CashLady as a Wonga loan alternative
- CashLady is authorised and regulated by the Financial Conduct Authority (FCA).
- We only work with reputable and responsible FCA authorised and regulated lenders.
- Our credit broking service is free to use.
- Our online form is available 24 hours a day, 7 days a week; this means you can get your no-obligation quote at a time and place that suits you.
- Searching for a loan with CashLady won’t affect your credit score – we used soft search technology, which doesn’t leave a visible footprint on your credit file.*
CashLady Representative 79.5% APR
Alternatives to Wonga loans: CashLady
You can search for a loan with CashLady if you match our eligibility criteria.
You must:
- Be over the age of 18;
- Be a UK resident;
- Have a UK bank account and a valid debit card; and
- Have a regular source of income paid into your bank account.
Could I get a Wonga loan alternative if I have bad credit?
If you meet the above eligibility criteria, you’re welcome to search for a Wonga loan alternative with CashLady, whatever your credit score.
CashLady works with several lenders who specialise in loans for people with bad credit. If your application for a bad credit loan is accepted, please be aware that you could be offered a higher rate of interest. You should always make sure that the monthly repayments are affordable for you before you sign a credit agreement.
Does CashLady offer payday loans?
CashLady is a credit broker, not a direct lender. None of the lenders we work with offer payday loans; however, you could search for a loan with a minimum repayment term of 3 months, depending on the amount of money you apply to borrow.
The maximum repayment term offered by the lenders on the CashLady panel is 60 months (5 years). Again, the availability of this term will depend on your chosen loan amount.
What happened to Wonga?
Once dubbed ‘the biggest payday lender in the UK,’ Wonga was founded in 2007 and traded for 11 years before entering into administration in 2018.
The Wonga brand was instantly recognisable to many by its TV advert campaigns, which featured distinctive puppets known as ‘The Wongies’. In addition to their well-known mascots, Wonga may also be remembered for their high-cost payday loans.
What happened to Wonga?
Following an influx of affordability complaints from customers, Wonga entered into administration on August 30, 2018. Daniel Smith, Chris Laverty, and Andrew Charters from Grant Thornton were appointed as administrators.
Affordability complaints came from customers who felt they had been mis-sold loans, leaving them at risk of financial hardship. The Financial Ombudsman agreed to look into loans that had been issued by Wonga as far back as 2007.
Can I still make a claim against Wonga?
Unfortunately, the deadline for making a claim against Wonga has now passed.
Claims must have been submitted by September 30, 2019.
Those eligible for a refund should have received their money in early 2020.
Can you still apply for a Wonga loan?
No, you can no longer apply for a loan with Wonga, but if you’re looking for a short-term loan from £100, CashLady could help you search.
CashLady Representative 79.5% APR
What were the payday loan rules implemented by the FCA in 2015?
In 2015, the FCA introduced new rules for payday lenders.
These rules include:
- Borrowers must not repay more in fees and interest than the amount of money borrowed.
- Daily interest and fees must not exceed 0.8% of the borrowed amount.
- Late repayment fees to be capped at £15.
The rules were implemented to help make borrowing fairer and more affordable.
I’ve taken out a loan that I’m struggling to repay; what should I do?
If you’re worried about an upcoming repayment, please reach out to your lender as soon as possible. They will appreciate the fact that you have contacted them and been honest about your situation, rather than paying late or missing the repayment altogether.
Your lender will listen to your situation with empathy and support you through the next steps.
You can get free, confidential money and debt advice through any of the following sites: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
Summary: Wonga vs CashLady
| Wonga | CashLady |
|---|---|
| Direct lender. | Credit broker. |
| No longer trading or accepting applications for loans. | All the lenders on our panel are trading and open to considering applications for loans. |
| Offered payday loans with repayment terms between 1 day and 6 months. | With CashLady, you can search for a short-term loan with a repayment term from 3 to 60 months, depending on the amount of money you apply to borrow. |
| Provided loan amounts from £50 to £600. | The lenders on our panel offer loans from £100 to £10,000. |
| Following the introduction of FCA high-cost short-term loan regulations in 2015, Wonga entered into administration. | We only work with lenders who are authorised and regulated by the FCA. |
| Could send money to approved applicants within 5 minutes. | Some of the lenders on our panel could send your money on the same day as your application is approved.** |
*If you’re matched with a loan through a search with CashLady and you make a full application, the lender will complete a creditworthiness assessment. This will include either a hard search or Open Banking. Undergoing multiple hard searches in a short period will hurt your credit score. A hard search will remain on your credit file for up to 12 months.
**Payout timescales vary from lender to lender. The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
CashLady Representative 79.5% APR