Need a loan? There's an iPhone app for that

A new app for the iPhone promises to provide small, short-term loans from anywhere.

From Wonga.com, an online provider of short-term cash advances, the free app "will turn the touchscreen device into a virtual cash machine for urgent or unexpected expenses".

Errol Damelin, founder and CEO, says in the launch press release: "Our vision has always been to provide UK consumers with a fast, convenient and short-term way to solve immediate cash flow problems. While automating the lending process in a responsible way was a big challenge, our technology now enables us to develop a range of products which do just that".

The iPhone app offers an onscreen slider to choose how much cash is needed (between £1 and £1000), before determining the interest that will be charged by deciding when to repay. The cost is always calculated up-front, with an instant decision and the cash promised to a back account within 15 minutes.

The app is available now in the App Store, and slightly worryingly, rated 4+, although we'd expect age controls are built into the loan approval process.