Wonga Personal Loan Full Review

It is not uncommon to find yourself short of money at the end of a tough month, especially if you are facing an unexpected expense.

Thinking about that, Wonga is offering a short-term personal loan with amounts as high as R4,000 that can come in handy if you need money right away.

Below, you’ll learn everything you need to know about a Wonga personal loan, including its features, requirements, advantages, and much more.

Who is Wonga?

Wonga is a South African fintech that has become very popular by proving unsecured personal loans online.

The company has a growing client net and proud itself for providing personal loans without the usual bureaucracy of major banks.

The company aims to provide accessible and affordable financial services to underserved populations, particularly those who are unable to access traditional banking services.

How does a Wonga personal loan work?

Created to cover an unexpected expense or financial emergencies, Wonga is offering a short-term and unsecured personal loan that can be requested online.

New customers can borrow anywhere from R500 up to R4,000 to be used for whatever reason you might need it.

While existing customers, who already borrowed money from Wonga and repaid it on time, can request amounts up R8000

As short-term funding, Wonga personal loan must be repaid within 3 months, while its interest rates are around 0.16% per day, with a maximum monthly interest of 5%.

By offering an unsecured loan, Wonga does not require any collateral, such as a car or a house, to back up the loan’s payments.

Instead, when granting your personal loan, Wonga relies 100% on your creditworthiness and ability to repay the loan.

Main Benefits

Wonga personal loans offer a range of benefits to borrowers, especially those in need of quick access to funds.

That is why Wonga has a fast and straightforward application process that can be completed entirely online.

Once approved, funds are typically disbursed within 24 hours, providing borrowers with rapid access to the money they need.

Still, one of the major advantages with Wonga’s personal loan is its really competitive interests, especially for an unsecured loan, with rates being limited to 5% per month.

Wonga also has a trust credit system through which you can get access to higher financing, provided you have paid your previous loan on time.

Finally, Wonga provides their clients with a personal loan calculator, that allows you to preview how much you will need to pay back over the loan’s course.

Main Drawbacks

As with many other financial services, Wonga does have a few points of attention, so it is important to consider the potential drawbacks before applying.

One of the main drawbacks are the fees associated with the loan, since Wonga will charge you for an initiation fee and monthly Service fees.

If you borrow R4000 with Wonga and choose a repayment term if three months, you will pay approximately R 741.75 in fees, which can be higher than the interests charged over the course of the loan.

It is also important to mention that Wonga have a mandatory insurance for their, which will be add up to the loan’s motley payments.

Another potential issue is the risk of a debt spiral, which can occur if borrowers are unable to repay the loan on time and incur additional fees and penalties.

It’s important to weigh these potential drawbacks against the benefits of a Wonga personal loan and to make sure that the loan is affordable and manageable within your budget before applying.

How to Apply for a Wonga Personal Loan

In conclusion, Wonga offers a flexible and convenient solution for customers looking for an easy-approval, unsecured, and short-term personal loan.

If you’re interested in applying, tap the green button below and check out all the requirements to get approved for a Wonga personal loan!

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