Wonga may have gone, but we can help fill the gap.
Credit intermediary not a lender. Representative Example: Amount of credit: £1000 for 11 months at £102.22 per month. Total repayment of £1226.64. Interest: £226.64 Interest rate: 47.5% pa (fixed). APR rates range from 9.3% APR to 102.5%.
Wonga's Personal Loans
You searched for Wonga payday loans, but this page is to provide you with information about QuickQuid short-term loans. If you like what you see from QuickQuid, simply click the apply now button to begin the application process and receive funds within 10 minutes after approval!§
Consider an Alternative to Wonga Payday Loans
Sometimes your wage just doesn't cut it enough to cover an emergency expense. How do you cope when you’re hit with an immediate expense and your bank account is just too low to cover it? When you need a payday loan fast, you can apply for a QuickQuid payday loan in minutes using our cash advance online application.
How It Works
- When you need a short-term loan, apply online with QuickQuid using our easy online application.
- Receive an approval decision.
- If approved, get cash deposited directly into your bank account within 10 minutes after approval at no extra cost.§
On your next payday, you just pay back the loan amount plus interest accrued. It's all automatic and will be conveniently withdrawn from your bank account or debit card, whichever you choose. At QuickQuid, we want to make your payday loan experience as quick and easy as possible. We are a fully licensed payday intermidary in the United Kingdom, dedicated to getting you fast alternatives to sites like Wonga when you need them most!
|If approved, can I borrow over 1, 2 or 3 repayment periods?||Yes*|
|What is the standard fee for fast funding?||Free|
|How much can new customers borrow?||Up to £1500†|
|How much can returning customers borrow?||Up to £2000†|
|What is the maxium total amount repayable for an 90-day, £300 loan?||£216.00|
|What is QuickQuid's advertised representative APR?||47.5%|
Why Choose a Loan From QuickQuid?
QuickQuid is the perfect choice for a payday loan. Our application only takes minutes to complete and it's very straightforward. There are two steps in the application where you fill in your personal details as well as employment information. Then you electronically submit your application for a QuickQuid approved short-term loan and, if approved, the money will be sent to your bank account within 10 minutes after approval.§ Then you'll choose how you want to repay your payday advance. You can pay by debit card or direct debit. If approved, getting the money you need quickly has never been easier with QuickQuid.co.uk!
QuickQuid is a brand you can count on. Since 2007, the brand has been known for convenient loan amounts and fast funding to more than 2.1 million hardworking UK residents. We're proud of the genuine reviews we've received over the years and work hard to provide secure and reliable funding for those in need. Any questions? Check out our FAQs or contact us today!
Feel free to ask us anything
What happened to Wonga?
Wonga's UK business entered administration in August 2018. It had stopped offering new loans a few days prior, and on August 30, 2018, an official announcement declared that Grant Thornton LLP would be administering Wonga UK. This administration solely impacted Wonga's UK operations and did not affect any other ongoing operations that Wonga maintains globally. The global business continues to operate under the Wonga.com domain name.
Was Wonga the biggest payday lender?
They were by the biggest online lender in the UK between 2008 and 2018, at one point they were spending over £2 million per month on TV advertising alone. Even now, 5 years after they closed their doors, they are still one of the top 5 searched for lenders online.
Did Wonga mis-sell loans?
While Wonga did participate in the mis-selling of certain loans, the majority of the loans they issued adhered to the legal standards at the time. In 2013, Wonga voluntarily provided £300 million in compensation to customers for loans that violated the FCA rules regarding the affordability of roll-overs. Notably, the FCA did not assume the role of regulators until 2014, so Wonga's compensation was not legally obligatory. There were no legal mandates for Wonga to compensate customers who had received loans in line with the rules set by the Office of Fair Trading during that period.
Upon the FCA taking over in 2014, Wonga was compliant with all of their regulations. There is no evidence to suggest that Wonga was ever involved in widespread mis-selling of loans.
Why did Wonga go bust?
There are two stories, there is the official version, and then there is the real version. The official version is that Wonga went bust because they couldn't afford to repay all the loans that they had mis-sold. This isn't anywhere close to the truth and industry insiders know this. The insider version (very shortened) is that Wonga was being blackmailed and the FCA and Financial Ombudsman Service not only allowed it to happen, but were active participants in it.
Wonga used to buy loan leads from loan brokers, they would pay commissions to these companies as a reward for them providing them with new borrowers to lend to. After 2016, a number of these brokers started to disappear because the FCA kicked them out. They would then reappear as claims management companies. Using the data the had built up over 5 years of selling customers to Wonga, they would contact these same customers and convince them to make a claim against Wonga. If Wonga didn't settle, the FOS would, regardless of fault, hit them with a £700 fine for complaints being filed. Claims management companies knew this, and would try to settle claims for £500 in exchange for not making a complaint. Eventually Wonga collapsed because the more they settled, the more claims would come.
That's a story you won't hear from the likes of Martin Lewis.
Will Wonga return to the UK one day?
We are strongly inclined to believe that Wonga will likely resume lending in the next few years. The way they structured their setup was quite clever—separating the brand and intellectual property from the entity that owned their loan book. While the company in charge of the loan book has ceased to exist, the entity holding the intellectual property is still active and thriving. If the intellectual property owner collaborates with a company possessing a loan book and the necessary authorisation to lend, Wonga could potentially make a return within a matter of weeks.