Wonga are known as one of the biggest direct lenders in the UK and are especially well known for their payday and short term loans. But, there are other alternatives out there if you’re uncertain about applying for Wonga loans. 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 biggest differences between Wonga and LoanPig is that Wonga are a short term loan direct lender and we are a loan broker. When you apply for Wonga loans, Wonga supply the funds directly. They are the only people involved in your application process and they have one fixed rate and repayment plan. On the other hand, LoanPig has a panel of some of the leading UK lenders at the ready. When you apply for one of our loans, we will use your application to find lenders on our panel with great rates that are willing to help.
Comparing Annual Percentage Rate
In the past, Wonga was known to have the one of the highest APRs for their Wonga payday loans compared to most other payday lenders. While their APR has dropped significantly in the past few years, they still have one of the highest short term loan APRs in the UK. On the other hand, because LoanPig is a loan broker and act as a Wonga loan alternative, the APR on our loans compared to Wonga loans is a lot more flexible. Our panel of lenders is one of the UK’s biggest, so we can shop around our lenders to find you the best possible rate for your loan, making our loans a great Wonga loan alternative for those that are worried about loan interest.
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 LoanPig’s. 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.
The Pay-Out Speed
Because Wonga is a direct lender and LoanPig is a broker, the amount of time it will take to receive your funds after you have submitted your application can be quite different in some cases. Wonga promise that if your application is accepted, they will send the loan in 5 minutes, although it’s your bank that determines how soon your funds will appear in your account as there are some that don’t allow fast transactions. On the other hand, LoanPig’s Wonga loan alternative process for approving loans is a bit longer because there are many different lenders on our panel for us to consult and we want to find that best that will accept your application. The lenders on our panel also have different pay-out speeds, so not every loan application will take the same amount of time to complete. However, providing you submit your application on a weekday before 3pm, we will often be able to have your funds in your account before the end of the day, particularly when it comes to our emergency loans.
Which Wonga Loan Alternative Lenders Am I Eligible To Apply For?
Wonga have changed a lot of their years and their acceptance rate is one of the most significant changes. Wonga use 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 up to 6 months.
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 ask that to be eligible for a loan from one of our lenders you must have 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.
In order to be approved for Wonga payday loans, you must first pass an online credit check and for some of the lenders on our panel this also applies. However, because we have many different Wonga loan alternative lenders on our panel we are capable of being more flexible when it comes to credit histories. With Wonga loans, a bad credit score will result in a firm ‘No’ and you won’t be able to get a loan. If your loan application is rejected by Wonga you shouldn’t try to reapply soon after because this might show on your credit report. With LoanPig, on the other hand, a bad credit score might simply mean fewer options. We welcome all credit histories and do our best to find affordable solutions for as many people as possible. This is one of the main reasons why our acceptance rate is so much higher than Wonga’s and you can read our FAQs to find out more about how we handle credit scores.
Which Loan Provider Is Right For Me?
Both Wonga and LoanPig have their 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.
One of the great things about both Wonga and LoanPig is that they are both Regulated Loan Providers. Wonga are authorised and regulated by the Financial Conduct Authority (FCA) as well as LoanPig and all of the lenders on LoanPig’s panel, which means that, no matter which provider to turn to, you will be safe from interest that spirals out of control. The FCA have made sure that the interest, missed payment fees and total repayment cost of your loan are all capped, which makes short term loans from both Wonga and LoanPig a lot safer and more affordable.
One feature of Wonga payday loans that some people are concerned by is their method of taking payment. Rather than leaving the task of repaying Wonga loans in the hands of their customers, they use a Continuous Payment Authority (CPA) to automatically collect your payments from your account. This means that if you don’t have enough money in your account to pay back your loan they might reduce the funds in your account to zero. When you find a loan with LoanPig, however, you have the freedom to find a lender that allows you to repay your loan in the way you want. The lenders on our panel all have different repayment plans, which means you get a lot more choice when finding the loan that you want.
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 the loan 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.