Wonga
August 11, 2009 | industry, international | Comments (1)I guess the name test-marketed well. (It’s Cockney slang for “cash.”) This online payday lender out of Britain is getting coverage in Newsweek. We take exception to this, however:
{Wonga} only lends to people with jobs and bank accounts….
How is that different than other payday lenders?
Comments»
Hi Payday Pundit and all. We’d just like to point out that the Newsweek article does explain why we’re different to traditional payday lenders in a bit more detail. The basis of the comparison isn’t the fact we lend to people with jobs and bank accounts.
Indeed, if that was the argument being made, we could well understand concern over the inference that payday loans are made to jobless people without bank accounts!
A key difference with Wonga is that our service is independent of paydays and pay cheques. We offer short term loans of relatively small amounts, but with complete flexibility in terms of loan size, length and cost.
There are no set amounts to borrow, fixed repayment dates based on salary or fee-per-100 style costs.
We have also developed complex risk and decisioning technology. This has enabled us to fully automate the lending process and provide a 24/7 service that requires no human intervention while achieving very low default rates.
All the best from Wonga