Wonga Review

Is the guarantee of cash within the hour from Wonga Payday loans worth those high interest rates? Read our Wonga review and decide for yourself….

Wonga payday loans offer borrowers up to £400 for a maximum of 30 days. The web site is clear and easy enough to use and you can quickly see how much your loan will cost you by adjusting the sliding bars to the amount you wish to borrow and when you will be settling the debt.

A £400 loan borrowed for 30 days will mean you have to repay a cool £525.48 while £400 over 15 days comes with a repayment of £465.49

This makes Wonga one of the most expensive payday loan companies in the UK but they are also one of the quickest and it is this speed that they use in their marketing efforts to generate business.

Request a loan and if accepted they will have it in your bank account within 15 minutes – impressive and for anyone with a genuine emergency, pretty important. The word to note though is ‘emergency’ because you do not want to be paying these interest rates (the Wonga APR is 4214%) so you can go out this Friday with your friends.

One thing we do like about Wonga payday loans is that they offer a bill payment service. Called appropriately ‘Pay My Bills’ you can have them pay your council tax, water rates, gas, electricity and telephone bills.

You enter the exact amount the bill is for, the customer ID number for your service provider you are paying the bill to and then select who the payment is to.

While the choice of service providers seems limited at present they offer the ability to suggest a payee so the list should grow over time.

We like this option as it removes the temptation of the borrower to ’round up’ so they have a bit of cash left over after paying their debt. It’s this rounding up as well as the easy accessibility that can cause people to get into financial problems with payday loans.

Wonga Review Summary

While there is no arguing that Wonga are one of the faster lenders we can’t see how that justifies a massive APR of 4214% whilst their biggest rivals QuickQuid guarantee payment within the hour – even on weekends and bank holidays – yet only charge 1734% APR.

This means you will pay £36.72 per month for every £100 you borrow from Wonga but as little as £20 per month for every £100 borrowed with QuickQuid.

You can check out QuickQuid by clicking here and qualifying for a further 30% discount or you can visit the Wonga website by clicking here.