Same Day Loans - Go To Wonga

Background:

Wonga is a revolutionary online lending company established in London. Its first website was launched in October 2007 and has emerged as UK's prominent credit business holder. The company is associated with major financial investors like Balderton Capital and its objective is to providing instant money in terms of same day loans to the customers whenever they need. They call it "cash on demand".
Wonga aims at transforming the UK credit market by rendering small and short-term cash advances, in minimum time with flexibility and convenience as compared to off-the-peg lenders, banks and other online lenders. Wonga has consumer credit license received from the "Office of Fair Trading" and is an active member of the Finance and Leasing Association.
Wonga actually, signifies a slang term for money or cash, and is used in the United Kingdom; especially, in London as, "A whole lotta wonga". "Wanger" is a Roman word, which means coal. In eighteenth and nineteenth century, coal was the casual term used for money in England.

Terms and Conditions:

Wonga offers a maximum amount up to £750 for existing customers and from £50 to £200 to the new customers and transfers it into the bank account of a borrower on the same day when it is applied for until 6:43pm. Wonga follows the credit checking of all of its customers for avoiding any incompetence to repay the loan by the customers.
1% interest is charged per day, for example, £1 per is charged for £100 borrowed every day. Customers are free to choose the amount to be borrowed along with the date of making repayment and then depending upon which the exact amount for full repayment is calculated before the making of application.
The official rate of APR includes 2334% with duration of up to 30 days for the loan. Wonga provides short-term same day loans, where APR reflects an industry standard calculation that appears at costs of annual repayment. Wonga charges £5.50 as transmission fee that aids in covering the cost of their super fast system of cash deposit, which they fondly call "quickest on the web". This amount is included in the total cost. All the procedure for approving and providing and repayment of the loan is similar to other online payday loan lending websites.

Repayment of The Loan:

Wonga is very strict with regards to the repayment of the loan. The date of repayment is decided prior to the making of application and it plays a big role in the determination of the interest to be paid, in terms of accumulated amount for repayment.
If a borrower fails to repay the loan amount at a particular date, then he or she becomes obliged to pay extra £10 as administration fee for the failure of the collection. If he or she breaks his agreement along with a default in repaying the loan, he or she would be obliged to pay the default fees including £105 for the coverage of the collection process.
If a borrower wants to extend the date of making repayments and Wonga feel it is genuine, the date would get extended with an additional charge of £10 to the account of the borrower.

Customer Support System:

Customers have the opportunity to submit their details with "My Account". Troubleshooting guide and FAQs are always there to take any query or suggestion. One can also fill a form to contact the representatives of customer care. The team is available Monday to Friday from 9am to 6pm. Queries through e-mails are also answered within 24 hours. Otherwise, one can contact through phones on 0871 288 5704.