Wonga is a leading micro lender in South Africa since 2007. Wonga offer two most common types of personal loans which are secured loans and unsecured loans. Borrowers get from as little as R5 000 up to R100 000 when the client works well with Wonga.
Types of loans
Wonga specialise in lending responsible individuals going through financial disabilities. Lets have a look at the two types of loans offered by Wonga:
- Secured Loans – These type of loans are designed to suit people looking for larger amounts up to R100 000 and payable for longer period of time, typically up to five years. Home and vehicle loans are good examples of secured loans where by you borrow money against the value of your property. One of the other benefits about this loans is that they offer lower interest rate. If you miss payments, you will be risking to lose your asset valued at the loan amount.
- Unsecured Loans – These are short-term in smaller amounts up to R5 000 or more upon which you’ve become Wonga’s loyal client. As soon as Wonga understand you well, you can apply for loan amount up to R8 000 They are not based on asset values, meaning you will not get a loan against any sort of property. These loans are paid back a short term of up to a month.