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ENTREPRENEUR. Wonga(ful) idea. Errol Damelin and Jonty Hurwitz.

Financial Mail

| May 18, 2012 | COPYRIGHT 2001 Johnnic Communications. (Hide copyright information)Copyright

Byline: Larry Claasen

ENTREPRENEUR Wonga(ful) idea A cash loan is now only a click away. UK-based microlender Wonga (wonga is UK/London slang for money) has launched an SA version of its site, which offers loans ranging from R2000 to R8000 repayable within 40 days.

The award-winning service, developed by SA expatriates Errol Damelin and Jonty Hurwitz, has been going since 2007 and has so far made more than 4m loans to the value of GBP1bn.

Prospective clients only have to fill out an online application and will know within 15 minutes if their application was successful.

Depending on who the client banks with, the loan will be paid out within hours …

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