OpenWonga

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Wonga and mortgages

You may have seen recent reports that taking out a short-term loan can affect your ability to get a mortgage. These appear to have been based on a small, unscientific poll, which fails to take into account a customer’s overall borrowing history.

While we can’t comment on the lending criteria of individual mortgage providers, we’ve not seen any evidence that this is the case. On the contrary, our credit bureau partners, Callcredit and Experian, say that if you repay a short-term loan on time and in full then any effect on your credit rating could be positive. See here for their views.

However, like any form of credit, defaulting or failing to repay a Wonga loan could negatively impact your credit score.

Response by Admin Published: Categories Wonga Credit rating

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk