Tweet
Payday lender Wonga has said it is no longer accepting new loan applications as it teeters on the brink of collapse. The company said in a statement on its website that it was continuing to "assess its options" and existing customers could still use their services to manage their loans. It follows a surge in compensation claims against the firm amid a government clampdown on payday lenders. Reports say the firm has lined up Grant Thornton to act as administrators. Wonga, the UK's biggest payday lender, has faced criticism for its high-cost, short-term loans, seen as targeting the vulnerable. The company's statement said: 'While it continues to assess its options, Wonga has decided to stop taking loan applications. If you are an existing customer, you can continue to use our services to manage your loan.'
Source:
- Hi & Welcome to the AAD Consumer Forum
We're a FREE consumer debt and legal forum offering help, support and debate in many areas of day-to-day life. You will need to Register a Free Account before you can join in with the discussion and contribute with your own posts. Remember to also check out the FAQ's so you can get to grips with how the forum works ready to start posting your new topics. Read about the new GDPR 2018 Rules and how it affects you as a member of AAD.