Wonga is no longer – but there are still dozens of other payday loan companies.
And complaints come to an end. The Financial Ombudsman received nearly 11,000 in the first three months of this year – an increase of 251 percent compared to the same period last year.
In some companies, no less than seven out of ten were retained in favor of the customer.
Disappeared: the OAP dolls of Wonga. The payout lender, the largest in Great Britain, has collapsed
Yet, joyful advertising campaigns – such as the cheerful OAP dolls used by Wonga – continue to lure at vulnerable borrowers who need a short-term loan.
And despite a crackdown by the government, where the interest costs were reduced to double the original loan, the costs can be dazzling.
So who are the Wonga wannabes?
The face of Sunny Loans is a fictional surfer named Sonny.
He is a supercooled guy & # 39; who never emphasizes, because he knows that he does not have to worry with the right support in his life & # 39 ;.
Sun Loans – the trading name of Elevate Credit International Limited – is located in Bury St Edmunds, Suffolk, and offers borrowers access to cash in just 15 minutes.
Borrowers can apply for a loan of between £ 100 and £ 2,500.
The standard representative APR is 1,293 percent, with risky borrowers being taxed at 1,617 percent.
At the standard rate, a £ 1,000 loan taken over a period of three months costs £ 1,514 in total, including interest.
Last month, the advertising watchdog banned a series of television commercials because they were misleading about interest rates and made excessive claims.
Sunny Loans, launched in 2013, says it does not charge for overdue payments and does everything possible to help customers when they get into trouble.
In the last six months of 2017, the Financial Ombudsman received 417 complaints about Elevate Credit International, of which 56 percent were confirmed.
Scott Greever, managing director of Elevate Credit, says: "On average, our customers receive a £ 215 loan in 68 days and pay an average of £ 85 in interest.
& # 39; This shows that it & # 39; annual & # 39; percentage (APR) is not an accurate measure of the cost of a loan. We approve only 15 percent of new applicants. & # 39;
In the possession of the parent company Cash-EuroNet UK, QuickQuid has been trading since 2007 and offers loans up to £ 1,000 for new customers – £ 1,500 for those who return.
Customers can then receive a top-up if they keep track of their refunds. The standard representative APR is 1.294 percent.
At this rate, this means that if you have borrowed £ 1,000 in three months, you must repay £ 1,720 including interest – almost double the original loan.
If you have borrowed £ 1,000 for three months with QuickQuid, you should repay £ 1,720 including interest – almost double the original loan
QuickQuid calls for refunds of £ 240 in the first two months and £ 1,240 in the third month. Interest is applied daily and as your balance remains longer, you pay more on this loan than with Sunny Loans, which offers a different repayment plan.
Borrowers who get into difficulties will be penalized with a £ 15 surcharge for overdue payments – the maximum companies can charge fees.
During the last six months of 2017, the Financial Ombudsman received 1,509 complaints about CashEuroNet UK, which also acts as Pounds to Pocket, another short-term financier. In 72 percent of cases, it went to the customer's advantage.
A CashEuroNet UK spokesperson says: & # 39; We are committed to good borrowing practices and fair dealing with customers, while ensuring that consumers have access to reliable and affordable credit.
Peachy offers loans between £ 100 and £ 1,000 for between one and twelve months
With his happy-go-lucky bright yellow branding and articles on his website about millennials, Peachy seems to focus on students and twenties.
It offers loans of between £ 100 and £ 1,000 for between one and 12 months.
Based on his representative APR of 947 percent, if you borrow £ 1,000 for more than three months, you pay a total of £ 1,514 under his repayment plan.
Borrow the same amount for six months and you pay back £ 1,870. The rate you pay may be higher if you have a history of missed payments on loans or other accounts.
It charges a fee of £ 15 if you do not fully pay your loan on the day after your redemption date.
Borrowers can renew their loan twice by texting & # 39; and extending the word & # 39; & # 39; to the lender.
Peachy, a trade name of Cash On Go, is based in Manchester and was founded in 2010.
Customers made 67 complaints to the Financial Ombudsman between July and December last year, of which 44 percent were confirmed.
A cartoon of a cheerful guy in a suit with a substantial tuft is Mr Lender's face.
It offers loans of between £ 200 and £ 1,000 over a six-month period.
The typical APR is 1.256 percent and the maximum is 1.462 percent. Borrow £ 1,000 in six months at the standard rate and you pay a total of £ 1,815.
The Financial Ombudsman received almost 11,000 complaints about payday borrowers in the first three months of this year – an increase of 251 percent compared to the same period last year
The company says it does not charge late fees. But if you miss a payment, it will still damage your credit file.
If you have never borrowed from the lender before it is limited to £ 500 for the first time.
Mr. Lender, a tradename of PDL Finance, is based in Loughton, Essex, and was founded in 2008.
The Ombudsman received 38 complaints between July and December last year about Mr Lender, of which 53% was confirmed.
She is based in Westcliff-on-Sea, Essex, Myjar, which was launched ten years ago and offers loans of between £ 100 and £ 7,200 over three, six, 12 or 24 months, with a maximum interest rate of 1,326 percent.
Myjar says it will deposit the money directly into your bank account within 15 minutes.
It claims that it can offer loans to anyone who has a regular income, regardless of their credit score.
If you borrow £ 900 for more than three months, £ 431 will be charged, so you will repay £ 1,332 in total.
An additional £ 15 will be charged if you are late with a payment three days later.
In 2016, the Competition and Markets Authority investigated two companies, Starcom Media vest and TAN Media, which they found included the lender's approval in online articles and blogs without making it clear that these were advertisements.
The Ombudsman received complaints about Myjar between July and December 201 and maintained 53 percent in favor of the customers.