Payday Loans, by default definition, have become a slightly negative concept because you will pay high interests on a loan if you do not pay down your debt on the actual payday. The evolution has occurred due to such Payday loans like Wonga payday loans, especially in South Africa They have made life much easier for both old subscribers and new users with their easy online application processes and multiple services.
|Amount||Period||What you’ll need|
|Up to R4000 for new|
customers, up to R8000 for
|6 month||1. A cellphone number,|
3. Bank account details,
4. Most recent proof of income
Wonga payday loans in South Africa offer up to R4000 to new users and R6000 to regular users for a period of 6 months and have given room for payment without interests. They are transparent and true enough to keep their interest rate at 3% on a monthly basis.
They also have made accessing loans easy through the provision of the following kinds of Wonga services:
- A Flexible Payday Loan: Wonga understands unforeseen circumstances that come with the expenditures territory and some of these needs, truly, need immediate attention. They extend a ‘helping hand’ of the last minute payday loan option and it gets to you wherever you are and at the time when it will be most valued. This plan gives you the money you need whenever you need it; makes room for miscellany and uncalculated financial emergencies.
- An Online Payday Loan: With a simplified method of application, the internet once again proves its advantage. Wonga online payday loans have cut off those long queues and paper jobs by making the entire process online. They ensure you get a loan you need as long as your mobile device or laptop is connected to the internet. This is a quick and effective strategy to credit people’s bank account with requested loans.
- A Direct Payday Loan: Wonga cuts off the ‘old middleman’ who used to exist between lenders and users as they act as direct lenders. There is no intermediary between you and your lender. You also have access to request clarity and effective communication until you understand what you are about to get into.
- A Responsible Service: According to Wonga, they are also on a mission to help people become independent financially, have better spending habits and learn the art of debt management. This is achieved by the Money Academy they launched.
Here is something you should know about Wonga; they are a direct lender and not a broker. Wonga supplies the fund directly and they are the only part involved in the application; they also ensured they have just one fixed rate and repayment plans. Wonga promises and delivers you a loan in 5 mins after your application has been successfully accepted. The delay may come from the kind of bank you use. Meanwhile, brokers deliver loans late because of a lot of different channels to be consulted and they are always in search of the best deals for you.
How to apply for a Wonga Payday Loan?
Ideally, a payday loan will be most possible for you if you are an adult in South Africa, 18 years old and above, are currently in employment, have a personal bank account, have a credible credit card score and aren’t in some debt. Wonga makes their loans available to people who match this profile. Applying for a Wonga instant loan is very easy: with three basic steps, your loan request is approved and settled to:
- Visit the website
- Specify the exact amount of loan and length of time you’d want. To do this, you’d see sliders that can either increase to the right or decrease to the left. Once you’ve selected these, click Apply.
- The next landing page is an application which is to be completed. This will carry different fields concerning your job, pay and this stage is very critical. The information you provide must match that in the database or otherwise, you’ll risk your application will be declined. You’ll get an OTP here on your mobile to complete the application process.
Wonga security & personal information security
Wonga Payday Loans understand and hold in high esteem the value of customer’s personal information and therefore take every necessary step to protect this information from any loss or misuse. The process they achieve that with is the Secure Socket Layer (SSL) encryption technology and they put a boundary on what employees need to know based on required information relevant to your application only. The information they request is to identify you, to process your exact application, a subtle background check
Current issues and wonga challenges
Every impressive brand, business, enterprise or service provider will face its own criticism because of disadvantages that follow the benefits. For Wonga Payday Loans, one of such disadvantages is the high-interest rate. The high-interest rate makes the room or more market available for its alternatives such as Wannaloan, Broodle, GetBucks, Bridge Loans, Finchoice, etc, to name a few.
The news sprung up last year that Wonga did not offer their money lending services to customers any longer. The news hasn’t been warmly received as some folks have made Wonga their last resorts in solving their financial difficulties. We remember vividly when the founder declared Wonga and we quote, “the platform for the future of financial services”, but here we are wondering how much of a financial service provider they will be if they aren’t offering lending services. The company released a statement saying “while it continues to assess its options, Wonga has decided to stop taking loan applications. If you are an existing customer, you can continue to use our services to manage your loan.”
A side dish they have made available is a set of questions and answers on their website with diverse tips for their existing database of clients. These tips include advisory on how to manage their personal finances and a subtle reminder that existing loans must be repaid as stated in the agreement.