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Wonga Reviews: Some Great Advantages
Of all the short-term lenders now available in the United Kingdom market, Wonga is the one that's being discussed the most. This is as they have created a significant online presence as well as their Television advertisements being shown at prime time throughout the day. By going through this Wonga review you may find out more about what this company has to offer.
This company has now been established for just over 3 years and was founded by Jonty Hurwitz and Errol Damelin, who have experience in the sector of investment as they were associated with Dawn Capital and Balderton Capital.
They spent a lot of time before the launch of the company in 2007 to create a very user friendly site. As opposed to others you find nowadays, when it comes to Wonga, selecting how much you may borrow is easy when using their "loan slider tool". Simply move the bar on the slider along not only to decide how much you want to borrow but also just how long you want to borrow it for.
Once you've done this, Wonga will then return within a short time with an exact calculation of how much will need to be repaid to them. So you will know just how much you'll need to pay back when the term of the loan comes due.
As you'd expect when taking out a loan with Wonga, the initial amount you'll be able to borrow is limited. As opposed to other companies the amount you can initially borrow is only up to £200 but this seems like a more reasonable amount that people can then pay back. But, once you have established yourself as a honest customer, the maximum amount goes up to £1000.
Also, unlike other loans, you'll find that with Wonga loans the interest or rate is calculated every day and for every £100 you borrow interest charged will be £1 a day. With a 30 day term, this figures out to be around £136 repaid as a whole.
These Wonga reviews were written by the Which Payday Lender team and were intended to give you a quick overview of the benefits and drawbacks of this short-term lender. Hopefully you found this review useful.
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