About Wonga Loans in South Africa
April 3, 2018
Wonga is all about providing quick financing in the most convenient way possible. If you are a brand-new client, you can borrow up to R4 000 with the company. If you have an established track record with them, you might be able to borrow as much as R8 000 from them.
How Flexible are Wonga Loan Amounts?
The loan amounts are very flexible. You can apply for as little as R500. Need more? Move the slider to the right to increase the loan amount by R10 at a time all the way up to either R4 000 or R8 000, as discussed above.
How Long do I Have to Repay the Money?
Choose a term of between four days and six months. So, if you just need a quick loan to tide you over until you get paid, this works. If, on the other hand, you need a more affordable instalment, take the full six-month period.
What you’ll need:
- A South African ID
- Your cell phone number
- Details of your bank account
- Proof of income for the last three months
How Does it Work?
Move the slider over to the amount of money that you want to borrow and then do the same with the slide for the term you want to borrow the money for. When you do this, look under the second slider.
There you will see the repayment amount, the repayment date and the interest and fees payable. If you agree with these, hit the “Apply Now” button. If not, adjust the sliders accordingly, or simply click away.
You will then be taken to the next screen and asked to either register or login. If it is your first time using the site, you will need to provide your personal details here. Just fill in all the fields and register on the site.
You will get an approval in principle in seconds. You will then need to upload either your last three month’s payslips or bank statements. These will need to show your salary amount and also have your full names on them.
Wonga will then verify the information provided. Once it has been checked, the money will be transferred into your bank account.
After that, all you need to do is to make sure that the requisite funds are available on the day that the debit order is taken off your bank account.
What are the Fees?
You will pay a once-off initiation fee that is calculated on the amount of your loan. It will be a minimum of R169. If your loan amount is more than R1 000, you will an extra fee of 10% of the value over R1 000.
So, if your loan was for R2 000, for example, your initiation fee would be the R169 + R100 or R269 in total.
There is also a monthly administration fee of R69.50 per month.
These fees are in addition to the interest charged.
The interest rate is higher than what you would pay at a retail bank sometimes but that is because it is short-term financing. The impact of the slightly higher interest rate is not as strongly felt as a result.
Next: complete and submit the form on this page to get a loan fast
All info was correct at time of publishing