Does Wonga loans still exist?
Wonga, which collapsed in 2018, was once the UK’s biggest payday lender but its practices attracted intense scrutiny. In 2014, the Financial Conduct Authority (FCA) found it had lent money to many who would never be able to repay, prompting a crackdown on the sector.
How long does a Wonga loan take to be approved?
Wonga also offers instant loan approval online, 24/7. Therefore, no matter what day or hour you apply for a Wonga loan, if we are able to approve your loan instantly, we will pay the cash out and depending on how quickly your bank moves, it could be in your account within the hour.
Who qualifies for a Wonga loan?
To qualify for a Wonga loan you must be a South African resident with a bank account in your name, you must also be over the age of eighteen and have access to a mobile phone. Proof of income is also required.
Can I increase my Wonga loan?
Our trust rating is not designed to let you rapidly increase the amount of money you can borrow, or automatically mean you can apply for more based on timely repayment of a previous loan.
What happens to my Wonga loan?
IF your debt is sold, you’ll owe the new creditor money instead of Wonga. The debt collector has to follow the same rules that were given to you by the old company when you took out the loan and you will keep all the same legal rights, according to debt charity Step Change.
Do I have to repay my Wonga loan?
If you owe money to Wonga, you must still make your planned repayments – otherwise you’ll find yourself in the same financial trouble as you would have done before the company ran into problems.
Do I still have to pay my Wonga loan back?
So, given all of this, you may well be asking yourself, “Does this mean I don’t have to repay my existing loan with Wonga?” Simply put, no. Although Wonga is entering into administration, any existing loan agreements still stand and will need to be repaid. Read our top five tips for repaying payday loans.