Not everyone has got, or wants to use, a credit card - which is typically a long-term commitment. They can represent very low-cost credit if used carefully, but it’s easy to spend on a credit card while sometimes harder to get rid of the resulting debt.
A Wonga loan has a finite size, length and amount of interest so credit cards can, in some circumstances, incur far larger debts over a much longer period of time.
A large majority of Wonga customers have access to mainstream financial products but choose to sometimes use Wonga instead. When asked in our latest survey why this was, the most common answers were speed (48%), simplicity (44%), its short term nature (41%), transparency (39%), convenience (32%) and flexibility (31%).
Representative 5853% APR