A Wonga Loan Alternative: Borrow up to £1,000
Looking for a Wonga payday loan?
Now that Wonga is unable to offer short-term payday loans, you may be searching for a better alternative. Peachy offers loans with the same fast pay out and flexible repayments terms as Wonga, yet the cost is much lower.
And not just Wonga, the same goes for QuickQuid alternatives!
Apply now for an alternative to Wonga payday loans!
What happened to Wonga? Why did they close?
Wonga was the biggest payday loan lender in the UK until it closed in 2018. Wonga went into administration and are no longer accepting new loan applications because of an excessive amount of compensation complaints from its customers. Set up in 2007, Wonga had seen a surge in compensation claims, and because of this, the company is no longer able to stay afloat.
Still, their name lives on, as the term ‘Wonga’ has become synonymous for payday loans in the UK.
Today, many consumers are still searching online using “Wonga loans” or even “loans like Wonga”.
But, there is a new alternative to lending and that’s us – Peachy loans.
Who is Peachy?
Peachy is a financial services lender who specialises in providing short-term loans for those who need a little helping hand in life. When you need a payday loan fast, you can apply for a Peachy payday loan in minutes using our online application form. Typically, most applicants can borrow between £100 to £1,000 and have the funds in their bank account within the hour.
Plus, Peachy is much cheaper than Wonga, so you pay less when repaying your loan.
Furthermore, Peachy has been rated and reviewed by thousands of our customers who find that we are easy to do business with.
The differences between Wonga and Peachy
Wonga payday loans and Peachy are both FCA-authorised companies based in the UK.
However, that is where the similarities end. Peachy has no hidden fees and always encourages our customers to search through and compare all available payday loan options before taking an online loan.
This could save you pounds in interest and fees.
Wonga payday loans used a Continuous Payment Authority (CPA) to collect your payments from your account automatically. Meaning that if you don’t have enough money in your account to repay your loan each month, Wonga may still taken whatever funds customers have in their account and drawing down the balance to zero.
CPA is a common practice within the industry, but that doesn’t mean it has to be the only way.
At Peachy, you can cancel a CPA at anytime by emailing us at [email protected] or by calling us 0800 0124 743.
Just remember to settle your account with us first as this could lead to late payment charges.
With Wonga loans, a bad credit score generally resulted in a firm ‘No’, and you weren’t be able to get a loan. As a responsible lender, Peachy doesn’t lend money where we know the customer could get into financial difficulty. In fact, only 12% of all loans applications are accepted. We want our customers to trust our relationship and only borrow a loan where they can afford one.
How does cost of a Peachy loan compare to Wonga?
Previously, Wonga had to highest APR when it compared to payday loan lenders; as the leading lender before its closure, it could determine which APR suited the company best. Whilst their APR dropped significantly in the light of higher media scrutiny, they still had one of the highest short-term loan APRs in the UK.
The Wonga loans interest rate was calculated at 1,286% (APR). Peachy loans are much cheaper at 720% (Representative APR), again literally saving you hundreds of pounds in repayment interest and fees.
A £500 loan with Wonga would have cost you more than £850 to pay it back in full.
The same amount borrowed from Peachy is less than £700, saving you over £150!
A £500 Peachy loan saves you over £150 compared to a Wonga loan
Peachy loans come with multiple repayment options so our customers can pay back their loan on a schedule and budget that suits them.
Am I eligible for a loan with Peachy?
You must meet these requirements to be eligible for a loan from Peachy:
- UK resident
- 18 years or older
- Hold a UK bank or building society account with a valid debit card
- Have a working mobile phone & email address
- No CCJ or CCJs in the last six years
- Must have a regular monthly income of at least £600 (some benefits may be included)
If you meet those requirements and are in need of a short-term loan, go ahead and start your online application today!
Our application takes minutes to complete. Simply add your details and employment information. Then you submit your application online for a Peachy short-term loan and, if approved, the money will be deposited to your bank account within an hour.
An alternative to a Wonga payday loan
Peachy loans are only offered to those who can afford it and should be considered short-term. Remember, failure to repay a loan can cause serious financial difficulty. For further information on about Peachy, please read visit our About Us section.