There are two such qualities that sets Wonga apart, being the ability to choose the exact loan amount and also the exact loan term date. Most payday lenders tend to have a minimum loan requirement of £80 or £100. Sometimes we may only need a small amount of cash for the weekend or to prevent us from dropping into the red with our bank that will incur expensive charges. There is much less risk involved in a smaller loan and so there is more chance of the lender accepting your application and the smaller debt will be more manageable for our own finances. Choosing the exact loan term means that we can reduce the overall charges by having the term shortened. We may be paid weekly or we may be getting hold of some money in a few days and so this ability to pick the specific loan date is ideal.

A sample £50 loan with Wonga has been used as an example of the great value on offer today. This £50 payday loan benefits from a promo code that will take out the Wonga transfer fee (£5.50), although every promo that we have studied takes out a little more than this. This will still be an instant £50 loan paid with the Faster Payments Service, but this transfer charge is taken off (with some extra). If you were looking for another payday lender that could offer a £50 loan for 7 days then as far I can tell, the only other lender that could cater this is SafeLoans who fortunately start loan amounts from £50 and allow you to choose the specific loan term. I do like SafeLoans, the only thing that goes against them is the same day loan charges that will cost either £10 or £15. Their interest is simply charged at 1% per day.

£50 Loan with Wonga for 7 days
A £50 loan with Wonga would usually cost (within the hour) £9.33 = £59.33 (18.66%)
★ A £50 loan with Wonga would cost with promo (within the hour) £3.45 = £53.45 (6.9%) ★
= Wonga’s transfer fee is usually £5.50 and so as you can £5.88 was reduced.

As you can see above, with the promo, Wonga can deliver that £50 cash loan at just 6.9% of the loan amount borrowed, which just shows how much value is on offer. It is the transfer fee that tends to ramp up the costs with them, but with promo codes being commonly available to take this away there really are some cheap deals to be had. If you wish to proceed with this loan then the “Enter promocode” box is on that first page below the calculator. Just to add that this promo code is only available for new customers.

(tags: £50 payday loan, 50 pound loan, fifty loan, quick small loans, wonga transfer fee promo)