OpenWonga

Editor

Do you charge charge thousands of per cent in interest?

No – never. We currently apply a simple interest rate of 0.8% per day. As an example, a loan of £100 borrowed for 30 days would cost £24 in interest. Our APR (Annual Percentage Rate) doesn’t show the actual interest rate you pay. - APR is a measure designed to compare the cost of loans on an annual basis, and doesn’t reflect the cost of a Wonga loan because we only offer loans for around a month. If a customer doesn’t repay, we’ll freeze the balance 30 days from their repayment date to stop the balance spiralling.

Representative example:

Amount of credit: £100 for 13 days. Interest rate: 292% pa (fixed).
One total repayment of £110.40. Representative 1,509%APR.

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