how it works
Applying for Wonga is easy.
Simply use the sliders on the home page to decide exactly how much cash you want (up to $400 for first time borrowers) and how many days you need it for (up to 45 days). We'll show you the full cost up front.
Click apply and we'll then ask for some personal details and banking information, before letting you know in seconds if you have been approved.
If approved, you will have the option to receive funds either within an hour using E-mail Money Transfer, or next business day using fully automated Bank Transfer.
Over time, providing you use the service responsibily, we will gradually increase your Wonga trust rating, allowing you to borrow up to $1500.
If you're still feeling foggy, you can also check out our FAQ page for answers to most specific questions.
How to Wonga
Short term credit
We don’t want to keep you in debt. That may sound funny coming from any lender, but Wonga provides fast cash advances for a few days or weeks. We’ll only lend you money for up to 45 days and you are always free to make early repayment with no hidden fees.
Unlike some lenders or credit card providers, we won’t keep rolling your existing balance endlessly or encourage you to make minimum repayments. So please think very carefully before you apply, because we expect you to repay us when you promise. If you have any doubts over whether you'll be able to do that comfortably, please don’t apply in the first place.
We'll always tell you upfront what the cost of your cash advance will be. There are no catches or extra costs to worry about, providing you stick to your side of the deal. Our service fee ranges from $1 to $23 per $100 borrowed, depending on how much money you need and how long you need it. For example, a $300 loan borrowed for 14 days will cost $30.00, representing an APR of 260.71%, but bear in mind that APR is a measure of annual interest and a Wonga loan is only for between one and thirty days. Only using APR when considering a Wonga cash advance is a bit like trying to plan a few days in a hotel using the theoretical cost if you were to stay all year! We also display a representative example of the cost of an average loan to show you a clear breakdown of interest and fees and how that is represented as an APR or annual rate. All of this is shown up-front so you can judge the cost of a loan before you apply.
Failure to stick to your side of the deal
The only way costs will mount beyond our initial calculation is if you don’t keep your promise. In other words, if you don’t ensure sufficient funds are available for the automated collection. If our pre-authorized collection attempt is declined by your bank - because you haven't ensured there are enough funds available - you will incur a $20 missed payment fee towards the cost of a failed collection. Your account will then be handled by our professional collections team.
They will do their best to come to an arrangement with you and help you resolve things, which is always our goal. Wonga doesn't believe in hitting you with ongoing and multiple charges, but interest will continue to accrue on your balance for up to 60 days if we can't reach a fair agreement in the meantime. If you don't work with us and we can't recover the money over a reasonable period, your account may be passed to an external collections partner.
Continued failure to repay a loan will also mean credit bureaus will record the outstanding debt. This information may be supplied to other organisations by credit bureaus and fraud protection agencies to perform similar checks and to trace your whereabouts and recover debts that you owe. Records remain on file for six years after they are closed, whether settled by you or defaulted.
Finally, your Wonga trust rating will be hit hard and you probably won't be able to borrow from us again. None of these things are worth risking, so if you have doubts about whether you'll be able to comfortably repay a loan, please don't apply in the first place.