Britain’s biggest payday lender Wonga Group collapsed on Thursday 30 Aug., saying it had decided to put its UK operations into administration against a backdrop of widespread criticism for high interest rates and marketing tactics used by the industry.
Privately owned Wonga, which initially enjoyed rapid growth via its short-term, high-interest lending, often to troubled borrowers, fell into difficulty after regulatory scrutiny of so-called payday lenders led to a cap on interest rates.
