Wonga
Wonga is no longer trading and are therefore unable to accept any new applications. If you’re looking to borrow money on sites like Wonga, Little Loans could help you search for a suitable loan.
Why use Little Loans as an alternative to Wonga?
- Little Loans is a credit broker working with a panel of over 30 responsible lenders who offer short-term, personal loans from £100 to £10,000.
- Repay your loan over terms between 3 to 60 months, depending on how much money you apply to borrow.
- Our service is free to use.
- No-obligation quote.
- If successful, your loan could be sent the same day your application is approved*.
*The time it takes for the money to appear as available in your account will depend on your bank’s policies and procedures, such as if they accept Faster Payments.
What was Wonga?
Originally founded in the UK in 2006, Wonga was a payday and short-term loan provider. During their years of trading, they also operated in Spain, Poland, South Africa, and Canada.
Customers had the option of borrowing between £50 and £600 over terms from one day to 6 months.
Wonga was authorised and regulated by the Financial Conduct Authority (FCA).
Do Wonga still exist?
Wonga went into administration in August 2018 and were dissolved in December 2020. As such, Wonga is not accepting any new applications.
The company was subject to a large number of customer complaints.
In 2014, the FCA found that Wonga had shown negligence in providing loans to people who were unable to pay them back. A wave of compensation claims followed which eventually led to the company’s demise.
Did Wonga customers receive compensation?
In January 2020, Wonga’s administrators confirmed that over 400,000 of the compensation claims received were valid.
Customers can no longer claim for compensation from Wonga as the deadline has now passed.
What are payday loans?
Payday loans are a sum of money borrowed from a lender. They’re usually required to be repaid in full within a month and are generally designed to help tide people over between paydays should an unexpected financial emergency arise.
Because of their short repayment periods, a payday loan is usually offered at a higher rate of interest.
Are there any alternatives to Wonga and payday loans?
If you’re looking for loans like Wonga, Little Loans might be able to help.
Short-term loans, such as those offered by the lenders on our panel, provide borrowers with longer repayment terms.
Depending on how much money you apply to borrow, you could repay your loan between 3 and 60 months, allowing you to spread the overall cost.
You should be aware that the longer the term of the loan, the more you’ll pay in interest, although your monthly repayments will be lower.
Can I use Little Loans to search for a short-term personal loan?
You can use Little Loans to search for a short-term personal loan as a Wonga payday loans alternative if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account with a valid debit card; and
- Have a regular source of income paid directly into your bank account.
Can I get a loan with bad credit?
If your credit score is less-than-perfect, you might be apprehensive about applying for a loan; we understand that. Some of the lenders on the Little Loans panel are willing to consider applications from those with less-than-perfect credit scores, however.
It’s important to remember that bad credit loans are often offered with higher rates of interest. There’s also a possibility that you might not be able to borrow as much money as you need to.
Can I apply for a Wonga loan?
Looking for the Wonga loan application? As we talked about previously, Wonga went into administration in 2018 and are no longer trading.
You’re welcome to use Little Loans to search for a short-term personal loan as a Wonga alternative, however. The process is straightforward and, if successful, the money could be sent the same day your application is approved.*
- Work out how much money you need to apply for and choose your ideal duration. Our online application form should take no longer than five minutes to complete.
- We’ll run a soft credit search with no impact to your credit score, and scan our panel of lenders for a loan to suit your circumstances.
- If you’ve been matched to one of our lenders, you will be redirected to their website, where you can find out more about the loan and decide whether you’d like to go ahead and make a full application.
- Should you wish to proceed, you’ll be required to undergo a hard credit search directly with the lender. Hard searches will remain on your credit file for up to 12 months, and too many hard searches over a short period of time could have a negative impact on your credit score.
- If the lender is happy with the outcome of their checks, you will be sent a loan agreement. Be sure to take your time in reading the terms and conditions and ensure that you’re fully aware of the monthly repayments, which will include interest.
*The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
Is Little Loans authorised and regulated by the Financial Conduct Authority (FCA)?
Yes. Little Loans is a trading name of Digitonomy Limited. You can find us on the FCA register here.
All the lenders we work with are also authorised and regulated by the FCA.
Straight forward
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Representative example: Amount of credit: £1000 for 12 months at £123.40 per month. Total amount repayable of £1,480.77 Interest: £480.77. Interest rate: 79.5% pa (fixed). 79.5% APR Representative. We’re a fully regulated and authorised credit broker and not a lender