Wonga Loans

Personal Loans Loan Rates

Wonga loans are small, short-term loans that customers could use to cover unexpected expenses until their next payday.

These loans are typically referred to as payday loans, with amounts between R100 – R4,000 and repayment periods of between 45 days and 3 months.

Customers could apply for Wonga loans online and receive funds within a few hours if their applications were approved.

Let’s review the benefits and how you can qualify for Wonga loans in South Africa.

How to Qualify for Wonga Loans

Wonga is an online lender, and the application process for Wonga loans in South Africa is entirely online. With no unnecessary paperwork, Wonga will perform credit checks and assessments using the provided personal details and get you pre-approved.

Here are the general steps you would take to apply for a Wonga loan:

  1. Visit the Wonga South Africa website at www.wonga.co.za.
  2. Choose the loan amount and the duration you would like to borrow for, and then click “Apply Now.”
  3. Enter your personal and financial details, including your name, ID number, income, and expenses declarations.
  4. Submit your application and wait for Wonga to review it and give a response, which usually takes less than 5 minutes.
  5. If your application is approved, you will receive the loan amount in your bank account within a few hours.

It’s essential to remember that payday loans like those offered by Wonga can be very expensive due to high-interest rates and fees. So before applying for a Wonga loan, be sure to carefully consider whether you can afford to repay the loan on time and whether there are any other, less expensive options available to you.

Wonga Loan Calculator

To better understand whether you’ll qualify for the loan, use our free loan calculator below to estimate possible principal balance and monthly installments.

Monthly Installment:
Total Payment:
Total Interest:

It’s important to note that the above calculations do not include additional charges lenders such as Wonga would charge. Here are some of the charges Wonga will charge for your R4,000 loan in 3 months term:

  • Initiation fee: R534.75
  • Service fee: R197.80
  • Insurance: R43.19

Consider the above when looking at your budget and whether you’ll afford to repay the loan in time.

Wonga Loans Acceptance Methodology

Wonga uses a smart and specific set of approval criteria for accepting loan applications in South Africa. Here are some of the factors that Wonga reportedly considered when assessing loan applications:

  1. Credit score: Wonga would typically perform a credit check to assess a customer’s creditworthiness. However, the company did not rely solely on credit scores and also took other factors into account.
  2. Affordability: Wonga would assess a customer’s income and expenses to determine whether they could afford to repay the loan. The company used a proprietary algorithm to evaluate affordability based on a range of factors, including income, expenses, and past credit history.
  3. Identity verification: Wonga would require customers to provide proof of their identity, such as a South African ID or passport, to prevent fraud.
  4. Age: Wonga only provided loans to customers who were at least 18 years old.

Please take note that each loan application will be assessed on a case-by-case basis, and meeting the above criteria does not guarantee approval. Wonga would also consider other factors, such as the customer’s employment status and past borrowing history when making loan decisions.

Wonga Compared to Other Payday Lenders

Wonga is one of the largest and most well-known payday loan providers in South Africa . Like other payday lenders, Wonga offered short-term loans to customers who needed to borrow money quickly to cover unexpected expenses.

Here are some ways in which Wonga is compared to other payday lenders in South Africa:

  • Loan amounts: Wonga typically offered loans ranging from R100 to R4,000, which is in line with other payday lenders in the country.
  • Repayment terms: Wonga loan is offered within 1 to 3 months, which is similar to other payday lenders in South Africa.
  • Interest rates and fees: The loan is offered at a customized interest rate and fixed initiation fees. But like any other lender, they’ll charge you monthly service and insurance fees, since these are unsecured lons.
  • Application process: As indicated, Wonga’s application process is entirely online. However, Wonga claimed to use a proprietary algorithm to assess affordability and creditworthiness, which was reportedly different from other payday lenders and ensured faster loan disbursement.

Wonga’s loan disbursement process is typically very fast, and approved customers for a loan could receive the funds in their bank account within a few hours of applying.

However, it’s important to note that the exact timing of loan disbursement may depend on a range of factors, such as the time of day the loan was approved and the customer’s bank’s processing times.

The best part, if you have been taking loans with Wonga in the past and have become their loyal customer, you could qualify for a higher amount of up to R8,000.


It’s important to note that payday loans can be very expensive and are generally not a good option for long-term borrowing. If you need to borrow money, it’s a good idea to explore other, less expensive options first, such as credit cards, personal loans from banks or credit unions, or borrowing from family or friends.