Personal loans have become more common as now people are more focused on long-term financial agreements than before. But long term personal loans are rigid and inflexible. They take extra time to apply for a loan, get approved, and take money-making them impractical. But you don’t need to worry as Wonga Short Terms Loans come with an easy yet flexible way to top up your finance. Short-term loans are an excellent alternative to traditional payday loans.
It is effortless to find short-term loans that have competitive interest rates with flexible loan terms that work perfectly with your finance. These loans range between R4000 and R8000 with a maximum loan term of 3 to 6 months. It is a great strategy to top up any unexpected shortfall in your finance during a grudge purchase or anything else when you don’t have any further savings.
As these loans are for small durations they might charge a higher representative APR than more extended arrangements. But short-term loans are not easy and effortless to apply. That’s where Wonga Short Term Loans come because they are simple, straightforward, and easy to apply. They provide an entirely new and convenient way for borrowing instant money.
Features of Wonga Short term Loans:
New customers can get loans up to R4000 with a loan term of over 3 months while existing customers can borrow up to R8000 with a loan period of up to 6 months. They offer a representative rate of 0.16% per day which is relatively lower than other lenders. Plus, they also charge a small service fee of R69 per month and an initiation fee of 16.15% of the first R1000. They provide a loan calculator on their site where you can get an estimate for your desired amount.
Moreover, they also enable customers to repay their loans early and actively encourage them to save money. But in case if your repayment is delayed than the agreed date, they will charge extra charges and potentially have a bad effect on your credit score.
As a representative example: if you want to borrow an amount of R2000 with a repayment period of 36 days. You will receive an interest rate of R579.82 including service charges and initiation fee as well.
Requirements to apply for a loan at Wonga:
It is very easy and straightforward to apply for a loan at Wonga. To apply for a loan at Wonga, customers must be age 18 or over and a permanent resident of South Africa with a bank account. Customers have a permanent source of income to repay the loan. To get a loan from Wonga, customers need to create an account to log on to www.wonga.co.za and then select the desired amount you want to borrow and loan terms that fit your circumstances. Once applied they will do a soft credit check to approve your application. If successful you will get the cash transferred to your account within 15 minutes.
For further info and queries, you can reach out to them on 0861 966 421. If you would like to reach them via email, you can directly e-mail them at [email protected]