Wonga Payday Loans Alternative
Wonga were known as one of the biggest direct lenders in the UK. As well as, being especially well known for their payday and short term loans. But, there are other alternatives out there now they’ve stopped lending. If you’re being bogged down by unexpected expenses, why not consider LoanPig as a Wonga loan alternative?
What’s The Difference Between Wonga And LoanPig?
One of the differences between Wonga and LoanPig is that Wonga is a short term loan direct lender. However, we are a payday loan direct lender, and also a broker. Which enables us to give you the best loan deals available.
When you applied for Wonga Payday Loans, Wonga would have supplied the funds directly. They were the only people involved in your application process and they have one fixed rate and repayment plan. On the other hand, although LoanPig provides the same loan service which involves direct lending. We also use a selected panel of some of the leading UK lenders. When you apply for one of our loans, we will use your application to find you a great deal on your payday loan or short term loan requirements followed by the lenders on our panel with great rates that are willing to help.
The Wonga Loan vs LoanPig Application Process
The application process for both Wonga loans and loans from LoanPig are quite similar. On both websites you can use an Online Loan Calculator to input the amount you would like to borrow and for how long and fill out an online form with your details. The difference between these two forms is mostly the length, with the application for Wonga payday loans being considerably longer than ours. So, while both application processes can be completed online, LoanPig has a slightly simpler online form that may be useful for anyone in a hurry.
Which Wonga Loan Alternative Lenders Am I Eligible To Apply For?
Wonga has changed a lot over the years and their acceptance rate is one of the most significant changes. Wonga uses a computer to process your application and check if you are eligible for Wonga loans. The computer is given a certain checklist for eligible applicants and if you don’t tick enough of those boxes your application will likely be rejected.
However, LoanPig works a bit differently and we try to take everything into consideration when reviewing our applicants. On top of this, you can apply for a short term loan and repay it in 3 – 12 months, 6 months is a popular choice.
Acceptance Criteria
Most of the eligibility criteria for Wonga and LoanPig is the same. To be accepted for LoanPig loans and Wonga loans, you will need to:
- Live in the UK
- Be over 18 years old
- Have a bank account and debit card
- Own a mobile phone
However, LoanPig and Wonga both have some criteria for their customers that the other doesn’t share. For example, LoanPig asks that to be eligible for a loan from one of our lenders you must have a regular source of income. This is because we take responsible lending seriously and want to make sure that you are capable of paying back your loan. With Wonga payday loans, being in employment isn’t necessary when applying. So the acceptance criteria is a little different on a wonga loan alternative
Which Loan Provider Is Right For Me?
Both Wonga and LoanPig have benefits that make them good options for people in different circumstances. While Wonga payday loans are faster and more substantial, LoanPig loans are more reliable and flexible.
Why Should I Choose LoanPig?
LoanPig is a great Wonga loan alternative because our service gives you a level of flexibility and freedom that you can’t find anywhere else. We work hard to find the best rates for any short term loans that you want and give you a range of options. We take the stress out of applying for loans and compare all of the rates of our lenders for you, offering you only the best of the best. So, if you want more freedom with your loans, use LoanPig to find loans that are right for you.
Conclusion
When Wonga were issuing Payday and short term loans there were no restrictions on interest so you’d end up paying £1000’s for a £100 loan. The difference today is that LoanPig will only ever charge you a maximum £200 for that £100 loan which is due to new rules implemented by the FCA to help protect you, the customer.