picture-23Wonga is a UK based startup which provides loan amounts of between £50-£750 which are to be repaid within 1 month.

The company, launched officially mid last year, allows new members to borrow up to £200 at first (subject to a credit check) with the amounts increasing as the individual repays smaller amounts – building up trust. Interest rates for the loans are 1% per month, equal to13.8% APR. 

Wonga is funded to the tune of £3m by Balderton Capital who have also invested in growing P2P lender Zopa

There’s undoubtedly a place for this type of service and although I haven’t personally been through the process myself (maybe I should?), comments from people who have seem to all be positive…assuming you pay back within the time given. 

Wonga’s CEO and founder Errol Damelin by Intruders.tv, the video is emdedded for you below. I also highly recommend you read The Guardians interview with the founder.


via the great Springwise.