Wonga South Africa is the local arm of the UK-based company Wonga UK, who were the first to pioneer online payday loans overseas. Founded by Errol Damelin and Jonty Hurwitz in Britain in October 2007, Wonga is now the market leader and has served over £2bn in loans for it’s more than 1 million customers.
In South Africa, Wonga has been marketing itself aggressively and is enjoying significant success, in particular with its recent mobile application launch. With payday loans carrying a bit of a bad name with regards to transparency and customer protection, Wonga is championing a much more transparent and user friendly approach. The cornerstones of transparency, flexibility and fairness, has helped differentiate Wonga from other payday loan providers such as Boodle and GetBucks and is the reason why over 94% they would use the service again!
How Much Does Wonga Cost
Wonga – like any South African payday loans provider – charges a daily interest rate plus an initiation or set-up fee. Be warned though – whilst the process is simple and the loan amount is capped at R4000, the daily interest rate charges can add up – particularly if for some reason you are unable to repaid the funds on the specified date.
However, with recent price adjustments, Wonga is now not only one of the best online payday loan providers in South Africa, they’re also the cheapest by a small margin.
|Provider||Amount||Total Fees||Total Repayment||Apply|
|Wonga||R 1000.00||R 246.17||R 1246.17||[apply here]|
|Boodle||R 1000.00||R 286.00||R 1286.00||[apply here]|
|GetBucks||R 1000.00||R 291.48||R 1291.48||[apply here]|
How To Apply With Wonga South Africa
The beauty with Wonga and other online payday loan providers, is that the approval process is entirely paperless and can be completed within a matter of minutes straight from the website.
Once there, you will need to select the amount and the period of your loan – please select your repayment date carefully and select a day where you know that the money due will be available in your account. Next, hit APPLY NOW and fill out the simple registration form – all in all this will take you less than 5 minutes!
In order to ensure a smooth application process, make sure you have the following documents at hand and that you fulfill the other criteria as well:
- 18 years of age
- living in South Africa
- have an active SA bank account
- a valid email address and cell phone
- regular income
Ease of Use