Wonga slides into red after crackdown on payday loans
WONGA plunged £37.3million into the red last year as lending to UK consumers dried up after a regulatory crackdown on payday loans.
Wonga pledged to repair their reputation
Chairman Andy Haste said it would “take time to repair our reputation” as the new management team tackles “deep-rooted issues”.
The firm had to write off £220mil lion loans to 375,000 customers who it admitted should not have been given them.
Its annual loss compared with a pre-tax profit of £39.7million the previous year, with revenue falling 31 per cent to £217.2million.
Haste said: “We’re determined to deliver on our plans and serve customers in the right way.”