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Chris Laverty, Daniel Smith and Andrew Charters of Grant Thornton UK LLP were appointed as joint administrators of Wonga Group Limited (in administration), WDFC UK Limited (in administration), Wonga Worldwide Limited (in administration) and WDFC Services Limited (in administration) on 31 August 2018.

The companies traded at Wonga.com in the UK and provided lending services to the UK consumer market. Despite efforts to restructure the business, which included an injection of funding by the Group’s shareholders the business was unable to be restored to profitability due to the level of redress claims. As a result, the management team had no alternative but to place the above companies into administration.

Following the appointment of Administrators there will be no new lending activity. The Administrators will conduct an orderly wind down of the business and sale of the assets and start the process of identifying all creditors, in accordance with their statutory obligations. The Administrators will continue to work closely with the Financial Conduct Authority (FCA) as the administration process progresses, supporting customers where possible during this period.

All outstanding loans remain subject to the terms agreed with Wonga and customers should continue to make payments in the usual way. Those customers with redress claims should continue to approach the company in administration. These claims will then be assessed and if valid dealt with as unsecured creditors of the administration estate.

The overseas subsidiaries continue to trade as usual.

Further information can be found here.

Latest Press Release (11th September 2018): Statement from the Joint Administrators of WDFC UK Limited in respect of complaints.

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Cash loans explained

What is a cash loan?

It’s a cash advance which is normally paid straight in to your bank account or given face to face as a cash lump sum. Cash loans are normally unsecured which means that they are not secured against an asset like your home or car. Each cash loan provider has their own terms, fees and application methods so if you do need to apply for a loan, make sure you research the type that’s best for you and you should always think carefully before committing to any form of credit.

There are lots of types of cash loans available, from more traditional bank loans to quick loans online, or fast cash advances, and guarantor loans. There are also short-term loans from lenders like us. Our short-term loans are designed to help if you need a small amount of extra cash for an unexpected bill or emergency. Find out more about how our loans work.

How do cash loans work?

You ask to borrow a certain amount and then the lender will assess your application and decides whether to lend to you or not. If your application has been approved, you may be required to pay it back in instalments or as one lump sum, plus interest and any fees they charge.

Some cash loan companies may offer you a fixed sum that you might not actually need. The repayment date may also be fixed by the lender and can be connected to your payday. In some cases, you may also need to repay the loan by visiting a branch or transferring money online.

What makes Wonga different?

With Wonga, you use the sliders on our homepage to decide exactly how much you want to borrow and how long for. There are no hidden fees and you’ll see the full costs of the loan upfront.

Our loans are intended for occasional use only and you shouldn’t use our service to manage existing debt or if you’re feeling the strain financially.

When it comes to repaying we'll automatically collect the loan repayment from the debit card you registered with us on your chosen repayment date. Find out more about how we collect payments.

How do I apply?

Banks and high street lenders may sometimes set up a face to face meeting before deciding whether to give you a loan. Some loan companies ask for your paperwork or request a phone call after you’ve applied on their website. These types of loan companies can take a few days to process your application so they may not be ideal if you need a cash loan in an emergency.

Our application process is completely online so there is no paperwork and no phone calls. At Wonga, you can access our website on PC and mobile anytime, 24/7.

When will I get my money?

This can vary greatly. Some banks and other high street loan companies may take a few days to process your application whereas other online cash loan companies may offer same day cash.

If you’re approved for a Wonga loan, we’ll send the cash within five minutes – how fast it appears in your account depends on your bank.

How much does it cost?

Different lenders will charge different interest rates so the full cost will depend on your total loan amount, repayment timeframe and rate of interest. Short-term unsecured loans tend to have a higher rate of interest than other forms of credit. Some lenders may also charge set up or processing fees, as well as other types of fee so you should always make sure that you understand what those costs are before you apply.

At Wonga, you see the full costs of a loan upfront before you apply, including interest and fees. We also encourage you to repay early and if you do, you will save money as we only charge interest for the days you borrow and there are no fees if you pay us back early.

What if I have problems repaying?

Whatever type of loan you choose, you will need to pay it back on time and in full to avoid incurring late payment fees.

If you’re struggling to repay a Wonga loan, you need to contact us straight away. We always want to help you if you’re experiencing financial difficulties and we’ll always try to find a reasonable solution that works for both of us.

To find out more about our service, please see how it works.