Wonga Survey Finds Real Reason Behind Short Term Loan Applications

In South Africa, there is a perception that those applying for short term credit or unsecured loans do so as a result of needlessly overspending or spending more than they can truly afford. However, a new survey carried out by Wonga, has revealed a different reason. 

After gathering information from more than twelve thousand of Wonga’s South African based customers, it has been revealed that the primary reason for people applying for short term loans is to cover unexpected expenditures. This includes things such as purchasing what people regard as essential household items and paying urgent bills, as well as covering medical expenses and school fees.