Mobile Loan Application Launched For IPhone Users

Mon, 18 Jan 2010

UK consumers can apply for a short-tem loan on their iPhone thanks to a new application from online lender Wonga.com

The first of its kind mobile application lets iPhone and iPod Touch users apply for loans of between £1 and £1000 as long as they have a UK bank account linked to a debit card .

Decisions on loan applications are provided straight away and the money is paid directly into the customer’s bank account within 15 minutes.

However, the premium service comes with a premium charge, with interest rates of more than 2,500 per cent, or £1 per £100 per day.

Errol Damelin, founder of Wonga.com , said: "Today sees the arrival of real street credit, with the world's first loan application for the iPhone .

"It's free to download and works around the clock, with an instant decision and fast cash transfer ."

"You can choose exactly how much money you need and then control the cost by deciding when to repay. You can even settle early with no catches."

Damelin added that the new app fits in well with the firm's mission statement to offer UK customers fast access to short term loans .
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