Wonga is an UK online payday loan service, which also operates popular cash advance websites in Canada and South Africa.

The London-based service has been in business since 2007, and has rapidly been recognized as one of the innovators in the payday loan industry.

Their innovations especially include automation of their web services, resulting in very fast loan application processing times and rapid payments of the approved funds to your bank account.

Customers can typically expect to get instant loan decisions once the loan application has been submitted, 24/7. Furthermore, approved loan funds are usually paid into your bank account within minutes from approval.

However, because of their proprietary risk assessment system, they decline a lot of customers, around two-thirds of first time applicants in fact, according to the company website's FAQ section.

These procedures are done to enhance their service as a responsible lender, following the "Good Practice Customer Charter" for short-term payday loan companies by the Finance and Leasing Association.

As a customer, you should also consider the alternatives to payday loans, which in the UK range from taking a wage advance from your employer to getting a cheaper small consumer loan from a local credit union.

Applying for a Payday Advance from the Service

In addition to being a fast online application process, the service is also very flexible and customer friendly, as you can choose exactly how much money you want to borrow and for how many days.

There is also a fee-free early repayment option available to you at any time.

The maximum loan amount to first-time customers is £400, but returning customers can borrow up to £1,000, depending on how you've handled your previous loans from the company.

To apply for a loan, you need to fill in the online loan application form, and submit it to the service.

After submitting the loan application, you can normally expect a loan decision within seconds, and the approved cash into your bank account within 15 minutes, according to the service website's FAQ section.

› Wonga

Cash advances should be used for short-term financial needs only, not as a long-term financial solution.

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