Wonga profits treble as Britons struggle to get credit Wonga offers individuals short-term loans of up to £1,000, which are intended as an alternative to traditional lines of credit such as credit cards and personal loans, and as a means of avoiding unauthorised bank overdrafts. It is not about the desperation of customers. We reject about 60 percent of applicants. This is about a service that is important to people because people do run out of cash from time to time. That is the reality of the world and it is about delivering it in a way that people like," said Mr Damelin. Wonga, which guarantees borrowers will receive their money within 15 minutes of approval, said 10 times more customers had taken out loans via their mobile phones in 2011 and nearly 1,000 people were downloading a Wonga iPhone app every day. The company launched a credit service for small businesses in May and Damelin said it was hoping to fill a gap in the market from a lack of lending by mainstream banks which are shrinking their balance sheets to meet regulatory requirements. Wonga is offering loans of between £3,000 and £10,000 to companies for period from one week to 52 weeks. Very often for small businesses that is all that is needed but they need it quickly. Most small businesses go to the wall because of cash flow problems not P&L problems," Mr Damelin said.