Wonga the Pay Day Loan lender has stopped lending out money as it's on the brink of Collapse. The Lender who was in the news for the wrong reasons has simply run out of Wonga itself.
The company said in a statement on its website that it was continuing to “assess its options” and existing customers could still use their services to manage their loans. It follows a surge in compensation claims against the firm amid a government clampdown on payday lenders. Reports say the firm has lined up Grant Thornton to act as administrators.