Despite loan being a borrowed capital given to you on a temporary basis, it may be interesting for you to know that there are different types of lenders in the market such as the banks and non-banking financial institutions (NBFCs) that give secured loans. However, unsecured loans like the Wonga loan are also there in the market. If you haven't taken a Wonga loan yet, it is important for you to know that people there often violate the standard practices. Thus, they create more problems for the borrowing community as a whole. There comes the need for an alternative to Wonga loan.
To begin here with the right mindset, you must know that the alternatives we are talking about here are the payday loans. In any advanced country, you will find many payday lenders. The growing imbalance between the earning and expenditure such as those meant for exigencies like the cost of hospitalisation, home/car repair, or maybe a furniture that you badly need at home before this fall, for instance, has contributed to the enormous growth of this sector. As you can apprehend by now, this alternative to Wonga loan comes with a slew of features like the following that complements your everyday living.
- Payday loan: It is a payday loan and thus, your EMI (equated monthly instalment) automatically comes for payment on the date of your payday. As a matter of fact, you will never feel the pressure of repaying a loan here.
- Short-term loan: It is a short-term loan since the maximum loan period can be stretched up to 12 months beginning from 1 month. As such, despite being a short-term loan, you have a reasonable time frame of 12 months to repay the amount. The loan amount that you can choose here is equally unique. For instance, you can choose a loan amount between £50 to £1500 bespoke to your need.
- Transparent loan: There is an online calculator on most of the sites that offer this unsecured loan. Once you have chosen the amount of a loan and its period of repayment, you get an instant result there depicting the amount of money you would be paying towards interest and EMI. In other words, this loan is very much transparent and you can decide yourself whether you should go for the same or not instantaneously.
- No credit history check: Irrespective of your poor credit history, chances of availing a loan here is bright. According to an estimate, the success rate here is 99% or even more than that.
- Online loan: You can apply for this loan online at your convenience and comfort. It construes that you can apply for the loan 24x7 and 365 days a year.
- Fast loan approval: This is yet another unique feature of this loan. The average loan approval timing here can be a few hours stretching up to 24 hours at the maximum.
Therefore, taking an alternative to Wonga loan, you benefit in more than one ways. It's up to your ingenuity of taking this loan to your advantage.
