Wonga Cost Increase to Match Peachy Loans

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There has been a cost increase at Wonga that will be referenced here. Usually when any payday or short term lender makes a change to their pricing, their details will simply be updated without any further thought. A change at Wonga is worth addressing though since they are arguably the most popular lender on the web. It does look to me that they have adjusted the price to match that of Peachy Loans who are one of the emerging names in the industry. Since Wonga is a flexible lender, they have always been identified here by their 7 day charge. This was previously set per £100 at £12.78. When the Wonga Promo Code was applied to this, a reduction of £5.88 was taken (rather than the £5.50 fee).

Once the promo was applied you would pay £6.90 over 7 days for that £100 borrowed. This took the charge just below 1% per day that is a competitive rate that is only beaten in this short term sector by the new kid on the block Reddies Direct who charge £6.52 per £100 over this same term. The new charge at Wonga is £12.89 per £100. Their promo takes away £5.89 of this fee that means that you will now pay £7 per £100 over 7 days that leaves us with a straight forward 1% daily rate. Peachy Loans charges £12 per £100, but the Peachy Loans Promo Code will take away the £5 transfer fee that leaves us with a £7 per £100 charge (1% daily).

Just to cover 30 days, with Wonga the charge is now £37.15 and their promo trims this down to £30. With Peachy Loans the charge is £35 that is cut to £30 with their promo. £30 over 30 days is simply 1% daily. I don’t think it is a coincidence that they are now pitched at the same level either. The Wonga price adjustment will be seen as a negative move, but with the promo they are still well priced on the market. The only issue lies that I am not 100% sure if the new promo code that we have is active for existing customers. It works perfectly for new customers, but it hasn’t been tested for existing customers like the previous one has that is now inactive.