Ease of Use
Wonga landed in South Africa late last year and since then really pushed the local payday loans industry. Bringing with it the market experience from serving over 5 million loans in the UK since 2007 has helped them quickly establish themselves as the most trusted and most innovative South Africa payday loan provider.
Like most of it’s competitors, the first thing you will see on Wonga’s website is a slider with which you can adjust the length of the loan as well as the amount you would wish to borrow. Depending on your settings, you will then be shown the exact split between loan amount and interest and fees.
What we like is the transparency of the process – you know exactly how much it costs. However we would like to see a more detailed split between interest and charges – unfortunately none of the current payday loans websites offers this, so its hard to mark Wonga down in this regard.
Apart from that, Wonga offers a clean and easy to navigate site, laying out the benefits clearly and re-inforcing their market leading position by referencing customer quotes and satisfaction levels from their overseas experience.
Wonga Costs & Charges
This is where we get into the nitty-gritty of the total cost of the loan. As with most payday loan companies, the total cost of the loan is made up of 3 elements – the initial setup fee, a monthly charge as well as the total interest payment.
With Wonga the initial arrangement fee starts of at R74 which is lower than most of its competitors. The monthly fee comes in at R57 and the interest rate is calculated daily at 0.17%. The table below shows the costs associated with borrowing various amounts – all for the maximum period of 30 days:
|Amount||Interest||Service Fee||Arrangement Fee||Total Fees||Total Repayment|
|R 100.00||R 5.10||R 57.00||R 17.10||R 79.20||R 179.20|
|R 200.00||R 10.20||R 57.00||R 34.20||R 101.40||R 301.40|
|R 500.00||R 25.50||R 57.00||R 85.50||R 168.00||R 668.00|
|R 1 000.00||R 51.00||R 57.00||R 171.00||R 279.00||R 1279.00|
|R 2 000.00||R 102.00||R 57.00||R 285.00||R 444.00||R 2 444.00|
|R 2 000.00||R 127.50||R 57.00||R 342.00||R 526.50||R 3 026.50|
How Much Can I Borrow
Wonga is the first local payday provider to offer loans to first-time borrowers of up to R 2500. Repeat customers can get up to R8000, depending on the “trust” rating Wonga attaches to their account.
Wonga Application Process
This is where Wonga really shines in comparison to other local providers. Their application process took us less than 7 minutes to fill out, and the whole procedure was straightforward and very hassle-free. Make sure you have your SA ID and bank account details at hand though.
The simple wizard guides you through the process of filling your contact, employment and bank details. You will have to have a valid South African cell phone number, as it is validated with a PIN sent via SMS in the final stages of the application. Your employment details include information such as job type/description, salary and work phone number. User friendly validation ensures that it alerts you of any incorrectly entered data as you go along to avoid unnecessary page reloads. After you complete the wizard, Wonga will use it’s proprietary algorithm to calculate your credit worthiness to instantly approve or deny your loan.
Also once you have a Wonga account, you can increase your trust rating which will make you eligible for larger loan amounts as well as much quicker application next time round!
Wonga Review – Final Verdict
From the simple website design and hassle free applicaton process youc an really see why Wonga has had such a huge success in the UK. They make the entire process of applying for a payday loan as easy as possible whilst ensuring transparency of all costs and fees involved.
Also unlike other South African payday loan providers, Wonga does not actually use your credit rating in the application process – they might check it, but the final verdict is based on their own algorithm which means that you can get a loan even if you have a blemished credit record.
Whilst there is not much difference in terms of costs between Boodle and Wonga, we feel that Wonga is just slightly ahead in terms of optimising their user experience, as well as communicating the product in a professional yet easy-to-follow manner which makes Wonga the best payday company in South Africa.
Ease of Use