Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk
Are you looking to apply for a Wonga loan? Wonga is no longer trading, but Cashflex could help you search for a suitable Wonga loan alternative.
Search for a short-term, personal loan from £100 with Cashflex today, with no impact on your credit score.* Any credit score considered.
No. Wonga, a payday loan provider, entered into administration in August 2018, after 12 years of trading.
Before entering into administration, Wonga received a high number of complaints from customers claiming that they had been mis-sold loans. Many borrowers felt that they’d been accepted for a loan that was unaffordable for them and had therefore placed them in a financially vulnerable position.
When Wonga ceased trading in August 2018, they had 24,000 active affordability claims against them, with a further 9,500 complaints lodged with the Financial Ombudsman.
Wonga is no longer an active company, and it’s not possible to apply for a loan with them. If you’re searching for alternatives to Wonga loans, Cashflex could help you search.
Cashflex is a credit broker, and we work with a panel of over 30 UK-based lenders, all of whom are authorised and regulated by the Financial Conduct Authority.
A payday loan, like those previously offered by Wonga, will usually need to be repaid in full within a month. The total amount you repay will include the interest you’ve been charged.
A short-term loan comes with a range of repayment terms, which could be useful if you’re hoping to spread the cost of borrowing to make it more manageable for you.
With Cashflex, you can search for a short-term loan between £100 and £10,000, with a repayment term between 3 and 60 months, depending on the amount of money you apply to borrow.
Your short-term loan will be repaid in monthly instalments, including interest, throughout the duration of your chosen term.
The lenders on the Cashflex panel make it possible for you to search for a Wonga alternative loan between £100 and £10,000.
Cashflex is a credit broker, not a lender. You can use Cash Flex to search for a Wonga loans alternative if you:
A number of the lenders on the Cashflex panel specialise in loans for people with bad credit. If you’re hoping to find a Wonga Loans alternative for people with bad credit and you match our above eligibility criteria, you’re welcome to use Cashflex to help you search.
Before you search for a bad credit Wonga loan alternative, please be aware that having a history of bad credit could mean that you’re offered a higher rate of interest. Please take the time to consider how this will affect your monthly repayments and the overall cost of the loan.
Having no credit history is a common occurrence for people who have never paid bills in their name or borrowed credit before. No credit history is also referred to as having a ‘thin’ credit file and could limit your options when searching for a loan.
When lenders carry out a creditworthiness assessment, they’ll look into how past credit commitments have been handled. With no evidence of this, your chances of being approved for a loan might decline.
Here at Cashflex, we understand that financial emergencies can happen to anyone at any time, regardless of their credit history. This is why we’re proud to work with a panel of inclusive lenders, many of whom are willing to consider applications from people with no credit history.
It’s important to note that, like bad credit loans, a loan for people with no credit history could come with a higher interest rate.
If you used Wonga in the past, or you read about the hardship that many Wonga customers faced, we’d like to offer some reassurance.
As discussed, all the lenders on the Cashflex panel are authorised and regulated by the FCA. In line with FCA requirements, our lenders will complete a creditworthiness assessment on anybody who applies for a loan. A creditworthiness assessment protects borrowers from unaffordable borrowing.
Your chosen lender will carry out thorough checks on your credit history and financial situation to ensure that you’re able to afford your repayments each month.
If your financial circumstances change during your loan term and you feel as though you’re going to struggle with an upcoming repayment, it’s really important to reach out to your lender as soon as you can. They will appreciate the fact that you have been open and honest about your situation and will work with you to come up with a suitable solution.
Making a late repayment or missing one altogether on your Wonga alternative loan will cause your credit score to decline. Depending on your lender, you may also be charged a fee. This is why it’s best to get in touch with your lender sooner rather than later, so they can work with you to try and ease the situation.
Free and confidential money and debt advice is available from the following charities and organisations:
*Cashflex uses soft search technology, which will not harm your credit score. If you’re matched with a lender and make a full application, a creditworthiness assessment will be carried out. This will include a hard search or Open Banking. Please note that a hard search will remain on your credit file for up to 12 months. Multiple hard searches within a short period will damage your credit score.
**Please be aware that payout time scales vary between lenders. The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
Try our FastCheck tool with no impact to your credit score
Our tool allows you to calculate your chance of being accepted for a loan.
You are age 18 and a UK resident
You have a regular income from employment
You have a valid UK bank account with an active debt card
Why choose us
Sometimes, the unexpected happens that means you need money fast. Here at Cashflex we offer a user friendly process to help you find same day loans in a responsible and affordable way.
The exact amount you can borrow depends on your personal circumstances and can differ by lender. You can apply for a loan between £100 and £10,000
This is dependent on the amount that you wish to borrow. The repayment terms can be: 3 months, 6 months and 12 months to name a few, ranging right up to 36 months.
Yes. If you are unsure you can use our FastCheck tool to find out your loan eligibility.
Yes.
Check out what our trusted customers had to say.
Representative example: Amount of credit: £1000 for 12 months at £117.59 per month. Total amount repayable of £1,411.12 Interest: £411.12. Interest rate: 68.9% pa (fixed). 68.9% APR Representative.
We’re a fully regulated and authorised credit broker and not a lender.