Wonga

Payday loans like Wonga

Once the biggest name in payday loans, Wonga (which is slang for money) collapsed into administration in August 2018. Similar companies exist, however, and we’ve put together a list of UK lenders offering comparable services.

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 here are some Wonga alternatives offering a quick decision and payout.

warning icon Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon 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

Lending Stream Instalment Loan
Lending Stream
(Established 2008)
Instalment loans
On Stride Personal Loan
On Stride
(Established 2014)
Instalment loans
Satsuma Short Term Loan
Satsuma
(Established 2013)
Instalment loans

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

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
£50 to £800
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.
£300 to £800
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£200 to £1,000
Representative example: Borrow £300 for 6 months at a rate of 292% p.a. (fixed). Representative APR 1,256.3% and total payable £919.40 in payments of £203.33, £183.23, £163.13, £143.33, £123.24 and £103.14.
With this loan your monthly repayment decreases over time. Our 'Monthly repayment' above is a representative figure designed to help compare lenders side by side.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£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.
£100 to £2,500
Borrow £350 for 8 months at a rate of 204% p.a. (fixed). Representative APR 575% and total payable £572.80 in 8 monthly payments of £71.60. You can repay this loan early.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

Compare up to 4 providers

Important information: 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
Moneyboat Short Term Loan
Mr Lender Short Term Loan
On Stride Personal Loan
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
247Moneybox Payday Loan

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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