Creditpoor Could Be 10x Cheaper Than Wonga

oldladymoneyThe lending industry in the UK is at a fascinating time right now, as more innovation is pouring into the business, causing the kind of disruption that threatens to sack older credit brokers and put them clean out of business. Be that as it may, it would be beneficial to consider some of the more important industry players who have proved themselves over the years, and look at their packages, before taking a look at newer models and brokers, and see what they’re offering differently. It is hoped that at the end of this survey, the reader is far more likely to make a more informed decision on borrowing, including who to borrow from and what type of loan package to insist on.

If you took an independent survey, the market leader most would insist on in the borrowing realm is Wonga. If you have even glanced at your TV in the last few years, chances are you’ve been entertained by one of Wonga’s quirky ads expertly reeling out the benefits of choosing them as your credit broker or partner, and indeed they have proved to do a fantastic job at onboarding a hefty chunk of prospective borrowers. In this post, we will look at their packages closely and establish the precise value of their relief in contrast with the weight of the interest they charge on each such transaction.

Wonga started operations in 2007 and has since established itself as a key player in the short term loan space in the United Kingdom. Wonga offers two main types of loans to borrowers, the Wonga Short Term and the Wonga Flexi loans. The short term loan is normally offered to first-time borrowers and is available only for between £50 and £400 and is repayable in a maximum of 30 days. The loan is repaid with a fee on it, and if the borrower misses the repayment day, an extra charge of £15 will accrue on the third day after repayment day. P retty basic level borrowing and lending going on with this package.

The Wonga Flexi allows borrowers to access between £150 to £500 (it can go up to £1000 for return borrowers), which is repayable over a three month period. Missed payments would attract a penalty of £15. For every £100 borrowed, the fee stands at £36.72, which is the HIGHEST rate in the United Kingdom.

Creditpoor ( is an emerging company in the United Kingdom that gives out loans at reasonable interest rates especially to borrowers with poor credit. This company sources for the best loan deals for each borrower and provides the loan almost immediately. They are available by phone call, via their website –, and have an office where a person who wishes to make an inquiry can walk in and talk to an expert. This naturally brings them closer to the target demographic. Creditpoor is essentially lowering the borrowing bar and has received a lot of business because of it. They offer payday loans, personal loans, short term loans and guarantor loans, and because of their unique value proposition of providing loans to people with bad credit scores, they have effectively unlocked a whole new demographic of potential clients. Pair that with their easy to use website –, active facilitation of these loans plus the fact that they are more approachable and it’s easy to see why they have grabbed a chunk of the lending industry revenue and are thriving well. The credit broker also offers some of the most lenient interest rates which may be because they source these loans from a large pool of credible lenders.

In the end, it is crucial to know your way around the lending industry if you’re looking to gain access to some financial relief. You have to carefully do the research and find what works for you both now and in the long term. Nevertheless, the most important things to consider are your ability to pay back within the allotted repayment time, how much interest your lender is proposing and what it accumulates to over time. If you’re asking the right questions, you will spot hidden charges and caveats from a mile away, but then again, it is safer to go with a broker with a reputation for being open and transparent about loan packages, and low-interest rates. Much safer.

Join our newsletter

If you like Critical Financial, subscribe and get our latest content via email.

Powered by ConvertKit

Share this post:

Recent Posts

Leave a Comment


May the 4th Be with You: Star Wars Swag on Amazon

May the 4th Be With You: Star Wars Day Swag

It began as the punniest holiday ever but quickly grew into an earnest (if somewhat random) celebration of the long-running (and still... more →
People count the money to buy a house in future success.

Avoiding Mortgage Scams: Don’t Fall for Unreasonable Promises

If it sounds too good to be true, it probably is. That’s sound advice for almost all aspects of life, including the search for... more →
Eat for free for a whole month via the meal kit companies discounts for new customers.

How To Get a Month of Free Food: 9 Meal Kit Companies Offering Discounts to New Customers

Play your cards right and you might be able to line up a month’s worth of free meals if you were to try out all nine of the meal... more →
Generate extra cashflow -- here are 97 ways.

96 Awesome Ways to Generate Extra Cashflow

Who doesn’t want more money nowadays? We’ve got you covered on that front. Here comes a long list of different ideas on... more →
Valentine's Day gifts that won't destroy your budget

Valentine’s Day Crafts Are Romantic Rescue from Crazy Inflation

Fall for the hype this week and you’re out an average of $143.56 for Valentine’s Day. Crafts and other do-it-yourself tactics... more →

Ultimate Guide to Bitcoin — FREE Ebook!

Have we got something for you: a free ebook about bitcoin! more →
Get a flu vaccine.

Why You Need To Get a Flu Vaccine Right Now

Flu vaccines aren’t just for the elderly  anymore. Here are 25 reasons you should go get vaccinated. more →
Financially successful

Acquire the Trait All Financially Successful People Have

Financially successful people tend to all have a lot of self-discipline. Improving your discipline in one area of your life often spills... more →

What’s the Best Free Recipe App?

The Apple Store and Google Play together offer more digital cookbooks than you probably have room for on your mobile device. So which... more →
New tax law might slow down housing market.

What Will the New Tax Law Do to the Housing Market?

The new tax law will have a profound impact on the housing market, although in ways that go beyond the deductibility of mortgage interest... more →

4 in 5 Households Will Get a Tax Cut in 2018

Four out of five U.S. households will get a tax cut as a result of the legislation that President Donald Trump signed into law today. more →
Will bitcoin reach $100,000?

When Will Bitcoin Reach $100,000?

Bitcoin has accelerated its pace of appreciation in recent months, and if the current levels between $15,000 and $19,000 make you itch... more →
The Dow Jones topped 24,000 -- now what?

The Dow Jones Crossed the 24,000 Threshold. Now What?

Stocks appear to be increasing in volatility, yet the markets closed on Monday, December 4 with the Dow Jones Industrial Average is... more →
Peer mortgage

Should You Get a Peer-to-Peer Mortgage?

If you can’t get approved for a home loan from a bank, you might want to look into applying for a peer-to-peer mortgage. more →
Investment gifting is awesome.

4 Things To Know Before You Donate an Investment

While donations of any kind are appreciated, gifting investments benefits both the giver and the receiver. Here are four key things... more →
Are you wondering: What's the Relationship Between the Stock Market and Federal Debt?

What’s the Relationship Between the Stock Market and Federal Debt?

Wouldn’t it be wonderful if gains in the stock market could actually reduce U.S. government indebtedness? If that were true,... more →
Hiring A Wedding Photographer?

Hiring A Wedding Photographer? Here Are 3 Things To Consider

Greetings friends, today I am shaking things up a bit by writing about a subject I haven’t experienced for 9 years.  Yep, that... more →