Representative 305.9% APR.
Representative example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% pa (variable). We are an Introducer Appointed Representative of Quint Group Limited, who are a credit broker not a lender. Introduces customers to Monevo Ltd who are an Appointed Representative of Quint Group Ltd, for the purposes of obtaining a loan. does not provide any loan or consumer Credit products directly.

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Wonga Loans Alternative

Get Payday Loans Like Wonga – If accepted you could have £100 to £2000^

You can expect an automated answer within 3 minutes.

**Applying will not affect your credit score but if you accept the loan offer a full credit check will be performed


Lower interest rates than Wonga who previously charged interest rate of 5,853%.

Installment Options

Customize your loan term from 1 month to 12 months putting you in control of your payment plan.

Fast Payouts

You can expect fast payouts sometimes within 10 minutes^

FCA Status: Authorised – in administration

Wonga Group Limited, WDFC UK Limited, WDFC Services Limited and Wonga Worldwide Limited (the Companies) are being managed by Chris Laverty, Daniel Smith and Andrew Charters, appointed as Joint Administrators on 31 August 2018.

The Tale of Wonga and Payday Loans

In August 2018, the leading payday loan lender in the UK, Wonga, went into administration and Grant Thornton UK LLP was subsequently appointed as the administrator, to wind up the business. Like any other enterprise, once a leading player collapses, the news sends shock among other payers in the industry.

Wonga Group Limited in brief

Wonga, officially referred to as Wonga Group Limited, is a British Payday Loan company founded in 2006 by Errol Damelin and Hurwitz. The Company had operations in Spain, Poland United Kingdom, and South Africa.

Meteoric Rise

The company, backed by private equity investors, experienced a meteoric rise in the loaning industry and significantly disrupted the entire industry. With £90 million of venture capital behind it, Wonga is arguably the most radical financial-sector disruptor that has used the internet to reinvent borrowing and lending.

It is undoubtedly a new breed of digital innovators within the financial ecosystem.

After a year of operations, Wonga managed to issue some 100,000 loans, worth £20 million, making £15 million profit by charging very excessive interest on loans.

18 months later, the company had over one million loans issued. Tellingly, Wonga managed to disrupt the loans industry by focusing on a largely underserved market, and the returns were mouthwatering.

In 2011, Wonga’s profit had tripled to hit £45.8m with revenues of £185m as the company increased its loans to 2.5m loans.

However, in 2013, the Office for Fair Trading clamped on payday lenders and ordered them to clean their act because of the increased complaints from borrowers who were alarmingly defaulting.

Payday Loans Like Wonga?

Looking for an all in one payday loan solution like Wonga used to provide? Loanski’s partner has a loan search system that scans and checks your details with multiple lenders increasing your chances of getting accepted for a loan and reduces the time searching through multiple lenders.

Financial Regulations

In 2014, the Financial Conduct Authority found Wonga’s debt collection practices to be unfair, and it was ordered to compensate £2.6m to 45,000 customers.

In 2016, the Financial Conduct Authority introduced a new set of rules to guide the payday loans. Specifically, five golden rules were set out, and all payday lenders were obliged to obey them. The five rules were:

  1. The FCA capped payday loan interest rates at 0.8% per day
  2. Any borrower who defaults should not be charged more than £15
  3. Any payday lender who tries to collect money from a borrower’s bank account trice without success they shouldn’t make any other attempt without the express permission of the borrower.
  4. In case a borrower’s loan becomes unaffordable, the lender must direct him to a charity which appoints someone to represent the borrower in negotiation to repay the loan
  5. The total amount a borrower pays for their loan must never exceed the amount of money the borrowed initially.

The new rules hit Wonga’s profits hard, and it ended up posting a pre-tax loss of about £65m in 2016. Similarly, other payday loan providers were equally hurt, and some had to close shop.

Complaints Against Wonga


By the time the FCA was enacting the new rules, solicitors and claims management firms encouraged payday loan borrowers to complain against Wonga and other players in the payday loans industry. Specifically, borrowers who felt that proper affordability checks weren’t done protested against the company. Complaints from several borrowers inundated the Ombudsman office, and this played a significant role in expediting Wonga’s collapse.

For every claim made at the office of the Ombudsman, Wonga had to part with £550 case management fees even before the compensation to the borrower was calculated and paid. Eventually, the management fee proved too high for Wonga to pay, and the company had to seek for a cash injection.

On 4 August 2018, Wonga received a £10m cash injection from shareholders to save it from going insolvent due to the increased customer compensation claims. On 30 August 2018, the company went into administration, and Grant Thornton was appointed as the administrator.

By the time Grant Thornton UK LLP took administration of the company, compensation claims were only 10,500, but by March 2019, they had increased to over 40,000.

How Wonga operated

When Wonga was providing loans, its home page featured two horizontal sliders. One of the sliders enabled users to adjust the amount of money that they intended to borrow, up to £400 for a first loan, and as high as £1,000 for returning customers. The second slider indicated the loan period in days.

As the sliders move, the site calculates the cost of the loan. Even though the loan is for weeks, especially three weeks, the site calculated the loans using the annual percentage rate (APR), which is as high as 4,214 per cent.

Once a customer has decided on the amount of money he’s borrowing, Wonga takes him through a series of questions which may last 15 minutes, or so. After the exercise, Wonga will amass a repository of information about a particular borrower.

From the information gathered, the company can access an additional 6,000 – 8,000 online data points relating to the specific applicant. At the heart of the borrower’s operations is a decision engine that the company uses to profile their clients.

APR and the cost of a loan

According to Wonga, its loans are often cheaper than the unauthorised bank charges, and even though APR disclosure isn’t compulsory, it is a poor measure of the risks associated with short term loans. The company agrees that although their rates are high, they are very transparent in charging interest rates and in their absence, borrowers may have no option but to use illegal lenders.

More sensitised customers

While the story of Wonga is an accurate tale of grace to grass, the company has left an indelible mark in the payday loans industry. The new rules that came into force in 2016 dealt a significant blow to industry players, and the number of complaints continues to rise every day. Borrowers are now more informed and are boldly lodging complaints whenever they feel that they’ve been treated unfairly.

Wonga alternative

If you’re looking for a Wonga alternative to take care of your financing needs, you have a right partner in Loanski . Unlike Wonga who used to be purely lenders before going in to administration, Loanski is an online Introducer who enables loan applicants to get the best quotes in the market with no paperwork required at all.

 Advantages of using Loanski
Loan Amounts£100 to £2000 ^High Acceptance Rates
Application Decision Time3 Minute Automated Decision!100% Online No Paper Work!
Payout TimeAs fast as 10 Minutes! ^SSL Secure Application
Fee For Application£0 We Don't Charge Fee's!Multiple Lender Platform
Poor Credit Score?All Credit Scores Welcome!No Obligation