Spanish Customers Flock to Wonga

Wonga has become a household name in Spain after snapping up small payday lender Credito Pocket in 2013. The purchase marked the one of the company’s first overseas acquisition, with the firm now having a presence in multiple international markets. Credito Pocket, which was based in Barcelona, was rebranded as Wonga Spain shortly after the acquisition. Wonga now serves customers in countries including not only the UK and Spain but Germany, Poland, the Netherlands, Canada, South Africa and Poland. The firm has also moved into business lending with its product Pay Later, which enables customers to borrow cash for online purchases.

Wonga was launched in the United Kingdom almost a decade ago in 2007. It is one of the most well-known companies in the UK and has been named as one of the most-improved firms in the country in terms of reputation. Tighter regulations have led to some similar companies closing down, with Wonga now being one of the last remaining short-term lenders.

The company gives Spanish customers 60 days to repay loans, although it has been trialling 90-day loans elsewhere. Customers are told exactly how much their loan will cost them in advance of the money entering their accounts and are urged to get in touch as soon as it seems they won’t be able to meet payment dates. New Spanish customers can borrow as much as €300 initially and up to €600 as their ratings improve.

To be eligible for loans, they must be residents of Spain, aged 18 or over, must have a bank account in their own name and be able to repay. Wonga only approves loans for people who it deems will be able to honour agreements comfortably. Wonga Spain’s website states that all applications are assessed carefully and individually. The company stresses that its products are not suitable for long-term lending and asks all customers to think carefully about their suitability and requirements before applying for credit. It also says that loans are only designed for vital expenses.

Wonga Spain loans are available 24 hours a day, 7 days a week. Customers can expect to receive the money they require within moments of approval being given. The site can be accessed through PCs, smartphones, tablets and laptops and answers are given online. The repayment process is straightforward and borrowers are not penalised for early repayments – in fact they can save interest by paying prior to the due date. Customers can pay money back via debit cards and bank transfers. Extensions can be given if they are requested before the due date. The company targets borrowers wishing to avoid the drawn-out processes associated with the banks and other money lenders. Borrowers can decide exactly how much they want to borrow and how long they want to borrow for without having to enter into lengthy phone calls or speak to lenders on a face-to-face basis. New Wonga Spain customers are currently able to take out their first loan for just €5.

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