Wonga or Right?

Short-term cash loan company re-brands and targets new customers.

Wonga has re-launched with a new logo and change in strategy after recent criticism of its lending style and debt-collection techniques.  The payday-loan company is now looking to target those who are “cash and credit constrained” in the middle-class whilst avoiding those with serious problems on their credit histories.

The company intends to maintain its high APR rates but has introduced a number of policy changes, such as a 24 hour cooling-offer period in which customers can change their mind free of charge, and a three-day grace period in which a penalty payment will not be applied for late payments.

If your business is experiencing financial difficulties and you would like advice on all of the options available to you including advice on banking and loan documentation please call us today on 0800 689 0831.

Pauline Rigby

About Pauline Rigby

Pauline Rigby is Head of the Corporate and Restructuring team at Forbes Solicitors. Pauline’s blogs cover a wide range of corporate issues, specifically areas including company formation, banking, joint ventures and shareholder matters, contractual matters and equity fundraising or investing.

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