Once you become a Wonga customer, your trust rating determines some conditions when you borrow money. Such as how much cash you can borrow and how long you can borrow the money for.
In line with our commitment to responsible lending, if you've never used our service before the most we'll offer you is R4000 repayable over a maximum of 3 months. This maximum loan amount and loan term can gradually increase, up to R8000 repayable over up to 6 months if you continue to use Wonga responsibly and repay us on time. Your trust rating is ultimately dependent on your financial health and track record with Wonga, so we reserve the right to change or limit the amount you can borrow, or decline future applications if we feel it's in your best interests.
Our trust rating is not designed to let you rapidly increase the amount of money you can borrow, or automatically mean you can apply for more based on timely repayment of a previous loan. We assess every single application on an individual basis and our automated system uses data to assess the suitability of any loan you apply for, at that exact moment in time. So if we identify any concerns about your previous use of our service, or your overall financial health, we may freeze or reduce your trust rating and therefore the amount of cash you can apply for. In some cases, we may even decline an application altogether, if we believe you cannot comfortably afford to repay your loan.
You'll see the amount available to you when you log in to 'My Account' on our slider.
What factors impact your trust rating?
Anything from your previous Wonga repayment behaviour to your credit record from the Bureau could impact your trust rating. We also consider your income and expenses at every application, so if something has changed financially this may be the reason why your credit limit has reduced or you have been declined.