With everybody on the planet coming to terms with the difficulties that we need to deal with unexpected expenses spring up and traditional lenders ignoring our needs and circumstances most of the time, where should we turn to at our time of need? Look no further as your quest is finally over. Wonga Group Limited has quite a few services that can assist in times of sudden financial need. Their main tool of providing relief is payday loans.
This British payday loan company was established 10 years ago and with its revolutionary high-tech payday lending model has broadened the scope of credit unions. Here are some quick facts that you should know about this sophisticated and automated loan company that is scoring and soaring behind the scenes.
- Those who opt for Wonga Payday Loans are required to give only 8 pieces of personal information and its online algorithm will provide them with 1,800 data points based on calculations in just 2 seconds. This will determine eligibility for the loan instantly.
- Most of the traditional lenders out there don’t look at Wonga Payday Loans as a sign of good credit history. This may or may not be attributed to professional jealousy; however, the point remains as to why this is so even if such loans were paid on time.
- For those who are new to Wonga Payday Loans, know that the key to Wonga’s credit scoring model is the speed at which it automatically sorts through relevant online information, compromising of 8,000 data points.
- Wonga Payday Loans are so speedy that after the credit scoring process has been done, customers are promised their amount in a blindingly fast 6 minutes, with most of them having the money wired to their accounts in 15 minutes. Still unbeatable on the planet.
- With Wonga Payday Loans high in controversy, who would have not guessed that their interest rates are eye-watering and relatively have much higher APRs than many other payday lenders?
- Before you apply for Wonga Payday Loans, you should know that MP Stella Creasy is already running a campaign where she wants the government to reconsider her proposal to put a cap on the cost of payday loans.
- Seeing an advertisement for Wonga Payday Loans can be rare as the ASA (Advertising Standards Authority) has already banned one of its ads to come on air as of April, 2014.
- The OFT (Office of Fair Trading) and FCA (Financial Conduct Authority) have been hot on trail for Wonga’s mismanagement and unfair practices as of 2014 investigations.
- Wonga is UK’s biggest payday lender, and one of the few companies that advertise their loans.
Wonga and other payday lenders are often labeled as loan sharks preying on customers, and encouraging the buy-now-pay-later culture in the youth, which is curbing the need to have saving habits.