About Wonga

Flexible

You will never be sold, encouraged or forced to borrow more credit than required
We will let you control exactly how much you want to borrow, down to the last pound, and then determine the cost by deciding how many days you need it for (within defined parameters)
If you haven’t used Wonga before, we won’t let you apply for more than £400
We will determine your immediate and future credit limit based on in-depth credit and status checks, including how responsibly you have used our service in the past
We deliver on our promises and describe our service honestly and accurately at all times - we will never make any misleading claims or hard-sell you credit

In addition to any regulatory requirements, we will always show you the total cost of repayment very clearly and prominently before you apply
This calculation includes all potential costs involved, with no carve-outs, hidden fees or catches
We also clearly explain the potential costs and consequences of late or non-payment
We won’t ever change the rate of interest or charge during the short life of your loan

We use Credit Report Agencies and all the publicly-available data at our disposal to guard against fraud and make the best possible lending decisions based on your circumstances at the point of application. This includes evidence of your disposable income and financial commitments
You will receive an instant, yet responsible decision on your screen
If you are declined, we will give you as much information as possible about the reasons why, along with any relevant advice we can offer
We recognise your circumstances can change so, if you return to use our service again, we will base every decision on a fresh review of your credit-worthiness, reserving the right to decline future applications even if you have repaid a previous loan on time
Regardless of whether you apply via the website or an iPhone, our checks will be just as rigorous

You will always be encouraged to settle your debt quickly – either on time or early
You will be able to compare interest accrued at any stage with the total cost of credit on the agreed repayment date - at any time. We will clearly show you how much you could save
You can repay a loan early at any time and save money, paying only the interest accrued up to that point. We do not charge early repayment fees and there are no catches
We will remind you of your responsibilities, the amount owed and the repayment date agreed during the short course of your loan
We will automatically collect full repayment on the date agreed and never encourage you to roll your balance over for another term

We always provide clear warning about the serious nature of credit and explain the potential consequences of non-payment or late repayment
If your circumstances change for the worse, you will be treated fairly and respectfully
We abide by both the spirit and the word of the OFT’s guidance on Debt Collection (OFT664) and subsequent associated guidance
We ensure that any third parties we instruct on an agency basis maintain membership of the Credit Services Association (CSA) and comply with its Code of Practice
We only recruit and employ experienced collections professionals whose objective is to reach a practical and positive solution for both you and Wonga
We will only ever extend the length of your loan term when requested to do so by you - and if we believe it to be in your best interests. We will clearly explain the additional cost of extending your loan, require you to significantly reduce the outstanding balance to do so and limit the number of times you can move your repayment date
We will never extend the term of your loan without your request, ie. by ‘default rollover’
We charge reasonable default fees (a one-off charge of £20 for a failed collection). This helps us cover some costs and dissuades people from late repayment, but nothing more
We will freeze interest at the earliest possible stage – if a reasonable repayment plan can be agreed, or after a maximum of 60 days failing that

We make it easy to contact us during office hours: via the website, email or phone
If you have a complaint or concern you will receive a satisfactory response
We will respond to your complaint and endeavour to resolve it within 48 working hours. If your complaint is particularly complex it may take longer to investigate but, in these cases, we will explain why there is a delay and tell you when we will contact you again
If you are not satisfied with our response you can appeal the decision by writing to us again, stating your objections and providing any new information to be considered
We are a member of the Finance and Leasing Association, so you can register a complaint via them if you have already contacted us and feel we have not responded to your concerns or resolved the matter fairly: www.fla.org.uk

Luke Manning, Editor
editor@openwonga.com

We’ll endeavour to respond to all queries relating to OpenWonga within 24 hours