What Are Wonga Loans? How To Get Them?

Wonga Loans in South Africa are some of the well-known short-term and flexible loans offered for needy individuals after they qualify for them. These are the personal loans that provide temporary financial relief so individuals can cope well with sudden burdens or expenses. Let’s discuss how you can apply for Wonga loans, what they are, how to get them, and other relevant information about this loan program in South Africa.

What Are Wonga Loans? How To Get them?

Wonga loans are short-term loans where the borrower can get a small net amount that he has to pay later within a specific time period.  company is a reliable loan provider who knows how to help individuals with their financial needs. 

It was initially founded in the UK but now the company is serving in countries like Poland and South Africa. The company offers easy-to-access funds and provides quick financial solutions for those who are in need of financial assistance. 

These loans are well known for being short-term, personal, and online. They are also easy to handle, convenient, and efficient. Moreover, the loans provide temporary financial relief to needy citizens to deal with unforeseen situations. 

Moreover, loans are flexible, user-friendly, and are known to be the best for those who want affordable and easy-to-access loans for their needs. An applicant has to go through the online application process and have to make sure to meet the eligibility requirements to apply for the loan. 

Then the company will access the application and will let the applicant know whether the application has been declined or accepted. Let us first look at the eligibility requirements you have to meet to apply for the loan. 

Eligibility Requirements

Here is the list of the minimum eligibility requirements that an individual must have to fulfill before applying for Wonga loans. These are short-term, affordable, and easy-to-access loans that have certain eligibility criteria that individuals must have to fulfill to get the loan payment.

• You have to make sure that you are a South African resident and that you have a South African ID with you. 
• You also have to make sure that you have a bank account in South Africa in your name. 
• Make sure your age is equal to or more than 18 years. 
• Also, make sure that you are earning a monthly salary and can pay back the loan. 
• Furthermore, you also have to make sure that you have a mobile phone number registered in your name.

How To Apply?

Here is the step-by-step procedure that you have to follow to apply for Wonga loans. Make sure to understand the procedure well so that you can apply for the loans easily and quickly. To apply for Wonga loans, what you have to do is to,

• Visit the official website of Wonga by clicking on wonga.co.za. You can connect to the official website of Wonga via desktop, PC Tablet, or mobile phone. 
• Now you have to create your account. 
• After creating your account successfully, you have to log in to your account using the credentials you have just created. 
• Now you have to select the desired loan amount that you want to get. If you are a new customer you will only be allowed to select up to R 4000. Alternatively, if you are a returning customer, you can get up to R 8000 loan amount.
• Then you have to select the desired amount of repayment. If you are a new customer you can select the desired amount of repayment for a maximum of three months. But if you are an existing customer you can select the desired amount of re-payment or installment of up to 6 months. 
• Now you have to complete the application form by providing the required information. 
• Make sure to provide proper, appropriate, and accurate information about you in the application form. 
• Now attach the necessary documents as mentioned below with the application form by uploading them and then submitting them. 
• As soon as you apply, the application processing starts. 
• If your application is successful you will receive the loan payment within no more than 15 minutes in your bank account. 
• Make sure to pay back the loan according to the agreed time frame so that you do not have to face any charges, fines, or other legal issues later on.

Necessary Documents

• You have to submit proof of your South African Residency. 
• You have to submit proof of your income by showing a three-month bank statement from your bank.

Loan Repayment

The loan repayment structure for Wonga loans is easy and flexible. The repayment period varies based on customers whether they’re new or old. 

If you are a new customer, you have to pay the loan back within 3 months, and you can only get a loan of a maximum of R 4000. Whereas if you are returning a customer, you can pay back the loan within 6 months or the desired time frame, and you can get the loan amount of up to R 8000. 

Make sure to read the loan agreement carefully because the repayment structure is clearly explained there. Moreover, the loan agreement also has a service fee in it. Read the Wonga loans loan agreement attentively to get all the necessary information about the repayment structure and schedule.

Fees Structure And Interest Fees

The fee structure for Wonga Loans is clear and explained in the loan agreement. All of the costs, charges, and fees are displayed in front of the customer. There are no hidden costs or charges that are incurred throughout the loan period. 

Moreover, the interest rate that is charged on Wonga loans varies for the customers based on whether they are new or existing. If you are a new customer, you will be charged a 5% interest rate on your loan, whereas if you are an existing customer, you will be charged a 3% loan interest-free on the loan amount.

Remember there is this initiation fee that is charged at the very start of the loan agreement. Plus, there is this monthly service fee that is fixed and is included in the loan’s repayment cost.

How To Contact Wonga Loans In Case You Need Help?

If you have any questions and queries or something else in your mind, you can contact the customer support of Wonga. You can do this by simply,

• Visiting their official website and clicking on the “Support” option. 
• Moreover, you can also call the officials directly on 0861 966 421. 
• You also have the choice of emailing them on their email address. For this, you simply have to compose an email, write your question, and send it to [email protected]. 

FAQs

What happens if I miss a repayment deadline? 

Always try your best not to miss the early payment deadline for Wonga loans. This is because in case you miss the repayment deadline you will then be charged with the late repayment charges.

Are there any early repayment fees for Wonga loans? 

No, you don’t have to pay any fees if you want to make early payments. You can repay your loan earlier than the repayment deadline to minimize interest charges. Well, it is also recommended, and it would be better for you to make early payments to get rid of your loan as soon as possible.

How can I contact Wonga if I need assistance? 

You can contact Wonga by simply contacting them on their number by dialing 0861 966 421. Alternatively, you can also email them at their email address or visit the official website to get customer support.

Why are Wonga loans better than other loan providers?

Wonga offers a reliable, hassle-free, quick, and efficient solution for short-term financial problems or needs. The funds are easy to access and they have flexible repayment schedules that make them one of the best choices for most of the borrowers.

What documents do I have to submit for the Wonga loan application? 

If you are applying for Wonga loans you have to submit certain important documents along with your application form. The documents include proof of your income and proof of your South African residency. You can submit proof of your income in the form of a recent pay slip or the latest 3-month bank statement.

Is there any automatic repayment option for Wonga loans? 

Yes, there is this automatic repayment option that you can activate, if you have to repay the Wonga loans. In this automatic repayment method, the money will automatically be deducted from the debit card you have registered. Moreover, it is a better and more reliable option as the money is deducted on the repayment date.

What information do I have to provide when applying for Wonga loans? 

When applying for Wonga loans you have to provide certain important information about you. You have to write the details about your personal information, your employment information, and your bank account information. Make sure to provide correct information to avoid any adverse situations.

How do Wonga loans do credit checks? 

There is this automatic credit check system that checks for your creditworthiness as soon as you apply for Wonga loans. This automatic credit check looks for the credit score of the applicant to check his eligibility.

How long does it take for Wonga to approve the loan? 

After you submit an application online, you will get an instant loan decision about your eligibility. Moreover, there is a high chance that if your application is approved, you will receive the payment on the same day of application submission.

Conclusion

Applying for a Wonga loan is one of the easy and quick procedures that you can follow to get financial assistance in case of emergencies or sudden expenses that you cannot ignore. The loans offered by Wonga loans are quite affordable and easy to access. 

They are flexible and the repayment structure is also very convenient for the borrowers. Pay attention to the above article to understand the procedure and other relevant information about Wonga loans.