Loans like Wonga refer to ‘payday loans.’ Other sites like Wonga include Peachy, Pounds to Pocket, Ferratum and MyJar. These loans that typically last between 14 and 30 days and involve borrowing a few hundred pounds. The idea of a loan such as Wonga is help bridge the gap before payday. Perhaps you have some emergency bills or expenses that require paying and since the amount of the invoice is really large, you might require a few added pounds to tide you over until you receive your next salary. This is where a payday loan might provide useful as a short-term solution. With a couple of payday lenders on the high street and many online, you are able to make an application for a few hundred pounds and once the creditor has carried out a series of checks, they can provide an immediate decision and usually supply you with the money on the same day to assist you pay off your emergency cost. With regards to repayment, you simply repay the loan on the next payday which for some is every week, on a specific date or the last day of the month.
Loans Like Wonga Companies
Perhaps you have used Wonga earlier and are looking for a change or perhaps you’re comparing different loan products and have looked at Wonga but might love to see what other choices are readily available. At The Lenders List, we’re an internet directory which compare payday loans in the UK. With more than 15 lenders on our website, we let borrowers to search through the various creditors when taking out a loan of up to £1,500.
Wonga is the most well-known payday loan lender in the UK but with over 100 lenders in the market, it’s useful to compare with the other alternatives out there. The Lenders List features many payday lenders that we change each month and pick ourselves to reward their quality of support and commitment to responsible lending. For each lender on the site, we’ve got a single page to offer some background on the business and a much better indicator of what exactly the period of the loan is along with the prices they charge. With a few lenders that offer 12 month loans, instalment loans and loans of up to £1,500, it’s beneficial to compare another loan firms such as Wonga.
Sites like Wonga
Sites like Wonga are such online payday lenders who could transfer funds directly to your bank account. The very best thing about direct lenders is they eliminate the middlemen in the loan transaction so that the client can work directly with the debtor. On the other hand, the broker will suggest that you to many lenders resulting in lots of unwanted emails and text messages from the procedure. There’s also the case that brokers may charge up-front fees of up to £70 from the applicant for simply making the introduction even though the customer may not be granted a loan from one of the other sites like Wonga.
The Lenders List merely urges to use companies which will directly transfer funds to your account. We would like our customers to have complete control over their loan so having the ability to correspond directly with the creditor they’re working with. These lenders are businesses which invite one to fill in their online loan application, requesting you for information about your age, location, employment and fiscal details. After running a series of checks, the lender should be able to let you know quickly if you have been successful or not and if so, they can transfer the funds on the same day.
The standard criteria for applying for a payday loan involves being over age 18, in a job if it is full time or part time (not being a student), be living in the united kingdom and also have a functioning debit account so the lender may collect payments straight from the bank account on your given pay date. For many lenders, they want you to have a functioning mobile phone so you are able to receive the authorization code required to finish your loan arrangement.
The way repayment works is that generally your amount due is collected on your next pay date and then that will be the end of your loan completely. But that’s why it is important to compare other lenders out there who may be able to give you the flexibility to repay over 3, 6 or 12 months in various instalments. So if you really need a short term loan for an emergency, an instalment loan will give you the opportunity to spread repayment and make the whole repayment process a lot smoother.
Alternatives To Wonga include other payday or instalment lenders. Aside from payday loans, there are cheaper alternatives such as credit union loans. Should you belong to a credit union due to your job, then you may be eligible for a much cheaper form of financing. Credit unions are non-profit organisations and they are all about developing a community. They was set up in local churches but may now be found online too, with over 500 credit unions in the UK. The funds may not be transferred as quickly as a payday loan, but the rates are certainly cheaper.
Another way to earn money fast, besides a payday loan, would be to Sell items which you don’t require online with sites like Dpop and Ebay allowing you to earn decent money from items you don’t need around the home. There’s also the concept of going to your regional car boot sale on a Sunday to get rid of some household objects and you can make a few hundred pounds without having to commit to a financial product.
The Lenders List hosts over 15 lenders like Wonga so in case you require money for an emergency and would like to know what options you have available, make sure you compare all the different lenders on our website to find the ideal loan product for you.