Wonga: now serious and devoid of puppets
Wonga, after a hard year, are making a comeback and they've gone all serious and aiming their wares squarely at sensible, normal folk. The puppets are gone, replaced with a farmer, a dinner lady and a man who paints the lines on football pitches.
They've decided that the new tactic should be aimed at Middle England.
This is the first ad-campaign that Wonga have undertaken since they were blighted with a series of scandals, and the management fleeing the ship like rats. You'll remember that they were stung for sending out fake legal letters, and the marketing team behind the puppet commercials backed away from them as they morally didn't like what Wonga were doing.
They also lost £37m and expects to lose money this year too.
Wonga has now overhauled their image and business model, in a bid to comply with the new, stricter lending rules imposed on them and they're also looking to stop giving loans to people who will struggle to repay them.
The payday loan company now turns down 45% of applicants thanks to their new credit-checking system. Not too long ago, they only rejected 20% of those applying for loans. Wonga are also toying with the idea of a name change, but the brand is seen to be far too toxic by many. For the time-being, it stays.
"We're re-presenting our short-term loans to the public in a way that accesses the right type of customer and reduces the risk of inadvertently attracting the very young or vulnerable," said Tara Kneafsey, the UK chief executive of Wonga. "Our focus is on serving hard-working people throughout the UK who need access to transparent, flexible and short-term credit products."