Who Can Apply For A Wonga Loan? What You Need
In this article we are going to take a look at who can apply for a Wonga loan. If you are wondering if anyone can apply for one of these loans then this page should give you the answers you are after. We will tell you who can qualify for a Wonga loan and what exactly the company look for when deciding who to lend money to. If you are considering applying for a Wonga loan then this page should help you out.
Wonga are a company based in the UK that offer short term payday loans. They are one of the UK’s biggest lenders and have recently become very popular when it comes to short term loans. The idea behind this company is that you borrow the money over a short period of time and then pay the amount back in one lump sum. This company are not to be used if you intend borrowing large amounts of money over a longer period of time. If you do want a payday loan though, can you apply for one from Wonga?
How Do You Get Accepted?
Who Qualifies For a Loan From Wonga
So what exactly do the company look for when making a decisions on who to lend money to? Well first of all you must be over 18 years of age and be living in the UK. These are two requirements that are pretty obvious. Next up the one that catches most people out. You must have an active UK bank account. This is because Wonga take the payment directly from your account on an agreed date, so if you have no bank account then they cannot take the money. So along with a bank account you also need a debit card, something else that they insist on.
As well as having a bank account it needs to be active. If your lender looks at your account and sees it is not in use then you will be declined a loan. If you have no available funds in your account then they see it as non active, so you must make sure that you have at least £1 in your account when you apply for a loan.
Another requirement that they insist on is that you have a mobile phone. This is so the company can get in contact with you and also send you reminders about paying back your debt. If you can’t prove you have a mobile phone then you will be declined. Along with this you also need a valid email address, you will have to verify this with the company to prove that you own this email address and that it is working.
Credit Scores Are Checked
The Credit Checks
As well as all the basic requirements that you must have, Wonga also run a series of credit checks on you when you apply. They don’t tell you what exactly they check but obviously if you have a poor credit rating it is going to hinder your chances of being accepted. However, it is still worth applying as sometimes even with a poor credit rating you may be accepted.
When they run checks they also check your history of loans with them. This means if you have struggled paying back you debt previously then it is unlikely they are going to offer you further money. Sometimes it can work the other way, you may have had a loan before and paid it off with no problems, but then they find something else in your credit history that worries them, so they end up declining your application.
One thing that the company do stress is that it is always worth applying for a loan with them. The application process if fairly quick and easy to follow and even if you are refused you have lost nothing. Some people who think they may have a poor credit rating may still be able to borrow a small amount.
You do need to have a regular income if you apply for a loan. The idea behind a payday loan is that you borrow a small amount of money just until your next payday. If you don’t have a payday coming up then you should not be borrowing. If you can’t pay back your loan then you are going to get charged some serious interest and get yourself into all kinds of trouble. If you are self employed or work freelance you can still apply, you don’t have to be an employee to get accepted, you just need a regular income.
You do not need to be a homeowner. It does not matter if you rent or even live with parents, as long as you have an income this is not an issue. If you are already in debt then this is not something you should apply for, Wonga will only offer money to people who they believe can pay them back, hence if you already have financial troubles then they will not offer you credit.
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Other Loan Alternatives To Wonga
If you are in need of some money then there are alternatives to Wonga. There are plenty of other companies that offer pay day loans. Be very careful when borrowing though as some of these do charge very high amounts of interest and if you miss a payment then you can quickly get into financial difficulties. We recommend that if you do want a short term payday loan then do your research first to make sure you know which company is going to be right for you.
If you are looking to borrow a large sum of money over a longer period of time then you need to look elsewhere. A payday loan is not for this purpose. You can try the major banks and building societies or there are lots of other companies out there that offer competitive rates.
If you want to borrow money but have a poor credit rating or you do not have a bank account with a debit card, then one alternative is doorstep lenders. Companies such as Provident Personal Credit or Greenwoods offer loans to most people regardless of their credit rating. The interest rates of these companies can be quite high but they do offer a valuable service for people who can not get a loan from elsewhere. If you are thinking about borrowing for a company like Provident though make sure you are aware of the interest you will have to pay back.
If you are looking for a small short term loan then Wonga are one of the most competitively priced companies out there. The reality is that not everyone can apply for a Wonga loan, there are requirements that you must meet in order to be accepted. But if you are over 18, live in the UK, have a bank account and a good credit rating then there really is no reason why you should not be accepted for a loan.