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Representative 49.9% APR. Representative example: Amount of credit: £750 for 12 months at £77.29 per month. Total amount repayable is £927.48. Interest charged is £177.48, interest rate 49.9% pa (variable). Rates from 11.8% APR to 1575% APR - your Free, No obligation quote and APR will be based on your personal circumstances, and Finance is subject to availability and status. Authorised and regulated by the Financial Conduct Authority. We are a fully regulated and authorised credit broker and not a lender.

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Wonga Payday Loans

Wonga Payday Loans Review

In 2011, Wonga was on top of the world. Their profits where growing amazingly fast as well as they swiftly developed into one of the prominent lending institutions in the UK. The secret behind their success is the exact same factor for their eventual downfall.

Wonga was one of one of the most considerable cash advance lending institutions in the UK till it closed.

Still, their name lives on, as the name ‘Wonga’ has actually become equal for Payday Loans in the UK. Today, thousands of individuals still on the internet search payday loans using terms like: “Wonga”, “Wonga loans” and even “borrow Wonga”. As this disappears of an alternative for UK customers, CashPanda.co.uk can provide safe, easy and quick cash advance loan like Wonga to fill up that requirement.

Background of Wonga

Established by Errol Damelin and Jonty Hurwitz, WDFC UK Limited, trading as Wonga, in 2009.

Wonga was the first payday loans direct lenders of its kind that provided payday advance quick loans as well as short term loans entirely online. Before that, lenders could not approve any loans without receiving physical paperwork from the customers using fax or email.

It really did not take long for the company to take off, and Wonga established itself as the UK leader in payday loans. The term ‘Wonga’ means in Romani “money”. ”Payday loans” and ‘Wonga’ became widely recognised across the UK, as well as with the help of an aggressive company’s advertising campaign and even sponsoring a football team Newcastle United.

With adverts claiming, ‘Credit for the real world” and “straight talking cash’ Wonga.com has actually come to be the biggest payday loans direct lender company in the UK as well as for small loans and loans for bad credit that every person knew.

They presented great TV ads of Wongies– puppets of two elderly people chatting positively about Wonga offering immediate cash advance cashasap.

Wonga’s success was attributed to its incredibly high-interest rates with some of the APR being as high as 5,000%.

Wonga was lending for a couple of day or a week up to 34 days with the sums from £50 to the max of £400.
In 2013, the UK regulator the FCA came out with new rules and regulation for the high cost short term credit market. These adversely effected Wonga’s business, in particular the following points

Total cost cap of 100%, meaning that the most people ever pay back is double the loan amount.
Loans are capped at 0.8% per day.
All fees are capped at £15.
Loans won’t be rolled over more than twice.
A risk warning must be included in all television advertising.

Unfortunately, some clients could not repay back the loans as well due to the high amount of interest that their loans carried. This led to numerous customers and claims management companies submitting cases against Wonga which led to millions off losses between 2015 and 2016.

With more and more cases piling up against Wonga, they had to settle back substantial amounts of cash to their customers. This was the reason that resulted Wonga to file for administration in 2019 their run and Wonga officially entered management in 2018.