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Payday lender Wonga mis-sold loans to hundreds of thousands of people who will only receive a fraction of the compensation payments they are owed. Administrators for the lender, which collapsed in August 2018, have revealed that 389,621 eligible claims have been made since Wonga's demise. Ex-customers have until the end of Monday to make a claim for historic mis-sold loans via an online portal. Administrators hope to make payouts to those owed money by the end of January. Highs and lows
Wonga was once the biggest payday lender in the UK. It was vilified for its high-cost, short-term loans, seen as targeting the vulnerable.But it became a household name and was enormously successful until stricter regulation curtailed its, and other payday loan companies', lending.
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