If payday lender Wonga collapses what will it mean for customers?

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Your rights explained over loans and compensation as the firm stops making new loans

Britain’s biggest payday lender, Wonga, stopped taking new loan applications on Thursday, as it teeters on the brink of collapse following a surge of customer compensation claims that could cause it to call in administrators.

A message on Wonga’s website tells its customers: “While it continues to assess its options Wonga has decided to stop taking loan applications.”

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from The Guardian https://ift.tt/2PGzkUd

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