Published on July 1st, 2014 | by FinanceLoophole0
Wonga Payday Loan Review
Wonga is a payday loan company specialising in short term loans with high interest rates 5853% APR. As with most payday loans, there are no credit checks and customers can receive the funds in as little as an hour. Repayment on a loan with Wonga is usually due within 30 days.
Customers often start experiencing problems when they can’t repay the initial loan at the end of the term and instead take out a further loan. This is called ‘rolling over’ and can easily create a cycle of debt that is very difficult to get out of, due to the very high interest rates. Once behind with their payments, we know that many of our customers receive ongoing phone calls and letters chasing for payment which makes their situation even more stressful.
Just to let you know, you can find out more about managing your money and getting free debt advice from the Money Advice Service.
Please note that if you want to speak or complain to this creditor, you need to contact them directly. We’ve added their contact details below.
Here’s some information we’ve collected about this creditor. Please note this information may not be up to date and was accurate at the last time we updated it (September 2011).
Company Name – Wonga
- Correspondence Address
- 88 Crawford Street
- W1H 2EJ
- Reg Company Number
- Parent Company
- WONGA is a trading name for WDFC UK Limited, which is the UK trading arm of WDFC SA registered in Switzerland.
- Registered Address
- Rue de la Fontaine 15,1204 Geneva, Switzerland
- Consumer Credit Licence
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They have admitted to sending out fake solicitors letters and charged their customers for them. Shame on Wonga! To describe them in one word; 'hopeless'. They don't respond to emails (no matter how many you send) and a phone call to them will leave you needing to lie down in a darkened room. But of course when things don't happen or happen the way they should, it's your fault. I question the ethics of these types of product anyway which target and exploit the vulnerable and suffering through morally-questionable high fees and interest charges. To throw another word their way; 'extortion'. I would consider using one of the other providers if you're intent on taking out this type of product.