Wonga.com was founded in 2006 and quickly became the largest payday loan provider in the UK. They provided themselves on putting technology at the forefront of their processes and many lenders followed suit. The ability to allow for small amounts of money very quickly made Wonga the poster child of the payday loan industry.
Following a turbulent few years, following the introduction on the Financial Conduct Authority as the industry regulator, Wonga went into administration as a result of a high number of customer complaints and redress claims in August 2018.
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