Wonga is a British online lending company that provides short-term loans to individuals. It operates entirely over the internet, allowing borrowers to apply for loans and receive funds quickly. Wonga became known for its fast and convenient loan application process, often targeting individuals who needed emergency cash. However, the company faced criticism for its high-interest rates and aggressive collection practices. Wonga also expanded its services to offer business loans and launched a mobile app for easier accessibility. Despite its popularity, the company faced significant financial troubles and entered administration in 2018. Wonga's operations were subsequently sold to another company. Below is the list of lookalike companies of Wonga:
Wonga, which collapsed in 2018, was once the UK's biggest payday lender but its practices attracted intense scrutiny. In 2014, the Financial Conduct Authority (FCA) found it had lent money to many who would never be able to repay, prompting a crackdown on the sector.Jan 30, 2020
What does Wonga do?
Wonga offers short term loans for up to 3 months for new customers, and up to 6 months for existing customers. We make money when our customers repay us quickly, not by continually extending a growing line of credit.
Is Wonga loans legit?
There is an increase in fraudsters using the names and logos of reputable lenders and banks in order to cheat you out of your hard-earned cash. Wonga is just one of the companies that these criminals are using to target consumers attempting to get your money.
How much is Wonga worth?
The emergency fundraising is the latest episode in Wonga's rapid rise and fall. Just six years after the company was touted for a flotation that would have valued it at more than $1bn (£770m), it is reported to be worth just $30m.Aug 7, 2018
We look into multiple data points: CPP ads data, company description, company employee experience and skills. We also use AI to summarize and extract keywords from the home page of Wonga and compare that with other companies.
Similarity score
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Company description keywords
Including industry indicators and specialties
Employee description keywords
what people actually do at the company
Publicly available comparison data
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