Does Wonga still exist?
Wonga, which collapsed in 2018, was once the UK's biggest payday lender but its practices attracted intense scrutiny. In 2014, the Financial Conduct Authority (FCA) found it had lent money to many who would never be able to repay, prompting a crackdown on the sector.
Why was Wonga shut down?
Wonga, the payday lender that became notorious for its extortionate interest rates and was a toxic symbol of Britain's household debt crisis, has collapsed into administration after it was brought down by a welter of compensation claims.
Are Wonga loans safe?
There is an increase in fraudsters using the names and logos of reputable fast cash lenders like Wonga and banks in order to cheat you out of your hard-earned cash. Wonga is just one of the companies that these criminals are using to target consumers attempting to get your money.