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Money-lending iPhone app launched

Money-lending iPhone app launched

Short-term loans from a mobile phone are now possible thanks to the Wonga app from parent website Wonga.com, with direct access from an iPhone or iPod Touch.

Wonga's Chief Executive Officer Errol Damelin said that as part of his firm's mission statement to offer UK customers fast access to short term loans, the new app fitted in very well. He also said that the firm had made the process automatic without breaching any moral or legal boundaries.

In order to determine the amount of money you need you can use the touchscreen to drag a slider and between £1 and £1000 can be accessed in a matter of minutes.

Interest calculations are added in before a total repayable amount is given, making sure that you do not commit without knowing what you are getting yourself into.

The app is available to download now and you can get the money paid directly into your bank account, although a sign-up procedure should ensure that 14-year-olds do not get into debt.

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