iPhone becomes ‘virtual cash machine’
(22 January 2010 – UK) Wonga, an online provider of short term cash advances, has launched the first ever iPhone credit application allowing users to instantly access short term loans.
The London-based company currently provides short-term loans ranging between one and 31 days, however now using the iPhone the credit company has taken the access to cash to a whole new mobile level.
Wonga claims that it has turned the touch-screen device into a virtual cash machine for urgent or unexpected expenses.
UK applicants can apply around the clock for loans that range between £1 to £1000 (A$1781) and once approved Wonga claims the funds will be deposited into the users account within 15 minutes.
The applicant, using the app, simply chooses how much cash they require and the cost is determined by the time frame the user chooses in which to repay the loan. The cost is calculated on the spot before the user continues with the full application on the iPhone screen; once submitted the applicant receives an instant decision.
Errol Damelin, founder and chief executive officer, Wonga said that the company’s vision has always been to provide UK consumers with a fast, convenient and short-term way to solve immediate cash flow problems. While automating the lending process in a responsible way was a big challenge, technology has enabled Wonga to develop a range of products which do just that.
The company’s web service was given its full market launch in July 2008 and has already processed nearly three-quarters of a million applications using a real-time risk and decisioning platform.
Wonga claims that it has turned the touch-screen device into a virtual cash machine for urgent or unexpected expenses.
UK applicants can apply around the clock for loans that range between £1 to £1000 (A$1781) and once approved Wonga claims the funds will be deposited into the users account within 15 minutes.
The applicant, using the app, simply chooses how much cash they require and the cost is determined by the time frame the user chooses in which to repay the loan. The cost is calculated on the spot before the user continues with the full application on the iPhone screen; once submitted the applicant receives an instant decision.
Errol Damelin, founder and chief executive officer, Wonga said that the company’s vision has always been to provide UK consumers with a fast, convenient and short-term way to solve immediate cash flow problems. While automating the lending process in a responsible way was a big challenge, technology has enabled Wonga to develop a range of products which do just that.
The company’s web service was given its full market launch in July 2008 and has already processed nearly three-quarters of a million applications using a real-time risk and decisioning platform.
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