Finance & Business

Aug 24 2017

Short term cash loans explained #ez #loan

#cash loan

Cash loans explained

What is a cash loan?

It’s a cash advance which is normally paid straight in to your bank account or given face to face as a cash lump sum. Cash loans are normally unsecured which means that they are not secured against an asset like your home or car. Each cash loan provider has their own terms, fees and application methods so if you do need to apply for a loan, make sure you research the type that’s best for you and you should always think carefully before committing to any form of credit.

How do cash loans work?

You ask to borrow a certain amount and then the lender will assess your application and decides whether to lend to you. If your application has been approved, you may be required to pay it back in instalments or as one lump sum, plus interest costs and any fees they charge.

Some cash loan companies may offer you a fixed sum that you might not actually need. The repayment date may also be fixed by the lender and can be connected to your payday. In some cases, you may also need to repay the loan by visiting a branch or transferring money online.

What makes Wonga different?

With Wonga, you use the sliders on our homepage, and you can choose exactly how much you want to borrow and exactly how long for. We’ll show the full costs upfront with no hidden fees.

Our loans are intended for occasional use only and you shouldn’t use our service to manage existing debt or if you’re feeling the strain financially. When it comes to repaying we’ll automatically collect the loan repayment from the debit card you registered with us on your chosen repayment date. Find out more about how we collect payments .

How do I apply?

Banks and high street lenders may sometimes set up a face to face meeting before deciding whether to give you a loan. Some loan companies ask for your paperwork or request a phone call after you’ve applied via their website. These types of loan companies can take a few days to process your application so they may not be ideal if you need a cash loan in an emergency.

Our application process is completely online so there are no meetings or phone calls. At Wonga, you can access our website on PC and mobile anytime, 24/7.

When will I get my money?

This can vary greatly. Some banks and other high street loan companies may take a few days to process your application whereas other online cash loan companies may offer same day cash.

If you’re approved for a Wonga loan, we’ll send the cash within five minutes.

How much does it cost?

Different lenders will charge different interest rates so the full cost will depend on your total loan amount, repayment timeframe and rate of interest. Short-term unsecured loans tend to have a higher rate of interest than other forms of credit. Some lenders may also charge set up or processing fees, as well as other types of fee so you should always make sure that you understand what those costs are before you apply.

At Wonga, you see the full costs of a loan upfront before you apply, including interest. We also encourage you to repay early and if you do, you will save money as we only charge interest for the days you borrow and there are no hidden fees if you pay us back before your due date.

What if I have problems repaying?

Whatever type of loan you choose, you will need to pay it back on time and in full to avoid incurring late payment fees. If you’re struggling to repay a Wonga loan for any reason, you need to contact us straight away. We always want to help you if you’re experiencing financial difficulties and we’ll always try to find a solution that works for both of us.

If you do need to get in touch, our contact details are:

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