Wonga Loans is a lending company working in South Africa aiming to be the first option when it comes to getting instant loans. This company has focused on giving South Africans the best service possible providing them with a variety of safe loan offers they can get the same day. By the time you end up reading the following lines, I can assure you the loan decision making will be much easier to do.
How do Wonga Loan works?
This is a very important question because, although we can say Wonga offers short-term loans, there are two alternatives:
- On one side, you can take what works as a payday loan
- On the other, a short-term personal loan can also be an option.
While in the first case the repayment term lasts for a month, in the second one, it can extend up to 6 months. Basically, that’s the difference between these two loan alternatives you can find at Wonga. Now I’ve showed you your options, it’s time we delve into this company’s loan main information.
How do I apply for a Wonga Loan in South Africa?
As you have just read, Wonga grants short term personal loans which makes the application process much simpler to go through. You are only asked to meet few requirements – I’ll refer to this in the following question – and you need to go over a credit check. Once that credit check shows your financial status allows you to borrow money, you can enjoy from Wonga funds freely. Then, you repay the credit when due date arrives.
How do you qualify for a Wonga Loan?
To begin with, what you need to apply for a Wonga loan is to be sure you’re in right economic status. I mean, be sure you have chances of getting your loan request approved.
About Wonga qualifying criteria to take a loan, it’s not complicated at all. I mean, they ask what any lending company asks when about to loan money. As long as you
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are a South African old enough to take a loan.
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have a bank account in the country and a cellphone
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enjoy form a steady job;
You can start considering your loan application at Wonga. Then, of course, Wonga will check you comply with these requirements through proper South African documents. At last, Wonga takes your information to verify your credit history.
How do I use a calculator to compare different payday loans in South Africa? Is Wonga the best option?
A loan simulator is one of the most amazing electronic tools you can use when asking for a loan, as you know banks and lending companies charge fees when lending money. Also, there’s always an interest rate to pay that depends on few factors:
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The applicant’s credit score: for those who have good score, it means they have paid their debts responsibly in the past. This makes banks trust those possible clients, so they prize the borrower with a lower rate.
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The length of the loan, as fees and rates are paid according to the repayment term. For instance, if the interest rate is charged daily.
Let’s see now how can you take advantage of a calculator to know how much would you pay back for a Wonga loan.
By using a simulator to calculate your Wonga Loan, you can try different loan quotes to have the cost to pay for it and, for example, lower it if you think it’s too expensive. For example, say you choose 3000 rands and you want to pay it in just 31 days. If we suppose you get 0.16% on daily interest, your Wonga instalments might be around 3732 rands. Remember, there are also an initiation and a service fee included in that amount. Now, if you want to take more time to repay it, 4 months for example, each of those installments would be1009 rands approximately.
This way, you can try different loan terms to compare the cost before deciding.
Can I use the online loan calculator to get information about a 2000 rands Wonga loan over 3-month?
Yes! A loan calculator is exactly what you must use to know the cost of this loan. Don’t forget, of course, the calculator will only show you an approximately cost. The official total to repay will vary according to the interest rate Wonga decides to charge you. But, all in all, the online calculator shows us the following charges: if your fees are around 500 rands and we suppose you pay 285 rands on interest, the final outcome for a 2000 rands in 3 installmentst will probably be around 2800 rands.
Is it better to pay a Wonga loan over a month or to extend it to 6 months?
When you have to decide the number of instalments to cancel your Wonga loan it’s of paramount importance you take everything into account. Remember, interest is charged per day, so the sooner you cancel the loan, the cheaper it’ll be. However, you have to be completely sure you’ll have that sum of money to make your payment or you’ll start amounting installments. The good news is that Wonga allows their borrowers to make early payments with no extra cost. This means that if you have a 5 months loan but you then realize you can pay sooner; you can pay in advance to cancel that loan.
Does Wonga offer long term loans?
If you are thinking about paying your loan borrowed over 12 months or longer, you shouldn’t have Wonga as an option. The longest period to cancel your loan with Wonga will be only 6 months. They focus only on short term loans to offer the best products on this term and be capable of dealing with loan request fastest. You may consider lowering your installments to 6 or, looking for a bank granting long term personal loans. Usually, those companies’ terms can be from 12 months up to 5 year.
What to pay attention to if you’re Wonga loan new customer
The only difference between new and existing Wonga customers is the loan amount available to ask for. If you have never taken a loan at Wonga, your limit will be lower. Then, if you ask again, you can increase the loan amount
What other types of loans does Wonga offer?
If you search for Wonga loan alternatives, you might find more options than short term loans. However, I must clarify Wonga works on other countries outside South Africa. So, there’s a chance you might be getting misleading information. As regards South Africa, they only work with short term personal loans.
Are Wonga loans suitable for unemployed?
If you don’t have a steady job at the moment, these loans aren’t’ suitable for you. Basically because, as I mentioned, Wonga needs a proof of income to accept a loan petition. If you are unemployed and you’re trying to get financial support, you must carefully and honestly analyze if you can afford the repayment. You might get financial help from a family or a pension, so in that case, you have funds to cancel the money. On the contrary, if you don’t have any source of income, you really need to stay out of loans for the moment.
Why is Wonga the best option to get a loan in an emergency?
Similarly to what I’ve been saying, these loans are granted in the fastest way possible. Wonga takes care of processing loan request as fast as the application is submitted. In turn, when you have to face an emergency, you can rely on Wonga doing the quickest job to give you an answer right away. As fast as few hours, you’ll be ready to solve that unexpected event you didn’t planned.
Can Wonga loans be taken by students?
Although there aren’t student loans at Wonga, a student can easily apply for a loan. Of course, it will only be useful to pass through a bad time not to pay for university, for example. Let’s say you are a student who have a job and you use your salary to pay your studies. Then, your computer breaks down and you don’t have sufficient funds to repair it. This is when Wonga can assist you with their loans providing you meet the requirements.
Is it possible to get a Wonga loan for a Business if I live in South Africa?
In the same way Wonga can help students, they can financially assist businesses. You can’t ask for a business loan, but you can take a short-term loan to spend on your business. All the same, whether these loans work for your business or not depends on what you need to pay for. If you need to boost your company, you are surely looking for a high quote. In that case, it might be more useful to turn to a bank dealing with business loans.
Wonga Loans FAQ
Being aware of the many doubts borrowers face with when applying for a loan, I’ll answer some of the most common questions about loans at Wonga.
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Can I increase my Wonga loan?
Wonga’s main objective is helping their clients stay out of financial trouble. So, they might reject you increasing your loan unless your income is more than enough to cancel the final amount.
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How many Wonga loans can I have?
Wonga only grants a loan at a time so; you need to cancel your current loan before asking for another one. But you don’t need to worry as Wonga has only short-term loans which means in few months you repay your loan and you are free to take another one.
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How long does it take to get a Wonga Loan?
As Wonga takes full responsibility on their clients, they know time is money. So, they put all their effort on going through each application quickly to get to the loan approval. Consequently, you have great chances of getting your funds into your bank account the very same day you apply.
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How do I repay my Wonga loan?
This is one of the most practical benefits Wonga offers on their loans. They take the money right from your bank account on a previously arranged date. As long as you have funds on that day, you don’t have to worry about anything else.
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Does Wonga pay out on weekends?
Wonga lets clients to apply at any time, Saturdays and Sundays included. However, as transferring money is a bank operation, they can only make the loan deposit on working days. So, keep this in mind for the day you apply for a Wonga loan.
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Are there another direct payday loans like Wonga?
Sure, there are! As I’m sure you know, you can take a loan with a direct lender or a broker. Direct lenders refer to those entities lending money on their own, like Wonga does. So, there are plenty on companies working in a similar way. Cash Converters Loans, for instance, offers up to 3 installments to cancel the loan.
Wonga Loans: reviews about their products
If I take Wonga loan products and analyze them, I can see they have pretty good idea about dealing with short term or payday loans. Through time, they have polished their service to finally provide South Africans with a trustful service.
Among their benefits, I found:
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A credit check will prevent you from entering a non-payable loan.
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Early payments with no extra fees allow you to save money.
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Having from just 1 installment to 6 offers you flexibility when choosing your repayment term.
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They try to help you manage your finances by letting you have only one loan at a time.
What’s Wonga South African contact number to apply for a payday loan?
If you want to make any specific consultation about Wonga loans, you can leave us your question below to have a quick response. Now, if you want to talk to any of Wonga consultants, you can dial the number 0861966421. Or maybe, you prefer to write them an email to customercare@wonga.co.za.
Where’s a Wonga branch to apply for a loan?
Although they have an office in Cape Town at 33 Bree Street, it’s not available to ask for a Wonga loan in person. You can only apply online. If you want, remember you can start the procedure by using our online loan simulator before applying.
If you still have doubts about these types of loans, you can read about payday loans and short-term loans here in our platform to perfectly understand what should you deal with. Now you know what Wonga offers, you can decide if this is the company for you.
Preguntas Frecuentes
How old the payslips must be?
3 months old is the maximum
Can I make a copy of my Id?
Yes you can
How long does it takes to get a reply for my email?
A couple of days
How do I get the application form for a wonga loan?
To complete an application form for a loan with Wonga, you should decide first the amount of money you need to borrow and the repayment period (from 4 days to 3 months). The company provides short term loans which are easy to obtain via a simple online process. You must submit your ID, bank account details and proof of income.
Can you borrow me if my paying date is every Friday?
Usually, the financial company Wonga will require the applicants to have a steady job with a regular salary. You should submit proof of income such as your last payslip and also show the state of your bank account. If you comply with these requirements, there will not be any problems for you to qualify for a payloan, for example.
Hi, Wonga team. I would like to ask regarding the loan I have applied on 05/03/2022, Saturday and you said I have been approved. So I want to know how long I must wait for cash to be deposited on my account bank. Thank you.
Normally, after completing the online application form with Wonga and providing that all the paperwork has been submitted, the money is deposited in your bank account immediately. It only takes 15 minutes for the cash to be available. So, if there is a problem with your loan, it is better you contact the financial agency either by phone or e-mail. There might be a technical problem with the deposit.
How long does Wonga take to send money to Capitec?
If you are eligible for a short-term loan with Wonga and comply with all the requirements, the money will be deposited in your bank account. Usually, the process can be approved instantly since you can apply online at any time. The money will be paid very fast, but it will also depend on how quick your bank operates. Possibly, within an hour, you can have access to the loan.
If I have an existing loan at Wonga. Can you borrow again?
With Wonga, applicants can only obtain one loan at a time. This means that if you already have an existing loan with the company, the recommendation is that you cancel it completely. Once you have done so, you can apply for a new line of credit. As Wonga offers short-term loans, it will not take long to have another one approved.
I need to apply for a loan, what must I do?
If you are interested in applying for a short personal loan with Wonga, you need to comply with the following requirements. There exists the possibility to do the application online without visiting any local branch. Please, provide a South African ID number, your bank account details and the most recent proof of income.
Good day, I would like to borrow a loan of R3,000.
Wonga is a financial company that provides clients with short-term loans. If you are a new applicant, you can access up to 4,000 rand, which can be repaid in a period of one month. To be eligible, you must be a South African resident over 18 years old, have a bank account in the country and work permanently.
Does Wonga require me to pay an amount of 999 rand in order for me to receive the loan?
Some private financial companies, like Wonga, which are regulated by the National Credit Regulator, require its clients to pay an initiation fee. For example, if you borrow 1,000 rand, Wonga will charge you an initiation fee of around 16.5%. If you ask for more, there will be an extra 10%. Usually, the amount of the fee should not be more than 1,000 rand. All of this is included in the total cost of your loan, which you will be paying afterwards.
Can payment reflect on my account on the weekend if my loan was approved on Friday?
If your loan application with Wonga was approved on a Friday, (usually the whole analysis of the documentation takes about 3 hours), then the money can be deposited in your bank account within the hour. This will also depend on how quickly your bank accepts the transaction. Wonga offers instant loans.
Can I qualify for R15,000?
The company Wonga offers short-term loans which are an alternative option to the traditional payday lines of credit. Unfortunately, you will not be able to borrow 15,000 rand since the financial entity allows a maximum amount between 4,000 and 6,000 rand. To be eligible, the applicant must be over 18 years old, have a bank account and a regular job.
Why must I pay for an insurance fee in order to have my loan paid out? Why was I not informed about the fee before I applied for the loan? Also, is it my responsibility to pay for the administrative fees when borrowing with Wonga loans.
Generally, Wonga Loans informs all of its customers about the early fees or upfront costs before they start the application process. There are no hidden fees to be paid, as everything is informed right away. Taking a short term loan with Wonga involves just an initiation fee and a monthly service fee.
After repayment, can I take another loan at the same day?
Wonga Loans is a private financial company that offers short term loans to be repaid in a period of up to 6 months. Once you have repaid your loan in a few months, then you will be able to apply for another one. Whenever you need money again, you can do the application form online.
Can I apply for a loan with Wonga?
Of course, you can. With Wonga Loans, you can obtain up to 4,300 rand to be repaid in a period of 3 months if you are a new customer. If you are an existing customer, then you can get up to 8,000 rand to be repaid in a period of 6 months. The application can be done online in a simple and quick way.
I applied for a 10,000 rand loan, and they calculated it for 24 months, yet you're saying you don't do long term loans, and I am also requested to pay a 950 documentation fee, is this legal or a scam?
Wonga Loans does not offer long term loans of about 10,000 rand to be repaid in a period of 24 months. The amount of money you can obtain will depend on whether you are a new or existing customer. As a new customer, you can apply for up to 4,000 rand, and as an existing client, 8,000 rand. Clients need to pay an initiation fee and a service fee. There is no need to pay a 950 rand documentation fee.
How do I pay my loan before my repay date?
You can repay your loans earlier by using your online account with Wonga. When you choose this possibility, then you will be able to save money related to the fees and interests. Some companies even penalise customers who decide to pay earlier, but this is not the case with Wonga, as it has many benefits for its clients.
Do I need payslips, or can I use bank statements for proof of income?
Certainly, you do need payslips. In order to apply for a personal loan with Wonga, you need to comply with some criteria. If you do an online application, then you will need your cellphone number, a South African valid ID, your bank account details and finally, the most recent proof of income.
I want a loan to build a house. If I have a short-term loan I am currently paying, can you assist me to approve my loan?
Wonga does not offer home loans within their available financing programs. The recommendation is to pay your existing loan completely before applying for a new one. With Wonga, you will be able to obtain a maximum of 4,000 rand with a repayment period of three months. Now, if you are looking for a home loan, you can choose a bank.
Can I top up my loan?
Currently, the private financing company Wonga does not offer the possibility to increase your current loan. However, existing customers have the possibility to ask for a maximum amount of 8,000 rand with a repayment of 6 months. If you repay your loan on time, you will be able to ask for more.
I need to apply for a short term loan with my business account. My business is active.
There will not be any problems for you to apply for a quick personal loan with the private company, Wonga, by using your business account as long as you meet all the requirements. For instance, you need to provide your bank account details, a valid South African ID and the latest proof of income.
My salary reflected late, but I will pay my Wonga loan in full. Can I still qualify for another loan?
Wonga will determine if you can obtain another personal loan depending on some factors. First, you will need to pay your existing loan in full to be able to apply again. If you have a positive credit history and enough affordability capacity, you will definitely qualify for another loan. Remember that the company offers only short-terms lines of credit.
Can I get money if my application is approved on Saturday?
Please, consider that after you have submitted the loan application, the private company Wonga needs to analyse all the information to determine whether you can qualify for a personal loan or not. If you apply on a Saturday, then you should know that probably you can receive the money either within minutes or on the following business day. This will depend on the bank you are operating with.
How to apply for Wonga loans?
In order to apply for a personal loan with Wonga, you will need to proceed as follows. First, you will have to comply with all the qualifying criteria (being of legal age, having a bank account in South Africa, having a mobile phone and also having a permanent job). Then, you will be subjected to a credit check when applying online. If you pass this credit check, you will be able to obtain the loan.
Hi, my loan notification said I'm approved and money is on its way, but It has been longer than 24. How long will it take to pay out?
It is recommended that you get in touch with the customer service department of Wonga to find out about the status of your loan. The speed at which Wonga pays out loans will vary depending on some factors; for example, the day on which the application was made. If you applied during business hours, then the money can be deposited within a few hours.
Good day. I already have a loan with you, Wonga, but on the 15th of August it is my last payment for three months. So what I want to know is, is it possible that, once I finish my payment next month,to get another loan? Or is it going to take a few days or months to qualify for another loan?
If you already have a personal loan with the private company Wonga and your last payment is on August 15th, then you will be able to apply for another loan. You need to pay your loan completely in order to borrow more money. In this way, you will be able to qualify for more. There is no need to wait for a few months in order to obtain a new line of credit.
Hi, I've tried applying for a loan 6 times, and I've received a message saying that my loan hasn't been approved since Wonga seems to suspect that I do not have the courage to pay it back , which I do.
It is unfortunate to hear that you have applied for a loan with Wonga 6 times now. However, the company considers several factors in order to grant money to clients. These include credit score, income and affordability. So if your loan application has been rejected, then you may have a low credit score or other factors. Please, contact the company by phone to recieve assistance.