Who: Wonga
What: Wonga provides quick, short-term cash advances. The system uses its own dynamic trust mechanism to determine how much money can be borrowed: “Once you become a Wonga customer, your trust rating determines how much cash you can apply for. In line with our responsible lending, if you’ve never used our service before the maximum we’ll offer you is £200. This amount will gradually increase, up to a maximum of £750, if you continue to use Wonga responsibly and repay our trust in you.”
Where: http://www.wonga.com
Why: It encompasses radical trust: The customer is rewarded in relation to his/her responsible use of Wonga’s system. The company makes money by trusting.
From the horse’s mouth:
“If you repay your loans as promised and use the service responsibly, we’ll gradually increase your Wonga trust rating – giving you the flexibility to apply for more cash in the future should you need it. Our unique trust system takes lots of factors into consideration when determining the maximum amount you can apply for. You’ll see the amount available to you by using the sliders after you log in. The maximum Wonga loan is £750 – a sum only available to customers who’ve used the service responsibly over a significant period of time.
Please note that our trust rating system is part of our commitment to responsible lending and rewards you with more borrowing flexibility over time. It’s not designed so you can rapidly increase the size of loans and approval of your next application is never guaranteed. Your trust rating is ultimately dependent on your track record with Wonga and we reserve the right to change or limit the amount you can borrow. You can only have one live loan at a time and we’ll never lend you any more money until an outstanding loan is repaid.
Via: Springwise
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2 Responses to “In Practice We Trust – wonga.com”
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February 10th, 2009 at 5:51 am
Thanks for the shout out, Collin!
February 10th, 2009 at 7:20 am
Three cheers for Radical Trust for keeping it real and relevant. Keep rockin’