Wonga Loans
Can’t find Wonga Loans? Wonga payday loans are no longer available, but Drafty is here. Drafty provides loans between £1,000 and £3,000 with the option to repay in 12, 18 or 24 months. With a simple online application and instant decision, Drafty loans can be sent to your bank in 90 seconds, if approved*. Try Drafty today.
Why choose Drafty as a Wonga Loans alternative?
About Wonga Loans
Wonga was a well-known payday lender in the UK. The company offered both payday loans and short-term loans. Wonga provided UK customers with payday loans from 2006 to 2018. Many Wonga customers used the loans to access extra cash when needed.
However, in 2014, it was found that Wonga had used unfair and misleading debt collection practices. The Financial Conduct Authority (FCA) required Wonga to pay £2.6 million in compensation claims. After that, Wonga struggled with customer complaints and rising losses.
The company had lent money to thousands of borrowers, but challenges in the payday loan sector made it difficult to recover. In 2018, it was announced that Wonga was entering administration.
How can I check my eligibility for Drafty loans?
To apply online with Drafty, you need to meet the following requirements:
- Be at least 18 years old.
- Be a UK resident with an active UK bank account and debit card.
- Have a monthly income of at least £1,250.
Once you apply, we’ll run credit and affordability checks. We do this to make sure that you can afford the monthly repayments.
Representative 79.9%APR
How can I apply online for Drafty Loans?
Once you have checked our eligibility criteria, you can apply:
Apply
Click on the apply now button below and complete our online application process. Choose how much you want to borrow. Then, fill in your personal, employment, and bank account details.
Checks & approval
Once you submit the application, we’ll run credit and affordability checks. This is to see if you can afford the repayments on top of your existing financial responsibilities. In most cases, we’ll give you an instant decision.
Get your money
If approved, we will send the money to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Alternatively, visit our Drafty Flex page to apply for a personal line of credit (maximum £3,000). After you’ve applied, we’ll run affordability and credit checks. If approved, we’ll send the money to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 79.9%APR
Drafty: A direct lender
Drafty is a direct lender. This means when you borrow money with us, we are the only company you work with. You apply directly with us, receive an instant decision, and if approved, we transfer the cash to your bank within 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Repaying a Drafty Loan
At Drafty we make it simple. Based on your loan agreement, loan amount and loan term, your monthly repayments are paid in equal instalments. Before you accept the loan, we’ll share your repayment schedule, so you know exactly what to expect. Making payments is easy. You can set up a Continuous Payment Authority (CPA) for automatic payments, make manual payments in the Drafty app using a debit card, Google Pay, or Apple Pay or pay via bank transfer too.
Plus, you can repay early to save on interest. Interest is charged daily, so you only pay interest for the time you borrow.
If you’re having money problems or struggling to repay your loan, contact us. You can also visit moneyhelper.org.uk for free, confidential help.
FAQs – Wonga Loans
Is Wonga Loans still open?
No. Wonga loans entered administration and was dissolved. They no longer exist and do not lend to customers. Drafty is an alternative to Wonga, offering loan amounts of £1,000 to £3,000 with loan agreements of 12, 18 or 24 months.
Was Wonga replaced?
Wonga Loans was not replaced. However, there are other short term loan providers that offer loans like Wonga did. There are payday loan companies as well as payday loan alternatives. Drafty offers loans from £1,000 to £3,000 with 12, 18, 24 month terms.
Who took over Wonga Loans?
Wonga Loans was founded by Errol Damelin in 2006. However, after entering administration in 2018, Wonga announced accountant firm Grant Thornton was appointed as administrator. Grant Thornton handled operations from then until the closure in 2020.
Why did Wonga close?
There were several reasons for Wonga’s closure. The high-cost short term loan industry business model faced scrutiny from many. At the time of Wonga’s closure, the business owed compensation claims to over 300,000 customers.
Is Drafty a payday loan?
No Drafty is not a payday lender and does not provide traditional payday loans. Drafty offers loans between £1,000 and £3,000 with either 12, 18, or 24 months to repay.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.