subject: Check Out This Wonga Review Before Applying For A Same Day Advance [print this page] Of late there have been a number of companies based on the internet that are now offering short-term loans to those who live in the UK. One such company that is offering this facility is known as Wonga. So in order to help you we provide a brief Wonga review below.
We will cover the issue of loan duration and overall costs of a loan, and see how short the loan term needs to be so that a loan with the above lender is beneficial to you. We will also look at the how long it takes to get the money from the moment you apply. Some lenders claim they can transfer the money same day, or even instantly, but often fail to do so - is Wonga one of them?
Looking at the interest rates the above lender charges for its loans, you might get the impression that they are somewhat higher than those of other lenders. But actually, if you only need a loan for a period of 18 days or less, you will also be paying less than you would somewhere else.
Usually, the companies that provide short-term loans charge you 25 in interest for every 100 they lend out. At Wonga the interest rate they charge on the money you have borrowed depends on the period that you take out the loan for. In case you take out a loan for 7 days, they will require you to pay just under 13 in interest. Should you wish to repay the loan after 18 days, you would be charged just over 24 in interest.
Another thing that you will find extremely beneficial with regards to applying for a loan with the above lender is that they will arrange to transfer the funds to your bank account on the same day. They claim they can get the cash in your account within 15 minutes of you being approved for a loan. So the term of your loan will actually be 7 days and not 4 as it can be with some other lenders. This is because with some lenders would in reality require 3 days to then transfer the funds to your bank account.
One characteristic of Wonga that many of its customers have found useful is that the decision as to whether the loan application is successful or not is given almost instantly. As a result you may find that in these situations, like so many of their other customers have found, the money is then in your bank account just an hour after applying for it. That is a close to an instant loan as you will ever find.
All in all, as we have now demonstrated, compared to most other lenders Wonga will save you money should you require a loan for 18 days or less. They also have the fastest decision-making system meaning that upon the approval of your loan application, the money can be transferred into your bank account in as little as 15 minutes. You will no doubt find this ideal for a speedy, short-term loan.
Hopefully reading this review of Wonga will assist you in making an informed decision on whether or not their loans are suitable for you. However, should you want to know more, you can actually find further information at a comparison site such as WhichPaydayLender.co.uk. This site is great because it offers unbiased reviews on all the UK lenders and is completely free of charge.
by: Brian B Smith
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