UK-based Wonga.com has launched a short-term loan service in SA, which gives local consumers access to real-time loan-processing technology.
Wonga.com (SA) CEO Kevin Hurwitz believes South African consumers are part of a new generation who are increasingly looking for innovative solutions to their everyday cash flow problems.
Wonga.com allows applicants to choose the amount they wish to borrow, up to a maximum of R2 000 for first-time users and R8 000 for current customers, and the repayment period. The total cost of repayment is calculated in real-time and displayed on the homepage before the customer proceeds with the online application process.
Wonga.com's approach to short-term credit is based on its automated decision-making and loan processing technology, allowing it to provide small cash loans 24 hours a day.
Hurwitz explains Wonga.com offers a service that, using patented technology, accesses thousands of points of publicly-available data in order to make an instant, yet accurate lending decision.
“We will only grant a loan to an individual whom we believe is able to pay us back without causing additional financial strain. In fact, we only accept around a quarter of first-time applications for loans.”
Yesterday's launch is the company's first commercial offering outside the UK. Wonga.com was founded in 2007 by two South African entrepreneurs.
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