By Mark Kleinman, City Editor
25 November 2015 14:36, UK wednesday
After a sequence of regulatory fines and restructuring costs.
Sky Information has learnt that Wonga will this week start testing a 90-day loan which permits customers greater flexibility to distribute repayments over a longer time.
The merchandise, that will be piloted for many months, may be the very first expansion associated with Wonga brand to be revealed because the business announced in April so it had made a loss in significantly more than ?37m a year ago.
A supply stated on Wednesday that Wonga would initially restrict the accessibility to the brand new loans in purchase to “deliver positive outcomes”, incorporating that just current clients will be in a position to make an application for them through the test duration.
Clients whom sign up for one of many longer-term loans can do the like the exact same terms because the product that is existing repaying interest of 0.8% – or 80p per ?100 lent – a day.
Strict limits introduced by the populous City regulator, the Financial Conduct Authority (FCA) have actually imposed a limit regarding the quantity that payday lenders may charge in interest. Continue reading The payday that is embattled Wonga would be to introduce longer-term loans since it seeks to diversify its business