News and views
As one of the most high-profile businesses in the finance sector, we attract a broad range of views on what we do. Here's our factual take on some of the hot topics involving Wonga.
Date article publshed: 23/01/2013 Read original article >
The Europas, Europe's startup awards, were held on the 22nd January with 1,000 guests gathered to celebrate the best of the continent's tech talent.
Wonga was named Best Heavyweight Startup.
Which? advertising research
Date article publshed: 26/01/2013 Read original article >
On 26th January 2013, MailOnline published a piece about Which? Money research into short-term loans advertising on children’s television.
The article mentions Wonga as one of the “highest spenders on adverts shown on Channel 5 during the breakfast slots, at which time kids' television programmes are broadcast.”
Date article publshed: 28/01/2013 Read original article >
On 28th January 2013 the BBC published a wide-ranging and balanced article about Wonga’s international expansion plans.
The piece talks about Wonga setting up in regions such as South Africa and Canada, whilst also speculating about further potential markets.
The article then discusses the development of our other services, such as Wonga for Business and PayLater, and explores the array of publicity surrounding Wonga.
Date article publshed: 30/01/2013 Read original article >
On 30th January 2013, the Daily Mail published an in-depth investigation into the high cost of unauthorised overdrafts.
It also printed a supporting editorial that suggested annual percentage rates (APRs) can be a misleading way to compare short-term credit.
Complaints against short-term lenders
Date article publshed: 27/02/2013 Read original article >
On 27th February 2013, the Financial Times published an article outlining a rise in the number of complaints against ‘payday lenders’.
According to the article, ‘The National Debtline has reported a 94 per cent increase' in calls relating to problems with such loans in 2012. The newspaper name-checked Wonga.
Our action against fraud
Recent research by Financial Fraud Action revealed UK online banking fraud rose by 12% in 2012, to £39.6m, and card fraud jumped by 14% to £388m.
People are increasingly being tricked into parting with their cards, PINs and passwords and identity theft poses a continued threat to consumers and all online businesses.
Fraud affects us too, just as it does all finance providers, and we are continually making concerted efforts to combat this sophisticated criminal activity.
Heart of Midlothian FC shirt sponsorship
Date article publshed: 28/03/2013 Read original article >
Wonga has been the proud Heart of Midlothian FC shirt sponsor since 2011, and we're delighted to further our commitment to the club by extending the deal until the end of the 2013/14 season.
BBC Breakfast and Watchdog
Date article publshed: 01/05/2013 Read original article >
In light of recent features on BBC Breakfast and Watchdog (1st May) about online fraud, we thought it worth highlighting the action we take in dealing with this finance industry issue.
We covered fraud in some detail last month in a post here on OpenWonga, alongside clear guidelines on the steps people should take if they are affected.
NUFC away kit
Newcastle United has unveiled the club’s brand new away kit for the 2013/14 Barclays Premier League season.
The Magpies' 2013/14 away kit comprises insignia blue shirt, shorts and socks, with light blue trim to complement our logo and the coloration in the iconic Newcastle United club crest.
A new shade of grey
Date article publshed: 21/05/2013 Read original article >
For those who are wondering why OpenWonga has taken on a Newcastle United theme, we are celebrating the start of our four-year sponsorship deal with the Magpies.
The club has unveiled next season’s away shirt and we are also taking another step in our pledge to hand back the stadium to the fans.
Public Accounts Committee report
Date article publshed: 31/05/2013 Read original article >
The Public Accounts Committee (PAC) has published its report into the regulation of consumer credit.
The Times concludes that “One player comes out rather well from the report. Wonga…is cited twice and rather positively. It limits loan rollovers to three - a laudable policy that the committee recommends be adopted by all lenders. And it stops racking up interest on defaulters after 60 days - a limit the committee wants enshrined in legislation”.
Iconic gates to return to St. James' Park
The iconic gates which once adorned the home of Newcastle United are to officially return to St. James’ Park this summer.
Following positive discussions between club officials, members of the NUFC Fans United group and Sir John Hall’s Magpie Group (on whose land the gates have been stored), we will be providing the necessary funding for a famous homecoming.
Britain needs more talent
Date article publshed: 28/06/2013 Read original article >
Today we are proud to launch Wonga Codemakers. So begins a mission to find and then inspire the next generation of British entrepreneurs and internet visionaries. We want to find ambitious young people, from all walks of life and with all levels of ability, who can go on to shape everything digital - from business and communications, through to computer games and mobile apps.
OFT referral to the Competition Commission
Date article publshed: 27/06/2013 Read original article >
On 27th June 2013 the Office of Fair Trading (OFT) referred the 'payday lending market' to the Competition Commission.
As a long-time advocate and pioneer of better regulation, Wonga welcomes the chance to work with the Competition Commission, alongside our new regulator the FCA, to build a short-term credit sector based on our values of responsible lending and customer protection.
Date article publshed: 27/06/2013 Read original article >
On 27th June 2013 Hearts published a statement regarding our sponsorship of the club for the coming season - after our commitment to fast-track the terms of our current deal and provide funds for this season's sponsorship early.
Wonga in the news
Date article publshed: 27/06/2013 Read original article >
Wonga has been in the news a lot over the past few weeks, following a high-profile increase in our representative APR and the referral of the short-term credit sector to the Competition Commission.
In amongst the debate about the perceived rights and wrongs of Wonga, two opinion pieces from well-respected business journalists stood out as taking a considered view of the business and the APR issue – namely from the BBC’s Robert Peston and Patrick Hosking of the Times.
Wonga Challenge presents Go Hard or Go Home
Coming to Channel 5 next January, a new adventure challenge series, Go Hard or Go Home; the result of a new collaboration between Channel 5, Wonga and presenter Hannah White.
Who hasn't thought about setting themselves an extreme challenge - an adventure to not only get you off the sofa but to change your life? In this 4 x 60” series produced by Channel 5’s new in-house production arm, adventurer and presenter Hannah White chooses 16 members of the British public to take part in a life changing challenge. In just twelve weeks Hannah’s mission is to get her team to the start line of some of the world’s toughest physical endurance races, ready for the challenge of their lives.
Wonga's Ten Commitments
Date article publshed: 26/07/2013 Read original article >
After the media attention surrounding the Archbishop of Canterbury’s comments yesterday, we have joined the wider debate by publishing ‘Wonga’s Ten Commitments’ in national newspapers.
NUFC home kit
Newcastle United has unveiled the club’s new home kit for the 2013-14 Barclays Premier League season.
It’s great to see our brand on the black and white stripes of Newcastle United and we’re looking forward to our long-term partnership with the club.
Wonga and Newcastle United: the season kicks off
Date article publshed: 19/08/2013 Read original article >
BBC Radio 4 last week featured a 40-minute documentary, The Lending Game, about Wonga’s new partnership with Newcastle United Football Club. The balanced programme covered a range of issues, including Wonga’s evolution into a mainstream business, our investment in the community and wider debate about consumer credit.
The show was originally broadcast on Wednesday 14 August and repeated yesterday. It is available to listen to here for a limited period.
Wonga's annual report: 2012
Today we published our first annual report, showing expansion and growth across the Wonga Group.
In the news
There has been plenty more coverage about Wonga again over the last week or so, following the publication of our annual results.
This was the first time we announced our results to the media, despite no requirement to do so, in keeping with our values of being open and transparent.
As ever there were plenty of opinions about the business and the role it plays in the financial landscape, with well over a hundred articles and plenty of social media discussion. Here’s a summary of the main pieces and our take on some of them.
One of the UK’s most respected filmmakers has been invited to go behind the headlines at Wonga, with a brief to tell the story of our customers.
BAFTA-nominated Gary Tarn, best known for Black Sun, an award-winning documentary about blind author Hugues de Montalembert, and The Prophet, a film based on the best-selling book by Kahlil Gibran and narrated by Thandie Newton, will explore the real stories behind why people borrow money from Wonga to produce a modern, authentic and relevant portrait of British life today.
Date article publshed: 05/11/2013 Read original article >
We don’t accept the picture of Wonga and our customers painted by Ed Miliband today, which rehashes many of the myths about our business.
’12 Portraits’, our film referred to by Mr. Miliband, challenges these misconceptions. It features a sample of unpaid and unscripted people who value and use our service responsibly – representative of our million-plus customers who see us as a mainstream, flexible and transparent alternative to traditional short-term credit.
Wonga Group announces management changes
We have put the following announcement out today regarding management changes at Wonga, reflecting the ongoing expansion of the business and preparing for the next stage of growth.
Date article publshed: 23/11/2013 Read original article >
Over the past week there have been a couple of misleading articles about Wonga “offering” loans to teenagers, following a limited direct marketing campaign we recently ran.
We have a long-standing policy not to market to children, as clearly set out on OpenWonga, and as a responsible lender we never lend to anyone under 18. We have one of the most sophisticated risk-decision processes in the industry, which crunches thousands of pieces of data for every loan application, including numerous checks on an applicant’s date of birth.
Wonga and mortgages
You may have seen recent reports that taking out a short-term loan can affect your ability to get a mortgage. These appear to have been based on a small, unscientific poll, which fails to take into account a customer’s overall borrowing history.
Real-time data sharing
Date article publshed: 15/01/2014 Read original article >
Our long-term partner, Callcredit, has today announced its intention to enable real-time data sharing from April. Wonga is a business built on the intelligent use of comprehensive data to make accurate and responsible lending decisions, and this welcome initiative will assist us in further improving our decision-making processes.
Views from our customers
Every month we collect the views of thousands of our customers to help us improve our service. While 90% of those who use Wonga say they’d recommend us to a friend, we know we don’t always get it right. Here are some of their unedited opinions – good and bad - from this month’s customer care survey.
Wonga ‘APR’ TV advert
You may have seen reports in the media over the last few days about the ban of one of our TV ads by the Advertising Standards Authority (ASA).
'Twitter Takedown' request
In response to the tweets over the weekend, we wanted to clear a few things up.
Wonga says sorry
Following today’s announcement by the FCA, Wonga has apologised to its customers for historical debt collection practices and for separate system errors.
Wonga launches price cap product
Wonga Group has today made a number of changes to its UK short-term consumer loans product (Wonga.com), including the introduction of a price cap.
Thank you for your submission
Given the large amount of media coverage about Wonga, we will not be able to post a response to every story. We will reply to your request within 48 hours and let you know of our decision.
- Advertising (6)
- Annual Percentage Rate (APR) (4)
- Annual report (4)
- Apology (1)
- Archbishop of Canterbury (2)
- Cap (1)
- Chairman (1)
- Competition Commission (3)
- Credit rating (1)
- Customers (6)
- FCA (1)
- Financial Ombudsman Service (FOS) (1)
- Football Club Sponsorship (8)
- Fraud (2)
- International (3)
- Management team (3)
- Newcastle United Football Club (1)
- Office of Fair Trading (OFT) (2)
- Public Accounts Committee (PAC) (2)
- Real-time data sharing (1)
- Tara Kneafsey (1)
- Technology (3)
- Total Cost of Credit (TCC) (2)
- UK MD (1)
- Unauthorised overdraft (2)
- Wonga (33)
- Wonga Group (2)