A New Generation of Responsible Short Term Lending is Emerging

By: Errol Damelin, Wonga.com
03-Nov-2009

In the wake of the banking crisis you might be forgiven for feeling the doors of lenders are still firmly shut and it's certainly the case with many traditional sources of credit. Despite unprecedented levels of financial support from the government, high street banks are so busy trying to get their houses in order they sometimes seem to have forgotten they are there to serve customers, not just their shareholders.

Yet every cloud has a silver lining and, as most households continue to tighten their belts and strive to retain control of their monthly budgets, a new generation of short term personal loans has emerged in the UK.  

Search for short term cash online and you'll be presented with a dizzying array of companies offering small bridging loans until your payday. As with any type of financial product it pays to do your research, however, and not all short term loans providers offer a desirable solution. Yet some truly innovative companies have risen out of the ashes to provide new alternatives for riding the financial ups and downs of life.

One such service is Wonga.com, which aims to put consumers in control of credit. We provide small, short term cash advances in a really fast and convenient way and we're available day and night, every day of the year.

Unlike 'payday' lenders, there are no fixed terms and you can decide exactly how much cash you want to borrow using the simple sliders on our home page. What's more, you can also dictate the cost by deciding how many days you need the cash for.

The online application process is then secure and straightforward and you'll usually receive an instant decision on your screen, before the cash is transferred to successful applicants in minutes.

We launched our service because most of us experience the occasional cash flow crisis and the answer is often to extend an overdraft or credit card balance. Both these products have their place and can be cost-effective when used sensibly, but the stark truth is that banks make the bulk of their money when they are misused. Unauthorised overdraft fees and late payment charges are well publicised and, even if you avoid those pitfalls, it can sometimes be a lot easier to continue spending money on plastic than it is to repay it.

Wonga offers a genuinely new way to borrow, with bite size personal loans that you repay within days or weeks. You settle the debt quickly and get on with life, rather than being tied to monthly repayments long after the problem was sorted.

What's more we're passionate about responsible lending and you won't find any tricks or confusing small print. We are completely transparent about the cost of repayment and you can even settle a Wonga personal loan early with no fear of penalty charges.

We have already helped tens of thousands of people solve short term cash flow problems, partly thanks to our sophisticated credit reference system that enables us to assess applications in seconds. This system is more advanced than the credit checks used by high street banks and means we only lend to people who can afford our service.
 
Wonga is not the cheapest way to borrow money but we are the fastest and most convenient lender in the UK. It's a premium service and comparable with using a taxi to get around - not economical if used frequently, but paying for speed, convenience and security makes perfect sense from time to time.

So next time you experience a cash crunch and want to avoid extending your overdraft or credit card balance, check out Wonga.com and see for yourself what a loan service that's built around customers looks like.

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Wonga is a ground-breaking online lender based in London. We are transforming the UK credit market by offering small, short term loans online with more speed, convenience and flexibility than banks, high street lenders and other websites.

We remove the complexity and inflexibility consumers face whenever they need to borrow some cash in a hurry. We have a consumer credit licence from the Office of Fair Trading and are members of the Finance and Leasing Association.