Company Information

Get to know Wonga

Wonga was a financial technology company that offered short-term, high-interest "payday" loans online and via mobile apps. Founded in 2006, it grew rapidly by providing quick, automated lending decisions. The company's mission was to offer a fast and convenient alternative to traditional credit providers. However, Wonga faced significant controversy and regulatory scrutiny over its extremely high interest rates (with APRs that could exceed 5,000%), aggressive marketing, and debt collection practices. A flood of customer compensation claims for unaffordable loans, coupled with tighter regulation by the Financial Conduct Authority (FCA), ultimately led to the company's collapse and it entered administration in August 2018.

Industry

Financial Other ServicePRIMARY
Financial Payment
Financial Wealth Management

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Wonga

United Kingdom

Founded in

2006 (20 Years)

Founded

Last online: No recent activity

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OVERALL SCORE

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Markets.com

(327 reviews)

United States

2008

(18 years)

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FSCA

Security Information

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This company is currently Unproved.

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License

A Grade License

Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.

B Grade License

Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.

C Grade License

Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.

D Grade License

From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.

TrustFinance is not a licensed financial advisor and is not affiliated with any financial institutions in your region. We encourage you to do your own research before making any investment decisions.