Payday loans can be understood as loans which involve small amounts of money in comparison with other loans. In payday loans, money is borrowed with an expectation that they will repay it in a comparatively short period. The term ‘payday’ is used because cash is expected to be repaid by next payday.
If people are seeking for any Wonga payday loans, then it is not possible today. They cannot apply for a loan through Wonga anymore. This is because,in August 2018, Wonga fell to the administration.
Earlier Wonga was one among the largest companies lending payday loans in the UK. It was the largest company when it was in operation. It reached a level where people were using Wonga as a synonym for payday loans. Since there was a lack of transparency in their process, and there were APR terms, Wonga’s lending arrangements are today under security.
Alternatives for Wonga loan
There are many payday loans like Wonga are available. There are many companies with more than five-year experience like Clever Loans. This works as a part of Digitonomy Group. This provides short term loans with highly flexible terms. There are over 40 loans options, and this is the services provided with no fee- quotes and no- obligation. There are 20 direct lenders in the database of Clever loans, and they offer competitive loan options. This is the reason clever loan to becoming the best alternative for Wonga payday loans.
Clever loans act as a loan broker, and they don’t deal with payday loans. They come with varieties of personal loan options. It is possible that people can receive the quote for the conventional investment in the range £100 and £5,000. The lenders offer repayment term, which are between 3- 36 months. In this loan, there will be access given to varieties of repayment lengths based on how much the person is borrowed.
Compared to Wonga payday loans, this alternative comes with more flexibility. Along with this compared to many other companies, ’ Clever investment looks more flexible. The best part is borrower will receive the finance quickly, and it will be directly transferred to their account.
There are many companies which still depend on best buy options which are inconsistent and they also offer decision-making models which are completely outdated. But there are alternatives for Wonga loans today which are trustworthy and providing immediate decisions on acceptance. They also come with many flexible options both in terms of repayment terms and loan amount.
To qualify for a payday loan like Wonga, there is a criterion. They are
- They should be a permanent resident oftheUK
- Age should be minimum of 18 years
- The borrower should hold a valid bank account, and the report should accept all kinds of direct debit repayments coming from valid debit card
Along with this, most importantly, he should have a regular income which gets credited to that bank account and valid telephone number, email address.