Wonga Loans South Africa – How to Apply Online, Review

46 Likes 1 Comment
Wonga Loans How to apply Online

Wonga Loans is one of the best online credits you can get in South Africa without much stress or complicated requirements.

Wonga is a lending company operating in South Africa with a mission to provide instant loans and has become the preferred choice for South Africans.

They offer a variety of safe and quick loan options that can be obtained on the same day, making loan decision-making easier.

If you’re wondering how Wonga Loans works, there are two loan alternatives available. You can opt for a payday loan with a repayment term of one month or a short-term personal loan that can be repaid in up to six months.

The application process for short-term personal loans is straightforward, with only a few requirements and a credit check. Once your financial status is approved, you can access Wonga funds and repay the credit on the due date.

Wonga Loans Reviews

Wonga loans have a good grasp of dealing with short-term or payday loans. Over time, they have improved their service to provide South Africans with a trustworthy option.

Among their benefits, I found:

  • A credit check prevents you from acquiring an unpayable loan.
  • Early payments without extra fees allow you to save money.
  • Having from one to six installments gives you flexibility in choosing your repayment term.
  • Wonga assists you in managing your finances by allowing only one loan at a time

To qualify for a Wonga Loan, you must be a South African of legal age, have a bank account and cellphone in the country, and hold a steady job.

Meeting these criteria is simple, and Wonga verifies your eligibility through proper South African documents and credit history verification.

When deciding whether to pay off your Wonga loan over a month or extend it to six months, it’s important to consider all the factors.

Interest is charged per day, so the sooner you pay off the loan, the cheaper it will be. However, you must ensure that you have the sum of money to make the payment, or you’ll accrue installments.

The good news is that Wonga allows early payments at no extra cost, so you can pay off your loan sooner if you realize you can.

If you’re looking to borrow a loan for 12 months or longer, Wonga is not an option as they only offer short-term loans for up to 6 months.

To lower your installments to 6 months, or if you require longer-term loans, consider looking for a bank that offers personal loans for terms ranging from 12 months to 5 years.

For new Wonga customers, the loan amount available to request may be lower, but it can increase if you ask for another loan.

If you’re currently unemployed, Wonga loans are not suitable for you as they require proof of income to accept loan applications.

If you don’t have a source of income, it’s best to avoid loans for the time being and seek financial support from family or pensions.

Wonga loans are ideal for emergencies as they are processed quickly, with loan requests being answered within a few hours, allowing you to address unexpected events.

While there are no student loans at Wonga, students can still apply for short-term loans to help them through tough times. However, such loans are not suitable for paying for university fees.

Wonga can financially assist businesses in South Africa with short-term loans, but it’s important to carefully consider what the loan is needed for and whether it’s the right option for your business.

For larger sums, it may be better to look for a bank that specializes in business loans.

Wonga Loans Frequently Asked Questions

The following FAQ and answers will provide answers to most of the questions you may have about Wonga Loans:

Can I increase my Wonga loan?

Wonga’s priority is to assist its clients in avoiding financial hardship. Therefore, unless your income is sufficient to cover the final amount, Wonga may deny your request to increase your loan.

How many Wonga loans can I have?

Wonga only provides one loan at a time, so you must repay your current loan before applying for another. However, as Wonga only offers short-term loans, you can repay your loan in a few months and apply for a new one.

How long does it take to receive a Wonga Loan?

Wonga understands that time is money, and they take full responsibility for their clients. Therefore, they work diligently to review each application quickly to approve the loan.

As a result, you have a high chance of receiving your funds on the same day you apply.

How do I repay my Wonga loans?

Wonga offers a practical benefit to its clients, taking the money directly from your bank account on a predetermined date.

As long as you have the necessary funds on that day, you do not have to worry about anything else.

Does Wonga pay out on weekends?

Wonga allows clients to apply for loans at any time, including Saturdays and Sundays. However, because transferring money is a bank operation, Wonga can only make loan deposits on working days.

Are there any other direct payday loans like Wonga?

Yes, there are! You can obtain a loan from a direct lender or a broker. Direct lenders lend money on their own, as Wonga does.

Therefore, there are numerous companies working similarly, such as Cash Converters Loans, which offers up to three installments to repay the loan.

Why do I have to pay an insurance fee to get my loan paid out?

At Wonga Loans, all customers are informed of any early or upfront fees before starting the application process. There are no hidden fees, as everything is disclosed upfront.

When taking out a short-term loan with Wonga, you will only be charged an initiation fee and a monthly service fee.

If my loan was approved on Friday, can I expect the payment to reflect on my account during the weekend?

If your loan application is approved by Wonga on a Friday (typically within 3 hours of submitting your documentation), the money can be deposited into your bank account within an hour.

However, this depends on how quickly your bank accepts the transaction. Wonga offers instant loans.

Does Wonga require a payment of 999 rand in order for me to receive the loan?

As a regulated financial company under the National Credit Regulator, Wonga may require clients to pay an initiation fee.

For instance, if you borrow 1,000 rand, Wonga will charge you an initiation fee of around 16.5%, and an additional 10% if you ask for more.

The fee amount typically does not exceed 1,000 rand, and is included in the total cost of your loan, which you will pay later.

What do I need to do to apply for a loan?

To apply for a short-term personal loan with Wonga, you need to meet the following requirements.

You can apply online without visiting a local branch. Provide your South African ID number, bank account details, and the most recent proof of income.

I would like to borrow a loan of R3,000.

Wonga offers short-term loans of up to 4,000 rand for new applicants, which can be repaid within one month.

To qualify, you must be a South African resident over 18 years old, have a bank account in the country, and have a permanent job.

How long does Wonga take to send money to Capitec?

If you meet all the requirements for a short-term loan with Wonga and complete the application process online, the money will be deposited into your bank account almost instantly.

The timing also depends on your bank’s processing time. You could possibly receive the loan within an hour.

Can I qualify for R15,000?

Wonga offers short-term loans of between 4,000 and 6,000 rand, so unfortunately you won’t be able to borrow 15,000 rand.

To be eligible, you must be over 18 years old, have a bank account, and a regular job.

If I already have an existing loan with Wonga, can I borrow again?

With Wonga, you can only have one loan at a time. If you already have an existing loan with the company, you need to cancel it completely before applying for a new one.

Since Wonga offers short-term loans, it won’t take long to get another loan approved.

I applied for a loan on Saturday, and it was approved. How long will it take for the cash to be deposited into my bank account?

Normally, once you’ve completed the online application form for a loan with Wonga and all paperwork is submitted, the money will be deposited into your bank account immediately.

It typically takes around 15 minutes for the cash to be available. If you experience any problems, it’s best to contact the financial agency by phone or e-mail, as there may be a technical issue with the deposit.

Can I still qualify for another loan if my salary came late, but I will pay my Wonga loan in full?

Whether or not you can qualify for another personal loan with Wonga depends on several factors. Firstly, you must pay your current loan in full before reapplying.

If you have a positive credit history and sufficient affordability capacity, you will likely be eligible for another loan. However, Wonga only offers short-term lines of credit.

Can I apply for a short-term loan with my active business account?

As long as you meet all the requirements, you should have no issues applying for a quick personal loan with Wonga using your business account.

You will need to provide your bank account details, a valid South African ID, and your latest proof of income.

Can I top up my loan with Wonga?

At present, Wonga does not offer the option to increase your existing loan amount. However, existing customers may be eligible to request a maximum loan amount of 8,000 rand with a 6-month repayment term.

Timely repayment of this loan may qualify you for a larger loan amount.

Can Wonga assist me in getting a loan to build a house while I am paying off a short-term loan?

Wonga does not provide home loans under their current financing programs. Therefore, it is recommended that you fully pay off your current loan before applying for a new one.

With Wonga, you can receive a maximum loan amount of 4,000 rand with a 3-month repayment term. For home loans, you may want to consider a bank.

Do I need payslips or can I use bank statements as proof of income when applying for a Wonga loan?

Payslips are necessary for applying for a personal loan with Wonga. To complete an online application, you will need to provide your cellphone number, a valid South African ID, your bank account details, and your most recent proof of income.

How can I repay my Wonga loan before my repayment date?

You can repay your loan early through your online account with Wonga. By doing so, you can save money on fees and interest.

Unlike some companies, Wonga does not penalize customers who choose to repay their loans early.

Can I apply for another Wonga loan on the same day after repaying my current loan?

Wonga Loans is a private financial company that offers short-term loans with a repayment period of up to 6 months.

Once you have fully repaid your loan, you can apply for another one. You can submit your application form online whenever you need money.

I applied for a 10,000 rand loan to be repaid over 24 months, but Wonga does not offer long-term loans. Is the 950 rand documentation fee legal or a scam?
Wonga Loans does not offer long-term loans of 10,000 rand to be repaid over a period of 24 months.

As a new customer, you can apply for up to 4,000 rand, and as an existing customer, up to 8,000 rand. Clients need to pay an initiation fee and a service fee. There is no need to pay a 950 rand documentation fee.

Can I apply for a loan with Wonga?

Yes, you can apply for a loan with Wonga Loans. As a new customer, you can receive up to 4,300 rand to be repaid in 3 months, and as an existing customer, up to 8,000 rand to be repaid in 6 months.

The application process is straightforward and can be completed online.

Wonga Loan contact

If you have any specific questions regarding Wonga loans, you can leave your inquiry below for a prompt response.

To speak with one of Wonga’s suport, dial 0861966421. Alternatively, you can email them at customercare@wonga.co.za.

Where is the Wonga branch to apply for a loan?

Although Wonga has an office at 33 Bree Street in Cape Town, you cannot apply for a Wonga loan in person. You can only apply online. If you wish, you can begin the process by using our online loan simulator before applying.

If you still have questions about these types of loans, you can read about payday loans and short-term loans on our platform to better understand what to expect.

Now that you know what Wonga offers, you can decide if this company is suitable for you.

All rights reserved. Do not copy, rewrite or republish this content, in part or in whole, without proper credit to the source.

You might like

About the Author: Femi Olawole

Femi Olawole is a seasoned blogger with interest on providing helpful Contents on online loan apps, Tech and Business.

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Copying of this content disabled