If you require a short term loan, there are many options available online that are similar to former lender Wonga. With the company providing short term, high-cost lending options, many customers turned to Wonga loans in the UK over the years. Whilst Wonga fell into administration back in 2018, you may still find other companies providing loans like Wonga that charge high-interest rates for small borrowing.

Here at QuidMarket, we provide a better alternative that puts you first as a customer. Where Wonga was a payday loans lender, we provide short term loans that provide you with flexible repayments and transparent terms. You won’t find any hidden fees here and we are Financial Conduct Authority (FCA) approved, licence number 677995. This means we closely follow responsible lending guidelines and ensure all our customers are in a position to afford a loan through us.

  • New customers can borrow between £300 and £600*
  • Returning customers may be eligible to borrow up to £1,500*
  • Flexible repayment terms between 3-6 months
  • QuidMarket is an FCA Authorised responsible direct lender
  • No hidden fees with our loans unlike Wonga
  • No guarantor or collateral needed
  • Quick and easy online application
  • Decisions made by humans, not computers
  • You’re welcome to apply for loans with a low credit history
  • You’ll usually receive the cash the same day as approval

*Loan amounts and repayment terms are dependent on affordability checks

When applying through us, we’ll ensure that affordability checks are carried our as well as a full credit check. Click apply now to see how we can help you today. You’ll quickly see how much we differ to Wonga loans in the UK and provide you with a fair and thorough lending process that if approved can provide same day cash.

How much do you need?

£300 £1500

For how long?

Apply Now

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This is for illustration purposes only. Your repayment schedule will be confirmed during your application

*All applications are subject to affordability checks*

Representative example: Borrow £300 for 3 months / Interest payable £154.38 / Total amount payable: £454.38 in 3 instalments / 3 payments of £151.46 / Representative 1301.1% APR / Interest rate 292% per annum (fixed) / Maximum APR 1625.5%

Compare short term loans on Clear and Fair

As a new customer the minimum repayment period is 3 months and the maximum is 6 months. Additional options may be available to you as a repeat customer.

About Wonga Loans in the UK

Wonga was a payday loan lender that appeared back in 2006 to provide customers with quick and easy loans. They become well-known for their short term, high-cost loans that could be accessed from the web or your mobile device and utilised fully automated risk processing technology to do so. However, high APR rates being charged to customers were also well publicised and meant they came under scrutiny from the FCA. After tighter regulations were introduced in 2014 to the payday lending market, Wonga loans were found to be not following responsible lending guidelines.

Why QuidMarket Are Different to Loans Like Wonga

With companies like Wonga having a poor reputation as predatory lenders, the importance of being a responsible lender and treating customers fairly has never been more important. At QuidMarket, we have always focused on our customers as a priority since we started back in 2011, ensuring your experience with using us for short term lending provides the flexibility and transparency you need. As direct lenders, we are in control of how we lend to you and we make our own decisions. We do not use a third party lender and unlike a broker, we lend our own money. Since 2011, we have helped thousands of customers resolve a short term financial emergency quickly and easily, providing affordable options our customers can afford.

We ensure every customer has an affordability assessment performed alongside a full credit check. This is so we can fully assess your finances and determine you can afford the loan you want apply for. We cap how much we lend to first time customers at a maximum of £600. This is so we can ensure you can afford to repay in full your first loan with us and that you become a trusted customer. If you choose to use us again, you’ll then be able to apply for a maximum of £1500, but you should only apply for the amount you need. We cannot guarantee your application will be successful, even if you have a good credit rating. Once all of our checks have been completed and we have sufficient information from yourself and the Credit Reference Agency (CRA) we use (TransUnion), we’ll then look to approve your application.

We take our commitment to responsible lending seriously and if we cannot determine you can afford a loan with us, even for the lowest amount, we will have to decline your application. We are a member of the Consumer Finance Association (CFA) too, working closely alongside the FCA, government and other industry regulators. This is all to ensure we provide the best possible service to our customers and not follow the example of Wonga loans in the UK.

Eligibility to Apply for a QuidMarket Loan

To be eligible to apply for a small loan through us today, you will need to meet our eligibility requirements. These are:

  • Currently live in the UK
  • Over 23 years old, and under 65 years old
  • Have a mobile phone (we send an SMS code during your application)
  • Hold a UK bank account with a valid debit card (we run a verification check that takes 1p)
  • Be in employment and take home at least £1,300 a month.

Meeting the above does not guarantee loan approval but does mean you can start your application today with us. Just tell us how much you want to borrow and how long for and provide us with a few details about you and your current finances. You’ll notice that we do not require you to have a minimum credit rating to apply. This is because as direct lenders we can help you if you have a poor credit rating. This is possible if you can demonstrate your ability to pay which is why we carry out a full affordability assessment during your application. Whilst it is important to have a healthy credit file, we understand you may have had financial difficulties in the past. As long as your situation is now much improved and we can see you have the disposable income to afford a loan with us, there is every chance we can approve your loan.

Choose Our Wonga Loans Alternative

If you want to see how we can help you today as an alternative to companies like Wonga that may not have your best interests in mind, click apply now. If before you start you have any further questions for us at QuidMarket or want to find out more about why we’re different to lenders like Wonga loans in the UK, please get in touch with the team today.

As part of our commitment to helping our customers, you’ll find plenty of information in our help and advice section. If you are someone that previously had a loan with Wonga and want to find out more about affordability claims and administrator updates, the Wonga website contains this information although has ceased operations since April 2020.

For further independent financial advice, please visit Citizens Advice and The Money Advice Service.

Warning: You should never pay upfront fees for a short term loan or send money in return for a short term loan. Late repayment can cause you serious money problems. For help, visit: www.moneyhelper.org.uk