Payday loans like Wonga

Once the biggest names in payday loans, Wonga collapsed into administration in August 2018. Plenty of similar companies do still exist, however, and we've put together a list of the online short term lenders that are stepping up to fill the void.

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Warning: Late repayment can cause you serious money problems. For help, go to

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Online lenders that offer similar loans to Wonga

NameEstablishedLoan types
Wonga Short Term Loan Wonga Short Term Loan 2006 (ceased trading 2018) Payday and instalment loans More info
Lending Stream Instalment Loan Lending Stream Instalment Loan 2008 Instalment loans Go to site
Satsuma Short Term Loan Satsuma Short Term Loan 2013 Instalment loans Go to site Personal Loan Personal Loan 2015 Instalment loans Go to site
Sunny Loan Sunny Loan 2013 Instalment loans Go to site

The now-defunct Wonga was a loan company that became popular (especially with no-credit or bad-credit borrowers) between 2006 and 2012. It made its name offering high-APR payday and short term loans of up to £600 over repayment terms ranging from one day to six months.

The lender was frequently in the news and drew widespread criticism from all angles due to the high interest rates and fees it charged, and for irresponsible lending practices which later led to an unsustainable number of complaints and compensation claims (in the first half of 2018, around 12.6% of customers were submitting a complaint). This didn’t stop other firms jumping on the bandwagon, however.

Our loan calculator at the end of this page, allows you to compare the cost of payday or short-term loans from multiple lenders. Alternatively, above are some Wonga alternatives offering a quick decision and payout.

The FCA and sites like Wonga

The regulatory body that keeps companies such as Wonga in check is the Financial Conduct Authority (FCA). It was largely in response to media attention surrounding Wonga that the FCA introduced a set of rules for payday lenders in 2015. As well as tightening-up affordability checks, and limiting “roll-overs” of loans, lenders could no longer:

  • Make customers pay back more than double the amount they originally borrowed.
  • Charge more than 0.8% in interest per day.
  • Charge one-off fees of more than £15.

If you’re considering a short-term loan, you should make sure that the company you apply with is authorised and regulated by the FCA. It’s quick, easy and free to search the register.

Compare the cost of a short term loan

Table: promoted deals, sorted by total payable

As well as comparing short-term loans with other types of credit, before you apply for a loan it’s a good idea to shop around and compare a range of lenders. You can use the table below to get an idea of how much the loan that you have in mind might cost.

How much do you need to borrow?

How long do you need to borrow for?

Name Product Available amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56. Personal Loan
£300 to £3,000
Representative example: Borrow £1,000 for 12 months at a rate of 152.33% p.a. (fixed). Representative 352.7% APR and total payable £1,999.92 in 12 monthly payments of £166.66.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 568% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Satsuma Short Term Loan Personal Loan
Sunny Loan

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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