Controversial loan provider Wonga.com is in advanced talks to buy US small business lender On Deck Capital, it has been reported.

The London-based company, which operates online and specialises in rapid payday and other short-term loans, could pay up to $250m for the acquisition, according to Bloomberg. A successful deal would establish Wonga in North America and strengthen its business lending division, which would benefit from On Deck's technology for identifying credit-worthy businesses that may struggle to get a bank loan. It is thought Wonga is looking to float on the New York Stock Exchange next year, a move which would be bolstered by business presence in the US. On Deck Capital, like Wonga, promises quick loans to borrowers who may be turned down at banks. It offers loans as high as $150,000 in as little as one business day.....Read more here: Wonga 'in talks to buy US lender On Deck Capital' - Telegraph