Wonga Loans Alternative
Looking for a Wonga loan? Wonga is no longer lending, but Lending Stream is here to help. Apply for a short term loan with 6 months to repay. At Lending Stream, you can apply for £50 to £800 as a first time borrower. If you’ve used us before you can apply for £100 to £1,500. If approved, we’ll send the cash to your bank in 90 seconds*. Try Lending Stream today.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream?
Trusted
Rated Excellent on Trustpilot with 25,000+ reviews by customers across the UK.
Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
About Wonga Loans
Wonga was arguably the most well-known payday lender in the UK. Founded in 2006, the company offered short term and payday loans between £50 – £600. Customers who were temporarily short of cash could then repay on their next payday.
Wonga offered:
- Short term payday loans with one-time loan repayments. They ranged between £50 and £400.
- 3-month flexi loans were to be repaid in 3 monthly instalments. The loan amount was between £150 and £500.
- 6-month flexi loans ranged between £200 – £600, repaid over 6 months.
In 2014, the Financial Conduct Authority (FCA) found that Wonga had operated with unfair and misleading debt collection practices and they were required to pay £2.6 million in compensation. After this Wonga continued to struggle with further losses and customer claims, and in August 2018 Wonga announced that they were going into administration.
How is Lending Stream different from Wonga?
| Lending Stream | Wonga |
|---|---|
| Lending Stream is still lending. We’re rated excellent on Trustpilot, and 99% of reviewers on reviews.co.uk recommend us. | Wonga entered administration in 2018 as a result of customer complaints. You can no longer borrow money from them. |
| At Lending Stream, we are a short term loan provider offering loans from £50 – £800 for first time customers, and £100 – £1,500 for returning customers. | Wonga offered loans of £50-£600. |
| We’ll send the cash to your bank in less than 90 seconds if approved. It may take longer to reach your account, depending on your bank’s processes. | If you had been approved for a Wonga loan, they claimed to send your money within 15 minutes. |
How do I check if I’m eligible for a loan with Lending Stream?
To be eligible to apply for a loan with Lending Stream, you must:
- Be a UK resident.
- Be over 18.
- Have a valid debit card.
- Have a valid UK bank account.
- Be in regular employment with a monthly income of at least £400.
During our application process, we might ask you to show proof of your income. As a responsible lender, we do this to ensure that you can comfortably afford the loan repayments.
How can I apply online with Lending Stream?
To apply for a loan with Lending Stream, you’ll have to complete an online application form. You’ll be asked for the following details:
- The amount you want to borrow with us.
- Some basic personal information.
- Your employment, salary, expenses, and banking details.
Once we receive your loan application, we’ll run an affordability and credit check. As a responsible lender, we do this to ensure that you can afford the repayments of your loan agreement. If you’re approved, we’ll send the approved loan amount to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
Representative 1271%APR
Has Wonga gone into administration?
Yes, Wonga went into administration in August 2018 after losing its battle to stay afloat. Its administration followed a surge in compensation claims. This led to a lot more scrutiny on payday loans and a number of lenders going out of business.
Although they are no longer lending, Lending Stream is, and we can offer an alternative to payday loans. If you’re approved for a short term loan, we’ll send the loan to your bank in 90 seconds. It may take longer to reach your account, depending on your bank’s processes.
What is happening with Wonga now?
Wonga was dissolved in October 2020. In 2018, the company stopped lending new loans to borrowers.
If you’re looking for a Wonga alternative, Lending Stream can help. At Lending Stream, we offer short term loans from £50 – £800 for first time borrowers (£100 to 1500 for those who have used us before). You can then repay the loan over 6 months. If approved, you can use your loan to cover unexpected bills, repairs, and emergency expenses.
Are Wonga refunding customers?
Wonga was dissolved in 2020, so they are no longer refunding Wonga customers. However, before the company was dissolved, they did refund eligible customers. Around 360,000 former customers were due money. Due to the high number of claims, administrators warned claimants that their claims may not be paid in full.
In January 2020, it was confirmed that the claimants would receive 4.3% of their agreed claims.
Is Wonga a payday loan lender?
Yes, Wonga were one of the UK’s well-known payday loan lenders. However, as of 2020, the company was dissolved and is no longer lending.
If you are looking for a payday loan alternative, Lending Stream could help. At Lending Stream, you can apply for £50 to £800 as a first time borrower. If you’ve used us before you can apply for £100 to £1,500. Once you complete your loan application, we’ll make a decision instantly. If your
application is approved, we’ll send the funds to your bank within 90 seconds*.
FAQs – Wonga Loans
Does Wonga Loans still exist?
No, Wonga no longer exists. The company entered administration in 2018 and was dissolved in 2020.
Why did Wonga shut down?
Wonga shut down as a result of customer complaints. By the time they went out of business, they owed over £400 million in compensation to former customers. Over 350,000 claimants received a small amount of what they were owed.
Who replaced Wonga?
There is no direct replacement for Wonga. If you’re seeking a payday loan, there may be other lenders willing to offer you a loan. This will depend on whether you’re eligible and can afford to repay it. However, we think payday loan alternatives are a sensible alternative. This is why we offer 6-month loans instead.
Who took over Wonga?
Wonga no longer trades. When Wonga entered administration, the accounting firm Grant Thornton was appointed as administrator. Grant Thornton took over the operations of Wonga until the company was dissolved two years later.
Why did Wonga UK fail?
Wonga failed due to a combination of factors. There was a change in public perception towards high-cost short-term lending. This also led to increased scrutiny by the regulators, and further problems were uncovered. By the time they went out of business, they owed compensation to over a third of a million customers. These challenges ultimately led to the company closing down in 2020.