Wonga

Company Profile

Wonga was founded by Errol Damelin and Jonty Hurwitz in 2007, with investment from Balderton Capital and Dawn Capital. Gaining ground in the last two years, the payday lender has gradually but firmly built for itself a reputation in the UK payday loan industry.

Quick Facts:

• The parent company of Wonga is Quickbridge Ltd. (UK)
• The lender has won several awards, including the IMA Outstanding Achievement Award (financial services category), ‘Credit Risk Team of the Year’ Award at the 2009 Credit Today Awards, etc. It has also been listed in the 2008 Red Herring List of top 100 European Technology Companies.

Loan Product

Wonga’s user interface has been created with convenience as the prime focus, with emphasis on transparency as well. The company has built an easy-to-use loan ‘slider’ tool that allows customers to choose the loan amount and the duration of the loan (maximum of 30 days), and the lender gives them an accurate calculation of the repayment amount based on these inputs. This is to ensure that the customer knows exactly how much he/she needs to pay.

Features:

• Maximum loan amount of £750
• Loan amounts of up to £200 for new customers
• Interest is calculated daily – 1% for every 100 pounds borrowed
• Free early repayment option – short term loans of between 5 days and a month are offered
• Extensions for up to 30 days offered in certain cases