Wonga stops offering new loans

Written by Adam Cadle
30/08/2018

Payday lender Wonga is no longer accepting new loan applications as it faces the brink of collapsing.

The company said in a statement on its website that it was continuing to "assess its options" and existing customers could still use their services to manage their loans.

It follows a surge in compensation claims against the firm amid a government clampdown on payday lenders.

Wonga has previously said it will make a decision about its future within weeks.

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