Tackling debt the Wonga way
In a society that has been brought to its knees by the crippling effects of debt, why would anybody put their trust in any financial institution? Although tremendous controversy exists around short-term lending, much is to be said for what the short-term lender Wonga is doing to combat the plight of individuals owing some or other institution money over a long period of time. Long-term debt is debilitating. In a money-driven society, it is nearly impossible to get by without financial help at some stage. Whether it is money required for a medical emergency or an unusually large bill causing a shortfall in a month, Wonga is able to provide quick assistance without long-term commitment. Wonga appears to be actively fighting the devastating effect that long-term debt is having on individuals and smaller businesses throughout the United Kingdom and now in South Africa as well. With a limitation of 30 days and a strict policy on rolling over debt, Wonga is a strong supporter of responsible financial conduct.
Financial freedom with Wonga
The way in which Wonga conducts business is indicative of a new generation in finance that offers innovative solutions to short-term cash flow problems. Traditional lenders lack understanding of the urgency in which funds are required when people are in a fix and provide a solution that is often too late to be of any real help before trapping the person in an agreement for a longer term than what is truly required. The flexible solution offered by Wonga gives customers complete control over how much they require and for how long, making it easier to manage their finances and to stay out of trouble with debt. In short, Wonga is combating long-term debt by offering a better and safer solution.
Wonga does things differently
From the very beginning, Wonga has taken a vastly different approach. With the rare approach of complete transparency and honesty, this company is building trust in the industry that has not been noticed with other financial institutions over the years. CEO of Wonga, Errol Damelin, was recently overheard saying that the mortgage market is broken in the United Kingdom with inefficient pricing and that Wonga will probably be providing mortgages in the future. At the moment, however, it is rumoured that Wonga are preparing to start a project with the aim of launching a cost-effective money transferring product. Wonga allegedly criticised the money transferring giant Western Union by calling them ‘immoral’ for charging so-called exorbitant amounts to their customers for transferring their own money to a relative. For the large number of immigrants working in the United Kingdom and sending money home to support their families, this may be very good news. Yet another rumour exists that Wonga is planning to start offering savings plans. With all these new products in the pipeline, it seems as though the consistent growth of Wonga over the past five years is only the start of something a lot bigger.