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Let me make it clear about Britain’s biggest payday loan provider Wonga collapses

Britain’s biggest lender that is payday Group collapsed on Thursday, saying it had chose to place its British operations into administration against a backdrop of extensive critique for high interest levels and advertising tactics employed by the industry.

Independently owned Wonga, which initially enjoyed fast development via its short-term, high-interest financing, frequently to distressed borrowers, dropped into trouble after regulatory scrutiny of alleged payday loan providers resulted in a limit on rates of interest.

Wonga stated in a message so it had chose to spot a quantity of the operations into management, a kind of creditor security.

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