2020-12-24 at 21:38 ·

Roundup: Uk cash advance business Wonga gets into administration

Roundup: Uk cash advance business Wonga gets into administration

LONDON, Aug. 30 (Xinhua) — Uk pay day loan company Wonga on Thursday announced that it’s starting management along side its moms and dad business.

Wonga has filed its notice of intention to appoint administrators. The statement arrived simply hours following the short-term financing company stopped providing brand brand brand new loans.

Wonga provides “short-term, high-cost credit.” The attention charged by the lending company, that could apparently equal a apr of 1,509 per cent, happens to be commonly criticised.

The business stated in a declaration it had evaluated all choices and had decided that management had been the appropriate path.

It had currently stopped accepting brand new loan requests since it fought to prevent collapse.

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