The finance firm Wonga has been entering fresh new territory over recent years, offering services to people across a number of different countries. The Wonga Group Limited is best known for its short-term loans and acquired the Spanish payday lender Credito Pocket in 2013, marking its first overseas purchase and launching its own brand in Spain. The firm already has international presence in several overseas countries including Canada, South Africa and Poland. Recently the company has launched a product for businesses called Pay Later, which enables customers to borrow cash to buy products and services online.

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Wonga was launched in 2007 by Errol Damelin and is one of the UK’s most well-known companies. The company was formed to help people meet unexpected expenses and has helped a large number of people turned away with traditional lenders. Wonga has given scores of individuals a lifeline when under financial pressure and allows people to borrow on the move, as long as they have an internet connection. Payments are made into accounts within as little as fifteen minutes. The service allows users to see how much their loan will cost them straight away, with the company learning from past mistakes and making continuous improvements to their operations. Over the years, Wonga has tweaked its lending criteria to ensure loans are only given to those that can afford to pay the money back.

Wonga was the first company in the UK to offer short-term unsecured loans of this nature and let customers choose how long they wanted to borrow for. The company is proud of its principles of transparency and flexibility. It uses data given by applicants alongside information from Credit Reference Agencies and other sources to decide whether a loan is suitable. Applicants are always credit checked and must pass robust lending and affordability criteria for loans to be approved.

BillPay is also part of the Wonga group. The Berlin-based company provides various payment and credit services to consumers and retailers in Austria, Switzerland, the Netherlands and Germany. It acts a partner to multiple big-name e-commerce merchants across a range of sectors and is the home of PayLater. This services allows customers to buy items online and spread the cost over three months, without retailers having to face the risk of default. Shoppers can buy products immediately.

Wonga UK announced plans to introduce 90-day loans late last year, giving customers more flexibility and allowing them to spread repayments over a longer period of time. It’s been predicted that most payday lenders will be forced to end their services due to the recent price caps on loans and charges, with Wonga likely to be one of the last remaining payday loan services in the UK.

Payday loan customers are advised to only borrow as much as they can afford and let lenders know as soon as they think they may struggle to repay on time. They are also strongly advised to only borrow money for essentials and reminded that short-term loans are not suitable for long-term borrowing.

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