iPhone users can now become clients of a new loan company that allow people to borrow cash within minutes, using their phones, but the interest rate of the loans can be up to 3,000%, the Daily Mail reports.

Borrowers can access up to £1,000 from Wonga’s short-term loan app if they need bridging over before their next payday. But if they debt is not repaid rapidly, the £1,000 could turn to a debt of £2,861 within six months.

The company claim the loans are intended to tide over customers for a few days to cover urgent expenses until they receive their salaries.

iPhone users can download the app for free and must fill in a four-page application form on their mobile before being considered for a loan. Wonga promise that acceptance or refusal is then decided in seconds.

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