Wonga.com, an online provider of short-term cash advances, has launched the first credit application for the iPhone, enabling both existing customers and first-time applicants to access small, short-term loans from anywhere.
The London-based company, which provides flexible loans for between one and 31 days, says it will turn the touch-screen device into a virtual cash machine for urgent or unexpected expenses.
Our vision has always been to provide UK consumers with a fast, convenient and short-term way to solve immediate cash flow problems, says CEO Errol Damelin. While automating the lending process in a responsible way was a big challenge, our technology now enables us to develop a range of products which do just that.
iPhone applicants can use their fingertip to move Wongas unique sliders, first choosing exactly how much cash they need (between 1 and 1,000), before determining the cost by deciding when to repay.
The cost is calculated up-front and they can then make a full application on the  phones screen. Applicants receive an instant decision around the clock, with those who are approved guaranteed cash to their bank account within 15 minutes. (It is probably worth taking note of the typical 2689% interest rate quoted on the Wonga website, however – Ed.)
Wonga says it is the UKs only lender to give applicants complete flexibility over the size and length of the loan required, with the cost determined by the number of days the money is taken for. Even early repayment is fee-free. The companys web service was given its full market launch in July 2008 and has already processed almost three-quarters of a million applications, using a real-time risk and decisioning platform.