Looking for Wonga Loans?
Drafty’s line of credit is a quicker, cheaper, and flexible alternative to wonga loans.
About Wonga Loans
You may recognise the name or remember Wonga Loans. At their peak in 2012, they were arguably the most well-known short term loan providers in the UK. Wonga used to offer short term loans as well as the Flexi Loan. The Flexi Loan was paid back over 3 or 6 monthly instalments.
Wonga collapsed in 2018 and is no longer issuing loans to new UK customers.
If you’re looking for something like Wonga, we think we could offer you something you’ll like even more. Here at Drafty we’re a little more flexible than your standard loan. Drafty offers a line of credit of up to £3000.
We offer quick applications, and if you’re approved, we’ll send the cash to your bank in 90 seconds. And the best part? You’ll only pay interest on the amount of cash that you use when you use it.
Does Wonga still exist?
Wonga no longer exists. They were a payday lender but collapsed and went into administration in 2018. The Financial Conduct Authority (FCA) found, it had lent money to many who would never be able to repay. This prompted a crackdown on the payday loan sector.
Is Wonga a payday loan company?
Yes. In fact, Wonga was the UK's largest payday lender until it collapsed after a surge of customer complaints. If you’re looking for a payday loan, you may find a lender willing to offer you one, it’ll just depend on whether you’re eligible.
Before taking out a payday loan, it’s worth considering other options to avoid high interest rates and large repayments.
Is Wonga a short term loan provider?
Along with payday loans, Wonga provided high cost, short term loans. Before the company shut down its business in the UK, you had to fill out an application for a short term loan online. Customers could decide on the amount they wanted to borrow and for how long. If approved, the loan amount was then sent in 5 minutes.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How much could I borrow with Wonga Payday Loans?
You could borrow anything from £50- £600 over a period of between one day to 6 months. The exact amount would have, depended on your personal circumstances.
Payday loans and high-cost credit is an expensive method of borrowing and should only be considered as a last resort.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How is Drafty better than Wonga Loans?
Unlike Wonga Loans, Drafty is a flexible, easy-to-use alternative to loans, overdrafts, and credit cards.
Our line of credit offers a fresh way of borrowing and can help you manage your finances. We believe there’s more to someone than just their credit score, meaning we consider applications from customers with a less-than-ideal credit score.
7 reasons you’ll love Drafty
- Cash to your bank in 90 seconds if approved
- No fees. Ever
- We’re much cheaper than Wonga Loans and other typical payday loan and short term loan lenders
- Reuse your credit line again and again without needing to reapply, provided you make your repayments on time
- Flexible repayment plan
- Only charged interest on what you use
- 200+ discounts on household names like Amazon, Iceland, Tesco & more with Drafty Club
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Does Drafty offer loans Like Wonga Loans?
Whether it's a short term loan (like a payday loan) or a long-term loan (like a mortgage), a loan is for a set amount of time. Once you've paid it back, it's done.
Drafty is different in that we offer a line of credit, an alternative to Wonga Loans. As long as you pay the monthly minimum (which covers your interest and some of the cash amount used), you pay the rest back how and when you want.
Once you've paid it back, the credit is still there for you to use at any time.
Why choose Drafty as an alternative to Wonga Loans?
| Drafty | Wonga Loans |
| Your personal line of credit up to £3,000 | Loans of £50-£600 |
| No fixed repayment period | Three loan types offered with different repayment periods |
| Once approved, we’ll send the cash to your bank in under 90 seconds | Once approved loans were sent within 5 minutes |
| No fees. Ever | Late repayment fee of £15 |
| Drafty’s daily interest on a line of credit is 0.19% | Wonga's daily interest on a short-term loan was 0.8% |
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Am I eligible for Drafty line of credit?
To be eligible to apply for Drafty you’ll need to be:
- 18 or over
- Employed
- Earning at least £1,250 a month
- A UK resident with an active bank account and debit card
If you meet the criteria and choose to apply, we’ll just do some quick checks into whether you can afford it, as well as how good a credit risk you are.
If you're accepted, we'll agree a credit limit with you and send the cash to your bank in under 90 seconds.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I apply for a credit line with Drafty?
Here are four easy steps to getting a Drafty credit line:
- Apply - It takes minutes, and you’ll find out in no time if you've been approved
- Use your credit limit - Once approved, you could be given a credit limit of up to £3,000. Use just what you need, and you won't pay interest on the rest
- Flexible repayments - You’ll repay a minimum amount every month, or more if you want to. It couldn't be easier to pay with our app
- Quick cash transfer - Reuse your line of credit whenever you need to. We aim to send the cash to your bank in under 90 seconds
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
FAQs - Wonga Loans alternative
Has Wonga been shut down?
Wonga was shut down in the UK in 2018 after a surge of complaints from former customers.Why did Wonga fail in the UK?
The short term lender had a dramatic rise and fall. In August 2018, Wonga collapsed into administration as a result of the sheer weight of complaints. It left an estimated 200,000 customers still owing more than £400m in short-term loans.Are Wonga loans available in countries other than the UK?
Wonga Loans used to be available in the UK, Canada, and Spain. Today, they only remain available in South Africa and Poland.Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.