Wonga

Wonga.com provides small, short-term cash advances to UK consumers online. The company uses sophisticated risk and decisioning technology to make automated yet responsible lending decisions. Applicants can first determine the exact size and length of the cash advance required, using sliders on the Wonga home page, before submitting personal details online. Wonga offers cash deposits within minutes and loans are available up to £750, for between five and 30 days. Wonga's real-time and fully automated loan processing systems means more speed, convenience, and flexibility than a typical online lender, or indeed any traditional form of credit. The principle behind Wonga is that customers use the service on an occasional basis, in reaction to cash emergencies, rather than as an ongoing source of credit. In contrast to credit cards, traditional loans and bank overdrafts, the idea is that money is repaid quickly, thereby avoiding long-term debt. The alternative for many consumers might be an unauthorized overdraft, which can incur significant bank charges, bounced cheques, or a cash loan from friends or family. The company's technical innovation has been recognized by several award schemes such as Red Herring Europe 100 and the National Business Awards.