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Wonga

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LOAN AMOUNT

LOAN TERM

TYPES OF FEES

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93% of customers say they would use Wonga again

R500

LOAN AMOUNT

MIN

R4,000

LOAN AMOUNT

MAX

4 Days

LOAN TERM

MIN

35 Days

LOAN TERM

MAX

+ Initiation Fee
+ R68.40 Monthly Service Fee
+ 0.10% Interest Rate per Day

INTEREST AND FEES

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More INFO

PRODUCTS AND FEES

Min Loan Amount R500
Max Loan Amount R4,000
Min Loan Term 4 Days
Max Loan Term 35 Days
Time to receive money Within 24 Hours
Early Repayments Allowed No
Application Fee No
Initiation Fee on first R1,000 16.50%
Initiation Fee after first R1,000 10%
Monthly Service Fee R68.40
Interest rate per day 0.10%
Arrears Fee Not Disclosed
Late Payment fee Not Disclosed
VAT 10%

MINIMUM REQUIREMENTS

Min Age 18
Resident of South Africa Only Yes
Employment Type Full Time Employment
Credit History Any
Active Bank Account Yes

DOCUMENTS REQUIRED

  • Mobile Phone Number
  • Email Address
  • South African ID Number
  • Copy of last three months of issued bank statements
  • Banking Information

Company overview

Wonga was initially founded in London in 2009 by two South Africans, and then launched in South Africa in 2012. It offers short-term loans on a fast turnaround basis, with the aim of helping South African consumers approach short-term cash shortfalls with an equally short-term credit solution.


Wonga states on their website that they were the first company in the world to fully automate the lending process, resulting in completely objective and responsible lending decisions.

What other services do they provide?

None

Are they a licensed company?
Yes: NCRCP5033

Learn more about 'Wonga' process

What is the application process?

After first being founded in London, Wonga now provides short-term loans to the South African market. It offers a completely online service, so to apply for a short-term loan with Wonga, head to their website and choose how much you’d like to borrow, and how long you’d like to repay it. You will then need to fill out their online application form by inputting a range of personal, contact, financial, and employment information.

You may need to upload some supporting documentation, and you will also need to supply your bank details, so Wonga can transfer your money to you, and also direct debit your repayments. Once you’ve applied and been approved, funds will be transferred from us within minutes, so they should reach your bank account within 24 hours depending on your financial institution.

What documents/information do I need to provide during the application?

  • Banking Information
  • Copy of last three months of issued bank statements
  • Email Address
  • Mobile Phone Number
  • South African ID Number

Will the lender do a credit check when making a decision?

Yes

How long will I have to wait to know if I am approved?

Usually within 24 hours.

If approved, how long will it take to get my money?

With most major banks within one day, however this can take longer with smaller banks.

How do I repay the loan?

Wonga will debit the money from your bank account on the agreed upon dates.

Have more questions?

Please contact us if you have unanswered questions, feedback on our service or reviews about providers on our tables. We love to hear from you.

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