APR: 1509% Representative
Loan amount: £50 - £400
Repayment duration: 1 - 35 Days
OPTIOSCORE 49.8/100 
Time to apply: 02m 05s
Wonga Short Term Loan customer reviews

4.1 out of 5 from 653 customer reviews

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Product data last updated: 2:50pm 4/7/2017
Customer questions answered: 0
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Representative Example: If you borrow £200 over 14 days at a Representative rate of 1509% APR and an annual interest rate of 292% (fixed), you would pay 1 payment of £222.40. The total charge for credit will be £22.40 and the total amount payable will be £222.40.

Wonga Short Term Loan customer reviews

4.1 out of 5 from 653 reviews

avoid using wonga

12:13 29-03-2014

via Choose Wisely

simon keeling

My Details Were Sold!

13:14 11-07-2017

via Smart Money People

Took out a loan which ran smoothly however I found a month later my details were being used for purchases leaving me to have to dispute with my bank and get details changed.

Nathaniel Mahoney

let's be real here

01:27 23-11-2013

via Choose Wisely

I used this service when I needed £300 asap and this was the only thing I could think of. I borrowed for 6 days and was constantly reminded of my pay day via phone,email and post. Yes this was annoying but let's be real here it's expected. For a quick emergency loan paying £20 to have it before payday seems reasonable. To conclude, if you are sure you can pay it on your chosen day it's no real harm borrowing for a week; any longer than a week its probably not worth it.

Joseph

Horrible company

12:36 02-07-2017

via Smart Money People

Zero consumer awareness and customer service. They outright ignore you when you ask them to give you "breathing space". Once you get a loan with Wonga, it's like signing your soul to the dark lord.

Louis Blakey

NOT AS NICE AS THEY WANT YOU TO THINK

12:50 07-07-2013

via Choose Wisely

YEAH THEY ARE QUICK TO GIVE YOU THE CASH BUT DONT GET INTO FINANCIAL DIFFICULTY THESE IDIOTS WILL MAKE IT WORSE FOR YOU . I WAS THE VICTIM OF ONLINE FRAUD SO WAS UNABLE TO USE MY DEBIT CARD OR ACCESS MY ONLINE BANKING DUE TO THE BANKS INVESTIGATION BUT THESE IDIOTS JUST KEPT MAKING THE PROBLEM WORSE BY ADDING £20 FOR NON PAYMENT THEN ANOTHER £4 A DAY AFTER THAT

STEVE

Great fast service

09:14 02-07-2017

via Smart Money People

Fast service...cash within 15 minutes and easy to use site

Aaron

Not a bad experience

08:27 26-04-2013

via Choose Wisely

I've had a few loans from Wonga over the last few years and have always found them pleasant to deal with. Some people may think it costs a fortune, but lets be honest - this is a payday loan, and isn't designed for value for money, its designed for convenience. Like many people who use short-term lenders, I soon found myself in an unhealthy cycle and created a very stressful situation for myself where I was literally paying out my entire wage packet to Wonga and reborrowing that amount.This was my stupidity but I am surprised that as a responsible lender they allow you to take on so many loans within that space of time.Regardless of this, I called them to advise of my difficulties and they immediately offered me a helpful plan that meant I repaid my full debt without any further interest and split over a few months to make things more manageable. Even though I'm not sure I would use them again, the customer service experience I had was very good.

Dan

Average

20:20 28-06-2017

via Smart Money People

Hard to get approved, but if you do they have good rates and staff are happy to help when you call

sophie williams

screws up your credit history!!!!

05:48 12-12-2012

via Choose Wisely

think everyone needs to know, yes wonga give you the loan, but wait till you apply for a mortgage....no chance!lenders wont touch you.even paying back early.in lenders eyes your classed as a high risk!!.so much for wonga saying they help your credit rating...they have destroyed mine!!!!

wendy

not very helpful

22:52 25-06-2017

via Smart Money People

won't be using them again. not as gud as the advertise says they are.

Robert galbraith

Our review of Wonga Short Term Loan

Our review by Alex
Written by: Alex
Simplicity
80.2
Features
50
Consumer sentiment
19.8

Total OPTIOSCORE
49.8/100

Formed in 2007, Wonga have become a household name across the UK. As part of the international finance group WDFC UK Ltd, Wonga provide short terms loans for those who have encountered an unexpected cost or who are not well-served by mainstream finance. Wonga have two products; their "Short Term Loan" and their "3 Month Flexi Loan". This review focuses on the Short Term Loan which offers amounts between £50 and £400, with a repayment period of up to 30 days.

When applying for a Wonga Short Term Loan, your application will be dealt with completely online. This involves no paperwork or phone calls and you'll be provided with one of three decisions - ‘approved’, ‘declined’ or ‘referred’. Referred means they need to check a few more details, but they aim to provide you with a decision within 24 hours. Throughout the application process if you need assistance Wonga's customer service team are on hand to help you out.

Wonga advertise their Short Term Loan product at a Representative 1509% APR, however interest is charged at 0.8% per day. Repayments are made using a continuous authority (CPA) meaning that they will be taken automatically from your bank. Wonga have an online account management system, which allows you to manage your repayments and apply for top ups. There is no fee to repay your loan early, so if you can, it could save you money in terms of interest.

As with any short term loan product the usual warnings apply. Short term loans are designed to be used in an emergency or to cover an unexpected cost such as boiler breakdown or car repair. They are not designed for sustained borrowing or as a long term solution. Short term loans shouldn't be used to cover existing debt and should only be used if you’re comfortable you can afford the repayments. If you are late with your repayments Wonga charge a fee of £15 and 0.8% interest per day on your balance for up to 30 days.

My verdict: Wonga are a big player in the short term loans market and from the sentiment received in their reviews, they have a large number of happy customers. If you're looking for this type of product, Wonga are a worthy contender - just be sure you can afford the repayments before you apply.

Highlights

  • No fee for repaying early or partial repayments
  • Top-ups available on the loan
  • You can get funds within 5 minutes of approval
  • Easy online account to manage the loan

Minimum criteria

  • You must be aged 18 or over
  • You need to be a UK resident
  • You must own a mobile phone
  • You need to have a bank account with debit card

Fees

  • Maximum APR 1509%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £15

Wonga Short Term Loan Customer Question & Answers

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About Wonga Short Term Loan

Among Wonga’s product offerings is their Short Term Loan, a loan from £50 to £1,000 that can be repaid in a one-off payment within a term of 35 days at a representative APR of 1509%; interest is charged at 0.8% per day. New customers can borrow up to a maximum of £400, however if they repay this on time then they may be able to borrow up to £1,000 for their next loan.

If you already have a Short Term Loan, but need some extra money, you may be able to top it up while keeping the same repayment date. You can top up in increments of £1 with a minimum top up of £10. You can only top up a loan once a day and a maximum of three times.

The online application allows customers to choose their amount and select a repayment date. Wonga provide a detailed repayment schedule and total cost of the loan before the application is completed. These details are then finalised once the successful applicant confirms the loan. As the application process is completely online, there is no paperwork to send in or phone calls to take and the loan is signed by customers pressing ‘I accept’ on their loan agreement. Once this is completed and processed by Wonga, the funds can appear in your bank within five minutes, depending on your bank.

Customers are able to repay their Wonga Short Term Loan early at no charge, they simply need to log in to their account on the website and follow the instructions.

Please note if you miss a payment you may incur a £15 late payment fee. Default interest continues to be charged at 0.8% per day following the repayment date up to a maximum of 30 days. You’ll never have to pay back more than twice the amount you borrowed. So if you borrow £100, the most you would have to repay would be £200.

A late payment fee is payable three days after the repayment date. Interest does not accrue on the late payment fee.

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Product data last updated: 2:50pm 4/7/2017