Banking Review

Wiley Wonga

Customised and instant short-term loans 24/7 in your pocket -
Wonga is shaking up the traditional world of cash advance providers

BY ELTON CANE

When UK short-term lender Wonga launched its flexible cash advance service on the iPhone in January, it faced criticism of irresponsible lending practices for making credit too easy to access.

But its technology and approach differentiate it from traditional payday lenders. And its speed and transparency could provide inspiration for service improvements in other areas of retail financial services.

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