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Loans like Wonga refer to ‘payday loans.’ Other sites like Wonga include Peachy, Pounds to Pocket, Ferratum and MyJar. These loans which typically last between 14 and 30 days and involve borrowing a few hundred pounds. The idea of a loan like Wonga is help bridge the gap until payday. Maybe you have some emergency bills or expenses that need paying and since the amount of the bill is so high, you may need a few extra pounds to tide you over until you receive your next salary. This is where a payday loan may provide useful as a short-term solution. With a couple of payday lenders on the high street and several online, you can apply for a few hundred pounds and once the lender has carried out a series of checks, they can provide an instant decision and usually provide you with the money on the same day to help you pay off your emergency expense. With regards to repayment, you simply repay the loan on your next payday which for some is every week, on a specific date or the last day of the month.
Loan Companies Like Wonga
You have found this page because you were searching online for a loan company similar to Wonga. Perhaps you have used Wonga before and are looking for a change or maybe you are comparing different loan product and have looked at Wonga but would like to see what other alternatives are available. At The Lenders List, we are an online directory that compare payday loans in the UK. With over 30 lenders on our website, we allow borrowers to search through the different lenders 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 200 lenders in the industry, it is useful to compare the other options available. The Lenders List has 8 featured payday lenders which we change each month and select ourselves to reward their quality of service and commitment to responsible lending. For each lender on our website, we have an individual page to provide some background on the company and a better indication of what the length of the loan is and the rates that they charge. With some lenders offering 12 month loans, instalment loans and loans of up to £1,500, it is useful to compare the other loan companies like Wonga.
Sites like Wonga
Sites like Wonga are those online payday lenders that can transfer funds directly to your bank account. The best thing about direct lenders is that they remove the middlemen from the loan transaction so the customer can work directly with the borrower. In the payday loan industry, there are a lot of broker firms who present their sites as a typical lender would, with an application page and the promise of fast loans. However, the broker may recommend you to several lenders leading to a lot of unwanted emails and text messages in the process. 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 only recommends companies that will directly transfer funds to your account. We want our users to have full control over their loan and that means being able to correspond directly with the lender that they are working with. Sites similar to Wonga that are featured on our website include the likes of PaydayUK, Quick Quid, Peachy and Sunny loans. These lenders are companies that invite you to fill in their online loan application, asking you for details regarding your age, location, employment and bank 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 includes being over the age of 18, in employment whether it’s full time or part time (not being a student), be residing in the UK and have a working debit account so that the lender can collect repayments directly from your bank account on your given pay date. For some lenders, they need you to have a working mobile phone so that you can receive the authorization code required to complete your loan agreement.
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. With different charges, loan amounts and duration, there are several alternatives to Wonga loans. Aside from payday loans, there are cheaper alternatives such as credit union loans. If you belong to a credit union because of your work, you may be eligible for a much cheaper form of finance. Credit unions are non-profit organisations and they are all about creating a community. They used to be set up in local churches but can 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 get money fast, other than a payday loan, is to sell things that you don’t need online with sites like Dpop and Ebay allowing you to make good money from things you don’t need around the house. There’s also the idea of going to your local 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 30 lenders like Wonga so if you require money for an emergency and want to know what options you have available, be sure to compare all the different lenders on our website to find the right loan product of you.