Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

Looking for a Wonga loan?

Wonga are one of the original payday lenders, although some might call them online short term lenders. Wonga which is a trading style of WDFC UK Ltd originally started in 2007 and has continued to be the leader in the market since then.

What loans do Wonga offer?

Wonga’s loans are smaller in value than Satsuma Loans because their repayment options are more limited and short term. They offer two types of loans; a Wonga Short Term Loan and a Wonga Flexi Loan.

With a Wonga Short Term Loan, you are required to pay back the full loan amount and interest in one lump sum, between 1 and 35 days after you take it out. Repayments are typically aligned to your payday, hence the name ‘payday lender’.  With a Wonga Flexi-Loan you can borrow slightly more and then repay the loan in 3 monthly instalments.  Wonga charge £15 for a missed payment and continue to charge interest on any outstanding amounts too, so late repayment will mean extra costs.

We believe we offer a better way to borrow than Wonga due to the greater flexibility of our loan options, and the fact that we never charge customers for missing a payment or paying late.  We are also a trading name of Provident Personal Credit Limited, who have been lending for 135 years, therefore the people behind Satsuma Loans have a lengthy history of lending.

The table below highlights the key differences between Wonga and Satsuma Loans.

Wonga Short-Term Loan

Wonga Flexi Loan

Satsuma Loans

Loans from £50 to £400 for new customers

Loans from £150 to £500 for new customers

Loans from £100 to £1,000 for new customers

Repayment options between 1 to 32 days

Repayment over three months option only

Repayment options between 3 to 12 months repaid monthly or weekly

Repay in one lump sum

Repay in three monthly instalments

Repay in monthly or weekly instalments

Wonga established October 2006

Wonga established October 2006

Satsuma Loans established in 2013 are a trading name of Provident Personal Credit Limited which was established 1880

£15 missed payment fee (charged at 11pm on the third day after your repayment date),

Interest will continue to be charged for up to 30 days from your repayment date at 0.80% per day.

£15 missed payment fee (charged at 11pm on the third day after your repayment date),

Interest will continue to be charged for up to 63 days from your repayment date at 0.80% per day.

You will never pay a penny more than the amount you agree upfront

Openly list their fees

Openly list their fees

No additional fees whatsoever. No late payment fees, no missed payment fees.

If you feel that a Satsuma Loan would be a better option for you than Wonga, please use our loan calculator to understand your borrowing options. If you choose to apply, we will always try to say yes.

 

Choose your loan

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Representative example: £400 loan repayable over 6 months. 6 monthly payments of £126.40. Rate of interest 179% p.a. fixed. Representative 991% APR. Total amount payable is £758.40.