A personal loan, also referred to as an instalment loan, is an advance of credit from a lender typically over a period of 2-6 months. The loan is repaid via several pre-scheduled payments (or 'instalments') across the duration of the agreed loan period. Wonga specialises in offering customers a small loan that can be repaid over and up to 6 months with a maximum loan amount of R4000 for new customers.
Representative loan example:
Total price for a R4000 Personal Loan for 6 months: R5811.78
Product Availability: Our Personal Loans are available online 24/7, 365 days a year.
For more detailed information about our personal loans please consult our personal loan calculator below.
The Wonga Personal Loan Calculator provides a detailed breakdown of the monthly instalment payments required for different loan amounts for periods as short as 1 month and up to 6 months in duration.
| Loan amount | Loan duration* | Monthly repayments | Total to repay |
|---|---|---|---|
| R1000 | 1 month | R1378.53 (1 x instalment) | R1378.53 |
| R1000 | 3 months | R 505.12 (3 x instalments) | R1515.36 |
| R1000 | 6 months | R 302.88 (6 x instalments) | R1817.28 |
| R2000 | 1 month | R2575.92 (1 x instalment) | R2575.92 |
| R2000 | 3 months | R 923.17 (3 x instalments) | R2769.51 |
| R2000 | 6 months | R 527.07 (6 x instalments) | R3162.42 |
| R4000 | 1 month | R4934.22 (1 x instalment) | R4934.22 |
| R4000 | 3 months | R1746.53 (3 x instalments) | R5239.59 |
| R4000 | 6 months | R 968.63 (6 x instalments) | R5811.78 |
*All loan examples above are calculated with a fixed repayment date of the 25th of each month.
Yes, there are key differences between these two types of loans. Wonga currently offers a payday loan, which is suitable for a new customer when you require finance for a shorter time period of a minimum of 4 days up to a maximum of three months. Personal loans are typically paid in instalments over the loan period. If you require access to your loan for longer than this, then a 6 month instalment loan may be perfect for your needs. Wonga currently provides this type of loan product for existing customers.
You can typically apply for a personal loan online. The application process is simple, can be done using your laptop or smartphone, and usually only takes a couple of minutes to complete.
Depending on who you take out your loan with you will encounter varying degrees of flexible repayment periods, which means you have greater control in creating a payment plan that works for you. Most ‘instalment loans’ are repaid through 6 smaller monthly payments, which allows consumers to create a manageable monthly budget as you’ll know exactly how much you’ll need to repay and when it’s due.
Interest rates on personal loans can be lower than those offered on classic short term loans like Wonga currently offer. This is due to the loan amounts typically being larger and the period of repayment being much longer than a traditional short term loan.
This will depend on your loan provider. Wonga operates a policy that actively encourages early repayment on personal loans to help customers avoid paying too much interest, however this may not be the case for your instalment loan provider. We recommend confirming early repayment conditions and terms directly with your provider before committing to anything.
