LONDON (Reuters) British on line payday advances provider Wonga.com launched a credit solution for smaller businesses on aiming to fill a gap in the market left by banks who have been hamstrung by tight lending conditions imposed since the credit crunch monday.
Wonga, that has made 4 million short term installment loans to customers since its launch in 2007, will offer you small enterprises loans of 3,000 to 10,000 pounds ($4,800 to $16,200) for durations of between one and 52 days. Rates of interest is likely to be fixed at between 0.3 and 2 per cent per depending on how risky the loan is judged to be week.
Wonga utilizes automated risk processing technology to give near instant answers to online candidates, and turns straight straight down about two thirds of applications. It now is designed to export its much more popular features, such as the application that is simple featuring sliders which can be dragged into the desired add up to be lent and payment duration, towards the world of business.