Wonga: Mini-loans of up to € 300 totally free!

By | June 15, 2018

If you are looking for information about the best microcredit companies, you will surely be interested in the information we bring you about Wonga . It is one of the most complete companies in the field of consumer- oriented mini - loans . So… let's go!

Who is behind this entity? Is Wonga legit?

Wonga is a company that defines itself as "technological finance". In other words, a company that we can fit into the latest wave of FinTech companies. But the truth is that saying that it is from the "last wave" is a mistake, since they have been active since 2007.

The truth is that, since they appeared on the market, they became one of the most innovative entities in their field. So much so that it appeared at the top of the Sunday Times Tech Track 100 (a contest that lists the fastest growing technology companies).

And why is Wonga so innovative? Well, simply because they offer simple, flexible and short-term loans with a large number of facilities for the borrower.

And, yes, I know what you are thinking: "Well, all microcredit companies present themselves that way." And it is true. But, in Wonga's case, they go one step further. To give you an idea, in Wonga, if you ask for the first loan and pay it back within 15 days ... It's free!

And it is just an example, because Wonga has many other interesting points of this type. It is no coincidence that it has grown so much in such a short time (to the point of being present, currently, in the United Kingdom, South Africa, Poland and Spain).

Of course, to end this brief presentation of the company, it should be noted that it is a company that is regulated by European, Spanish and United Kingdom bodies. Therefore, the security when using this company is maximum. You do not have to doubt its reliability.

Wonga's Mini Loan

Now that we know that it is a reliable entity, let's take a look at the characteristics of microcredit. We are sure that they will surprise you!

  • Up to € 300 free if you are a new client: If you are a new client you can access a mini-credit of up to € 300 and you will not pay anything if you return it after 15 days. That is, after those fifteen days, you will only have to return the amount you requested. Not a euro more.
  • If you are not a new customer: In the event that you have already requested your first credit with Wonga, you can request amounts that amount up to € 700. In this case, as you can imagine, if interest and other expenses will be applicable, if applicable.
  • APR in line with the sector: Either because you are an old client, who has already applied for a loan, or a new client who requests his credit for more than 15 days, an interest rate will be applied to you. The APR applied by Wonga will depend on the term you mark, however, we anticipate that it is in line with the microcredit sector. Which, by the very nature of the product, is always higher than what we can find in a current credit.
  • Maximum term of 60 days: In Wonga, you can return your credits up to a period of 60 days. This, without any doubt, is a great novelty compared to other companies in the sector. It allows us greater flexibility and a little more margin before any situation that has arisen.
  • Free early repayment: One of the most notable characteristics about the conditions of a microcredit is the possibility of repaying the amount early at no cost. If you already have the money before the expiration date, you pay it and forget it. Without any surcharge.
  • Immediate response: Another interesting feature is that it is an almost instant loan. You won't have to wait too long for it to be granted. It will be entered immediately once your application is accepted.
  • Possibility of extension: Life takes many turns, and more when it comes to money. If you do not have the amount to pay by the due date, you can request an extension of up to 30 days.

Requirements to request it and other conditions

As is common in these types of companies, to apply for the mini-credit, you must meet some requirements. The requirements of this entity are the following:

  • Be over 18 years old: Like any company to which you are going to apply for a loan, Wonga, will require you to be of legal age. The truth is that in most companies in the sector, the criterion is even more restrictive. The norm is usually a minimum of 21 years to be able to apply for a loan.
  • Have a DNI or NIE: Reasonably, as for almost any procedure, it is necessary that you have a DNI or, where appropriate, a NIE. This is nothing particularly novel.
  • Have an active phone number: In order to complete the application process, you will need to provide a phone number. It is an important requirement since it will be here where you will be notified of both the approval and the income.
  • Bank account in your name: You will also find this requirement in any self-respecting microcredit company. It is necessary that you have an account in your name since it will be here where you will receive the relevant income from your microcredit.
  • Not being registered in ASNEF or similar: In the event that you are registered in a list of negative credit history, we can tell you that it is a complete impediment for your application to be approved. Although there are companies that do not have it, in the case of Wonga it is necessary that you do not figure in any of them.
  • It is not necessary to provide payroll or endorsement : Wonga will not require a payroll or endorsement. They will likely ask you to prove that you have some type of income, but not in the form of payroll. This makes sense based on the nature of a microcredit.

Procedure to obtain your mini-credit

Once we have seen the requirements that must be met to qualify for the microloan, let's see what is the procedure to obtain it. As is customary in this type of company, it is a very simple process:

  1. Application: In this step you will have to register on the Wonga website. Once registered, you start your request, choosing the amount and the term in which you want to pay (of course, within the limits that apply to you). You will also have to complete some personal information.
  2. Identification: In this step you will have to attach some documents to identify yourself, it is possible to do it immediately through the Instantor tool.
  3. Confirmation: After evaluating your request and almost immediately, the Wonga team will notify you if your request has been accepted or denied. If you meet the requirements, in principle, there will be no problem and you will have the money you request.
  4. Login: The last step. This is probably the one that interests us the most, that they send me my money. Once the application is approved, shipping is usually very fast. Although it is true that there are cases in which there may be delays. This will depend to a greater extent on the bank you use.

Opinions of the clients of your microloans

Wonga has received very good reviews from both users and customers and from specialized entities and organizations in the sector (as we mentioned in the first section).

Among the positive opinions of customers, we can find that the first credit is free if you return it in less than 15 days . That is, you have the possibility of accessing a money advance at no cost. This always comes in handy.

Another positive opinion is that Wonga's microloans reach € 700, while those of other financial institutions barely reach € 500 (often, the maximum they offer is € 300). So on that side, it's pretty cool too.

Of course, it has the negative point that the APR is quite high compared to other types of loans . However, it should not be forgotten that it is a normal APR in the microcredit sector , so negative reviews in this regard are not very valuable.

So, as you can see, the opinions on Wonga are, in general, very positive. And we are not surprised at all, because, as we said above, Wonga has made a special effort to offer a better service through the use of technology.

Other mini-credit companies that may interest you ...

To finish, we are going to mention other mini-credits that might interest you:

1 credit







That good


Zen Credit


I need money










Mobile credit




New Credit

OK Money

Loan 10


Credit Victoria



Hello money












As you can see, Wonga is one of the most complete and serious companies in the field of microcredits , with really impressive characteristics and that focuses on offering excellent service to all its clients.