Wonga to change their name?

22 April 2015

wonga ladies Avid BW readers will know that Wonga is in a complete mess at the moment, and some fear that it could actually go under.

They made a £37.3m loss in 2014.

However, the payday lender might have a trick up their sleeve as they are weighing up a name-change as they look to replace their toxic brand. With a new name will come a new range of products, according to bosses.

"With the cap on interest rates and lower fees, the margins have shrunk for individual profits," said chief finance officer Paul Miles. "If we were setting up from scratch, we could build a sustainably profitable business. But we have the issue of our legacy, and how we manage our cost base."

Wonga's UK gaffer, Tara Kneafsey added: "We have worked hard to repair our position with the short-term loan product, and coming out of that we have 600,000 loyal customers who like the brand and use the product in the right way. But in the wider 13m market, we have to ask how far the brand travels. There are different customers with different needs."

So with that, comes a rebranding: "No puppets will feature, nor anything that looks like a puppet," confirmed Kneafsey. Not surprising as the ad company that came up with the puppets won't have anything to do with Wonga.

TOPICS:   Banking   Debt   Loans

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