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Internet Loan Lender – Review

By Brian B Smith

Lately, there has been a rise in the number of internet companies that offer short-term loans for UK residents including one that is called Wonga. In order to shed light on the matter we have completed a short Wonga review.

We will cover the issue of loan duration and overall costs of a loan, and see how short the loan term needs to be so that a loan with the above lender is beneficial to you. We will also look at the how long it takes to get the money from the moment you apply. Some lenders claim they can transfer the money same day, or even instantly, but often fail to do so – is Wonga one of them?

Initial impressions suggest the interest rate the above lender charges for its loans seem to be higher than those of its competitors. However, provided that you take out a loan for a period of less than 3 weeks, you might find that you are getting a better deal than you would elsewhere.

Normally, the companies that provide short-term loans charge you 25 in interest for every 100 they lend out. At Wonga the interest rate they charge on the money you have borrowed depends on the period that you take out the loan for. In case you take out a loan for 7 days, they will require you to pay just under 13 in interest. Should you wish to repay the loan after 18 days, you would be charged just over 24 in interest.

There are loan companies that can take up to 3 days from when your loan application is approved to the money being deposited into your bank account. So in case you have borrowed the money for a 7-day period, effectively, your loan term could end up being 4 days. With the above lender you will have the money in your bank account on the same day. They even insist that they will have the cash in your account within 15 minutes of your loan application being accepted. So if you go for a 7-day loan, this is exactly what you will get, 7 days and not 4 days.

One characteristic of Wonga that many of its customers have found useful is that the decision as to whether the loan application is successful or not is given almost instantly. As a result you may find that in these situations, like so many of their other customers have found, the money is then in your bank account just an hour after applying for it. That is a close to an instant loan as you will ever find.

In summary, you now know that the above lender is the cheaper option if you need a short-term loan of less than 3 weeks compared to most other short-term loan providers. And once your application has been approved, they will transfer the money into your bank account in practically no time. This makes them the perfect option for a fast, short-term loan.

By reading this review on Wonga you have hopefully acquired enough useful information about the company and the possibilities they offer to decide whether or not their loans suit your needs. Should you wish to find out more, you can always check out a comparison site like which provides independent reviews on all the UK lenders for free.

Find Out More? Consider Our Review. Read Your Wonga Review For Free At UK Loan Lender Comparison Is Also Possible Here.

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Article Citation
MLA Style Citation:
Smith, Brian B. "Internet Loan Lender – Review." Internet Loan Lender – Review. 22 Aug. 2010. 24 Sep 2014 <>.

APA Style Citation:
Smith, B (2010, August 22). Internet Loan Lender – Review. Retrieved September 24, 2014, from

Chicago Style Citation:
Smith, Brian B. "Internet Loan Lender – Review"

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