|Wonga offers short-term instant loans over the internet. Launched by Errol and Jonty in 2007, the site utilises a sophisticated risk and decision-making automated system which determines the user’s credit worthiness instantly. The payment terms are about as transparent as you can get with users told exactly when and how much they need to pay back in total. Errol says it’s all about bringing a convenient and speedy solution to short-term cash needs, and lending as responsibly as possible. Wonga has already processed well over half a million loan applications and secured a $22m venture capital funding round in the summer of 2009.