Using Wonga people in the UK can take short mini-loans online. Or, as they call it themselves, 'instant money' or 'cash on demand'. The applicant can determine the figure and span themselves and hear immediately if the loan is agreed to and, when it's accepted, you can expect the money on your account in a few minutes.The loan vary between 50 and 200 pounds and have a maximum time span of 30 days. Wonga maintains an interest of 1% a day and £5,50 transaction costs per loan. To stimulate quick payback good borrowers get a higher score and as such more flexibility on future loans. This is how Wonga manages to reduce its debit costs. (demo)
Future Vision by Erwin Van Lun on this article
Everything will become real time, everything will become instantaneous. Later on, you’ll be able to do this via mobile phone, anywhere in the world. Furthermore your reputation will go up if you friends’ reputation is high. And furthermore you’ll be able to borrow money from your friends directly too. They can, for example, stipulate an amount they want to lend to friends with a good pay-back reputation. This is how Wonga will facilitate in a very fast, worldwide but reliable economy. A foundation you can build on. This is a step in that direction.