What you’ll need
Up to R4000 for new customers, up to R8000 for existing customers
1. A cellphone number, 2. SA ID number, 3. Bank account details, 4. Most recent proof of income
About Wonga instant payday loans
Wonga instant payday loans are instant short-term loans offered to South African residents who have an operating personal bank account in South Africa. On Wonga, you can apply for a loan of between R 500 to R 4000 if you are applying for the first time. For returning customers, this amount can go up to a maximum of R 8000. Wonga specialises in short terms loans and therefore will only allow loan periods of up to 6 months maximum. You are allowed to pay back the loan within a shorter time period should you prefer to do so. You can determine the period of repayment on application.
Unlike most short-term lenders, Wonga’s interest rate is capped at a maximum of 3% per month. The better your credit rating is, the lower your interest rate will be.
Quick decisions on online Wonga payday loans
Wonga loans are instant. By using state-of-the-art lending technology and streamlined operation procedures, the staff at Wonga works in the background, to make sure, that your loan application is processed with speed, confidentiality, and accuracy.
You can commence your application from any place where an internet connection is present. No faxes required to be sent neither you need to visit a Wonga branch in order to start the application process.
Solely scan your documents and upload them to Wonga’s website. You can surely arrange this from anywhere with the use of a smartphone.
Wonga uses legally accessible data, your personal information provided by you as well as information at your payslips and your bank statement, to make a decision on your loan.
This means that Wonga can offer you a loan with an interest rate linked to your assessed risk profile.
Bad credit record
Having a bad credit history would not exclude you from qualification for a Wonga loan. Even with what is sometimes referred to as a bad credit score, you can still get a Wonga instant payday loan. A higher risk profile will just mean that your interest rate would be closer to the 3% per month limit.
How to apply for a Wonga instant payday loan
Applying for a Wonga payday loan is a simple process. You just need to go onto the site www.wonga.co.za.
You will immediately see the interface like on the image below. This form would allow you to choose the amount you want by moving the slider. Minimal amount for first-time clients R 500 and the maximum R 4000. As a first time applicant try and start small to gain the trust of Wonga. Take a smaller amount for a shorter period of time and slowly increase the amount until you can loan the full R 8,000. Once you have the amount you require for your preferred repayment period click on the “Apply Now” button.
Next step involves filling in the registration form with your personal information as well as job and income details.
This form would be verified and assessed to recognize what amount you qualify for and at what interest rate.
Once your instant payday loan is approved, you will have to upload all the required documents which are usually your payslip, bank statements and ID book or ID card for final income verification. If all of this is in order and your bank account is with one of the big four banks in South Africa, namely ABSA, FNB, Nedbank or Standard Bank, you can expect to have your money in your bank account within the hour.
Direct lenders of Payday loans
Dealing with Wonga you get the best rates as well as the best service because Wonga is a direct lender. That means Wonga is authorized to lend the funds that you apply for. Wonga, therefore, is able to assess your risk and give you the interest rate instantly. Besides the usual activation fees, interest and monthly admin fees, there are no extra charges added on as in case of broker lenders.
Brokerage lenders such as Hoopla Loans, for example, have an extra layer of the average person. This means that more expenses must be paid, and this cost is added to the administrative fees on the loan. This is not bad, and, sometimes even better for you, because you are more insured. And at the same time, it turns out that you pay more for your credit if you go through a broker.
Taking your payday loan with Wonga guarantees your fees are kept minimal.
Safe instant payday loan service
Wonga takes customer information security and confidentiality very seriously. All personal data submitted to Wonga is encrypted end-to-end. With that meaning, the data is only available to Wonga when you send it. If anyone would intercept it, they will not be able to make out what it is as the data encrypted.
All Wonga servers are secure that means your personal data is safe.
All Wonga staff are trained for customer care, on standard operating procedures for the short-term loan industry as well as on the importance of making sure customer information is treated with the utmost confidentiality and security. Wonga will never sell your personal data or contact information to third parties. Wonga abides by all laws regarding the safety and security of client personal information. Your personal information will never be compromised by Wonga.
Why use Wonga instead of other payday loan providers in South Africa
Being an instant payday loan service, Wonga would, therefore, have higher interest rates than conventional banks. That is because these short-term loans are flexible and meant as bridging cash when money is needed urgently. Wonga loans will typically be approved and disbursed within 24 hours. This is not possible with conventional banks.
The interest rate is capped at a maximum of 3% in South Africa, which is affordable considering that the loan is instant and for a short period of time, not exceeding 6 months.
Wonga is the trusted brand within South Africa. While there are other payday loan providers, Wonga stands out as a trusted brand that deals with its clients in a professional and confidential manner always making sure that all transactions are transparent and fair to both parties.