What are personal loans?
A personal loan, also referred to as an instalment loan, is an advance of credit from a lender typically over a period of 2-6 months. The loan is repaid via several pre-scheduled payments (or ‘instalments’) across the duration of the agreed loan period. Wonga specialises in offering customers a small loan that can be repaid over and up to 6 months with a maximum loan amount of R4000 for new customers.