News and views

Complaints against short-term lenders

Date article publshed: 27/02/2013 Read original article >

On 27th February 2013, the Financial Times published an article outlining a rise in the number of complaints against ‘payday lenders.'

According to the article, ‘The National Debtline has reported a 94 per cent increase' in calls relating to problems with such loans in 2012. The newspaper name-checked Wonga.

Wonga’s view

We do not represent the payday lending industry and The National Debtline has not provided an individual breakdown by lender. We take seriously every complaint made about Wonga, or problems experienced by our customers. We are proud to state that our complaint numbers (and the ratio of complaints to users) compares extremely favourably across financial services as a whole, while complaints about Wonga have increased broadly in line with business growth.

Helpful context is provided by the latest data from the Financial Ombudsman Service (FOS), an independent service for settling disputes between financial services providers and their customers. In the second half of 2012, just 49 complaints were made against Wonga, of which 29 were resolved in the customer's favour. In the same period we issued around 2.5 million loans.

By comparison, high street banks individually continue to receive tens of thousands of complaints every 6 months.

In addition to our low complaint numbers, we regularly survey our customers, independently via Populus. In the last two surveys, with a total of nearly 35,000 respondents, 90% of Wonga customers said they would recommend our service to a friend.

Response by Admin Published: Categories Wonga Financial Ombudsman Service (FOS) Customers

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