Wonga is Now Live on the buy.at Network!

[elineilag]

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Don’t let the credit crunch affect your earnings - join the Wonga.com program on buy.at!!

Wonga is a ground-breaking online lender operating in the UK. By offering small, short-term cash advances, they provide consumers with instant money whenever they need it – 24 hours a day, 365 day a year. They call it cash on demand.

That is right, Wonga is the UK's only 24/7 instant cash advance service – with online decision making AND 24/7 transfers within minutes!

Boost your earnings by joining the Wonga program and offering your visitors instant cash advances to finance their purchases. Whether you are focused on Travel, Retail, Cash backs or Finance – Wonga is a great product to add to the mix – and increase your commissions!! Wonga has already provided instant cash advances to thousands of happy customers who have benefited from the fastest and most convenient service of its kind in the UK.

We are currently offering £8 per approved lead and great prizes for the top performing affiliates that start sending traffic in the first 3 months!

Check out all the creatives including new Christmas banners and emails!

To start promoting the Wonga programme you can sign up to the programme in your buy.at management area or click here.

Thanks,

Eline Ilag
Account Manager
buy.at

[drivetowin]

I'm pretty certain their homepage contravenes FSA and Trading Standards regulations - as far as I'm aware if you are lending money commercially you must show the APR prominently anywhere you give a quotation.

Having had a dig through their site, I did find the APR in their FAQs and given that its a whopping 2334% I'm not surprised they are trying to keep it well hidden

I know that APR does not work well on short term loans but even by doorstep lending standards, 2334% is high.

[123debtsolutions]

Great news for Wonga and Buy.at.

Forget APR's the important thing is they are an active merchant and in this marketplace the more the merrier.

[Flex-Finance]

I'm pretty certain their homepage contravenes FSA and Trading Standards regulations - as far as I'm aware if you are lending money commercially you must show the APR prominently anywhere you give a quotation.

Having had a dig through their site, I did find the APR in their FAQs and given that its a whopping 2334% I'm not surprised they are trying to keep it well hidden

I know that APR does not work well on short term loans but even by doorstep lending standards, 2334% is high.

They are not regulated by the FSA. You must show the APR on advertising if you are making a formal offer or "inducements" (words such as fast, best, cheap etc) to lend money. The legislation is not black and white and the OFT will contact you if they believe your on thin ice.

They are very clear on what it costs so I have no problem with it.

They seem a pretty slick outfit but thats what a few million of VC money gets you! Its a nice change from the payday industry who all seem to charge the same fees.

I would be interested to know how they get the money in the account so quickly. Any ideas?

[WongaWoman]

Thanks for the comments everyone! In response to drivetowin, we do show the official APR very clearly at the point of making an offer - simply click 'apply' and you'll see all the facts laid out in a very simple summary on the next page (before application begins). As you noted, the APR is also shown several times throughout the site and in our contract of course. It's anything but hidden.

We're completely obsessed with transparency and show clearly how much a cash advance will cost. APR was designed for loans of several years and assumes a minimum 12-month term, plus compounding interest, neither of which apply to our service.

It's easy to jump to conclusions from a big, scary number. Unauthorised overdraft charges have 0% APR but would dwarf our figure if they were also required to calculate a theoretical rate. And imagine if other short-term services like black cabs or hotels had to provide annualised figures when quoting their rates... Hotel room for a weekend? No problem, sir! That'll be £91k over a year. It's not actually very helpful for consumers.

We also give applicants the flexibility to choose exactly how much cash they want to borrow, for exactly how many days they need it. And finally we use a sophisticated risk engine to ensure we only lend to people who can afford the service. As Flex-Finance points out, this means we're providing a great alternative to both long-term lenders and payday lenders.