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.

Founded in

United Kingdom