing.
With adverts saying ‘straight talking money’ and ‘credit for the real world’, Wonga.com has become the biggest credit short term loans and payday loans direct lenders that everyone knew.
They presented on TV ads Wongies – puppets of two old people talking highly abut wonga payday loans for bad credit.
Wonga’s success was made from having exceptionally high-interest rates with some of the APR being as high as 5,000%. Wonga’s loans were for just a couple of days to a few weeks since they just offered out a tiny quantity of cash money, up to £400 for up to 34 days.
In 2013, FCA regulations were made that restricted how high the complete interest rate of a financing can be. They also put strict rules on wonga such as:
- Total cost cap of 100%, meaning that the most people ever pay back is double the loan amount.
- Loans are capped at 0.8% per day.
- All fees are capped at £15.
- Loans won’t be rolled over more than twice.
- A risk warning must be included in all television advertising
But some customers could not repay these finances due to the high amount of rate of interest related to their loans. This led to many clients and claims management firms submitting claims against Wonga which resulted in them spending millions in 2015 and also 2016 to resolve.
With many claims piling up against Wonga, they had to repay back vast amounts of money to their clients. That ended their run and Wonga formally entered administration in 2018.
Apply to Wonga Loans alternavive through Pounds4u.com
Wonga is no longer an option for payday loans online, but Pounds4U is here to help finding a wonga alternative loans.
Applying via Pounds4U simple form quickly will let you know if other payday loans direct lenders are interested to approving your cash loan, which may offer better deals.
It’s FREE! As Pounds4U, Payday loans, Personal loans and short term loans are 100% Free, no obligation quote So, you have nothing to lose as well it will save you time and might save you money!
Furthermore, Pounds4U only works with UK payday lenders that are regulated by the Financial Conduct Authority (FCA).
Always remember that late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
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Our mission
Our mission is to help and protect all consumers when they are in need of a Short Term Loan online in the UK.
We offer a state of the art quick technological solution to help you getting a short term loan online, easily, securely, and Totally Free with no obligation and no commission.
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Our advanced state of the art technology allows us to get all the lenders* in to our platform making the customer in the front therefore, the top lenders compete to lend you the money you need.
Transparent service
Pounds4U provide fully transparent service to find you the best** responsible and trusted lender with the cheapest interest rate (APR) possible and terms according to your own special circumstances.
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It doesn’t matter if you have bad credit or poor credit, at Pounds4U.com all credit types are considered. We will use our innovative technology to find you a suitable solution quickly with an user friendly easy form.
* Carefully Selected and FCA Approved panel of lenders.
** According to the amount you want to borrow, and your ability to repay the loan among other factors.
Who can apply?
To be eligible to get a loan, you need to:
Be a Legal UK resident
Be 18 years of age or older
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Have a valid UK bank account, working phone and email
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Have a regular source of income (min £700 per month)