Wonga has become a household name in the UK, having seen plenty of TV, digital and offline advertising in recent years. And it's all very well and good spending money on advertising, but the real question is "Are Wonga loans any good?"
Having been around for eight years, Wonga has established itself as one of the largest payday lenders in the UK but also having customers in South Africa, Canada, Poland and Spain.
In recent months as the Financial Conduct Authority has clamped down on payday lenders, including the high charges asked of customers, Wonga has changed with the times, continuing to offer a very good, round the clock service.
First time customers can borrow up to £400 whilst existing customers may be able to borrow up to £1,000 provided you have repaid previous loans on time.
Wonga's APR is higher, but you can expect to pay £24 per month in interest for every £100 you borrow, equivalent to 80 pence per day.
With a representative APR of 1,509%, Wonga's interest charges are higher than many other payday loan companies. Repayment is automatic using the card you have registered when you applied for your Wonga loan and payment will be taken from 5am on the agreed repayment date. If you can pay back more, then great! By doing so, you can also save yourself interest by paying back early. If you find you need to top up your loan, this may also be possible if you have made regular on-time repayments.