Think of your Wonga Trust Rating as a key that unlocks better borrowing options with us. It reflects our confidence in your ability to repay, influencing how much you can borrow and for how long.
As a Wonga customer, your Trust Rating determines the specific terms available to you when you apply for a loan, such as the maximum loan amount and the longest repayment period.
Your Trust Rating is based on your overall financial health and your history with Wonga. Because of this, we may adjust your borrowing limit or decline future applications if we believe it's in your best financial interest.
Our Trust Rating system has ten levels. When you're a new customer, you'll start at Level One. At this level, you can typically apply to borrow up to R5000 with a repayment period of up to 3 months.
As you borrow from Wonga and repay your loans on time, you'll move up through the Trust Rating levels. Each new level can unlock the ability to borrow larger amounts of money with longer repayment options.
At the highest Trust Rating level, you may be able to access borrowing terms like up to R8000 with a repayment period of up to 6 months, subject to your application's approval.
Our automated system carefully reviews each loan application based on your current financial situation. Improving your Trust Rating can lead to better credit terms with Wonga.
The most straightforward way to improve your Trust Rating is to repay your loans on time and avoid falling behind on payments or going into arrears. Consistent, responsible repayment behaviour is key to unlocking access to more favourable credit options!
Several factors can impact your Trust Rating negatively. These include:
Past repayment behaviour with Wonga: Late or missed payments will likely lower your rating.
Your credit record from credit bureaus: Negative information on your credit report can affect your rating.
Changes in your financial situation: We assess your income and expenses with each application. If your financial circumstances have changed, it might result in a reduced borrowing limit or a declined application.
It's important to understand that our Trust Rating isn't designed for rapid increases in borrowing limits. While timely repayments are crucial, they don't automatically guarantee a higher borrowing amount. If we have concerns about your previous use of our services or your overall financial well-being, we may freeze or lower your Trust Rating and the amount you can apply for.
As a responsible lender, we may even decline a loan application if we believe you would struggle to repay it comfortably.
Ready to see what's available to you? Simply log in to 'My Account'. Your current loan amount and repayment terms will be displayed on the slider. Keep checking back after you've settled your existing loans to see your Trust Rating potentially increase!
