The collapse that is recent of was unsightly and well-publicised. The payday lender had|lender tha not as much as favourable reputation, and had been seen by numerous as a company model that preyed on individuals who were either hopeless or didn’t know very well what they certainly were engaging in, as a result of extortionate rates of interest the business charged on its loans.
After having a Financial Conduct Authority (FCA) ruling in 2015, Wonga’s bank balance started initially to slide too. The FCA forced Wonga to slash its rates of interest and make certain that borrowers experienced a stricter authorisation procedure. As a result, Wonga’s client figures fell from more than a million in 2013 to 220,000 by September 2017 1 , with this specific loss that is huge of culminating when you look at the company entering management earlier in the day this current year.
Regardless of the company’s collapse, Wonga customers’ have been told they are going to nevertheless want to pay off any such thing they’ve borrowed. That you are struggling to pay, please contact us now for instant help with your debts if you are affected by this and still have outstanding Wonga loans.
Does this suggest the end of this pay day loan?
Wonga’s demise raises the question of whether or not the cash advance it is coming to an end as we know.
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