| UK consumers have a new source of fast credit, | | | | on a business day, the cash is deposited straight |
| without the long-term commitment associated | | | | into their bank account within minutes. |
| with bank loans, overdrafts and credit cards, | | | | Wonga also operates a trust system, similar to |
| following the market launch of | | | | community-orientated sites like eBay, whereby |
| The announcement follows extensive beta testing | | | | new applicants are initially limited to borrowing up |
| which saw the London-based company surpass all | | | | £200 but can increase their credit limit by using |
| expectations and process thousands of loans in a | | | | the service responsibly over time. |
| matter of months. | | | | The service has been designed to appeal to |
| Errol Damelin, founder and chief executive officer | | | | anyone who experiences the occasional |
| of Wonga, explains: “Banks and other lenders | | | | ‘Wonga moment’ - such as an urgent |
| are weighed down by tradition and complexity. | | | | time-sensitive purchase, an unmissable social |
| People have come to expect rigid terms, realms | | | | event, emergency repairs or a shock bill. |
| of paperwork and slow decisions - particularly in | | | | Wonga is a ground-breaking online lender based in |
| recent times with the increasing pressures of the | | | | London. We launched our first website in October |
| credit crunch. So a frequent reaction to our | | | | 2007 and rapidly became one of the UK’s |
| service has been amazement at the speed of our | | | | most exciting start-up businesses. We are backed |
| process. | | | | by major investors including Balderton Capital and |
| “We’ve developed a complex back-end | | | | our mission is to provide consumers with instant |
| system that enable us to offer a service | | | | money whenever they need it - we call it cash on |
| that’s simplicity itself. Wonga is all about | | | | demand. |
| speed and convenience and we can make | | | | Further media information: |
| automated decisions and transfer our small loans | | | | We are transforming the huge UK credit market |
| directly into bank accounts within minutes. The | | | | by offering small, short-term loans with more |
| application process is also completely transparent | | | | speed and convenience than banks, high street |
| and there are no hidden fees.” | | | | lenders and other websites. We remove the |
| Applicants use sliders on the Wonga home page | | | | inconvenience, complexity and inflexibility |
| to decide exactly how much cash they want to | | | | consumers face whenever they need to borrow |
| borrow and for how many days they need it | | | | some cash in a hurry. We have a consumer credit |
| (between five and 30). The cost is calculated up | | | | licence from the Office of Fair Trading and are |
| front and, if an applicant is approved before 3pm | | | | members of the Finance and Leasing Association. |