Payday lending has become part of our society (whether we want it or not), as an increasing number of people struggle to cope with the financial demands of daily lives. With mortgages to pay and regular monthly bills arriving through the door, many people just don’t have the spare cash to cope with any unexpected financial demands. When payments can’t be made, it can cause a lot of stress and upset, which is the reasons payday lending exists. These short term loans are designed to help customers cope with unexpected bills, such as repairs or bills and often act as a life line. Payday loans are not supposed to be used as a form of income and anyone applying for a payday loan will be required to undergo a credit check, to see if they are eligible.
Who are Wonga?
One of the most well-known payday lending companies is Wonga, who became a household name after their quirky advertising campaigns. Wonga were established 10 years ago by founder Errol Damelin and have continued to grow in stature since then. As a business, Wonga have received several awards including ‘Fastest Growing Company’, ‘Alternative Lender of the Year’ and an achievement for ‘Digital Innovation.’ Customers can apply for loans online and even through a mobile app, which Wonga were the first payday lending company to offer. The loan application at Wonga is transparent and the cost is clear, based on the value of the loan and the duration. It is designed for short term use only and late repayments can lead to an adverse credit rating.
Services Offered by Wonga
Wonga offer various services, in addition to short term loans. There is also the option for the 3 Month Flexi Loan, which allows customers to spread out the repayments of their loan, rather than paying it back at the one time. This can be hugely beneficial to customers who might find it difficult to repay the full amount on a specific date and instead, offers a bit of flexibility. They have also introduced business loans, offering short term funds for businesses who might need access to a quick cash flow.
The growth of success in the UK has just been the beginning for Wonga, as they have also grown in other countries throughout the world, including Poland, Canada and Spain, with the recent acquisition of Credito Pocket, who were a cash lending company based in Barcelona. They also have a presence in Germany, with the attainment of BillPay, which is another flexible option for customers. Wonga are enjoying a lot of growth in South Africa too, with a customer base which they are continuing to develop. The growth in other parts of the world shows that there is a demand across the globe for these types of financial services and this is only set to continue in the future. There is no doubt that Wonga are a trusted payday lender and with this in mind, it is no wonder that they continue to retain customers, helping them with financial emergencies. We are bound to find Wonga becoming a household names in more countries throughout the world.