Get your Wonga loan alternative here

Now that Wonga are no longer offering payday loans, people sometimes search online for a ‘Wonga alternative’.’s loans are a bit like Wonga loans, with the same fast payout and flexible repayment terms. However, things have improved since the days of Wonga. Cashfloat loans come with better customer service and strong, responsible lending policies that ensure your safety.

Apply now for a new and improved payday loan experience!

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Who was Wonga?

Founded by Errol Damelin and Jonty Hurwitz, Wonga opened their doors in 2009. The company was the first of its kind to go completely online with their lending process, and all Wonga loans were handled through the company’s website. It didn’t take long for the start-up to take off, and not long after launch, Wonga took their place at the head of the UK payday loans industry.

‘Payday loans’ and ‘Wonga’ are still practically synonymous because of the company’s extensive advertising.

Building on the initial success, Wonga stayed as one of the biggest payday lenders in the UK for some years. Eventually, however, things went wrong. The company shut down in 2018 after there was an overwhelming number of irresponsible lending complaints. Wonga had been lending people money at huge interest rates and had been causing people debt problems.

Even today, despite being closed, the company’s legacy still lives on. Thousands of people (just like you) still search online for wonga payday loans, for one thing. Information about what has happened since the company went into administration is available on DebtCamel.

Cashfloat is a new type of payday lender

In 2015, the Financial Conduct Authority (FCA) placed much stricter regulations on the payday loans industry. This was in response to the behaviour of irresponsible firms like Wonga. Since this happened, payday lenders have had to build in more responsible lending policies into their decisions and processes.

We’re a modern lender, and our entire business model is built to be FCA compliant and to promote ethical lending in the UK. All our processes and procedures are designed to protect our customers’ interests at all times. Because we’ve built this into the business since day one, we have an advantage over older lenders who have had to adapt their operations to fit with the new FCA regulations.

Warning: Payday loans are still an expensive form of credit. You should only use a payday loan in a financial emergency. Late repayment can also cause you serious money problems.

Are Cashfloat loans as quick as Wonga loans?

Wonga were renowned for their fast funding times. The good news is that at Cashfloat we fund loans quickly as well. After you apply, we provide an immediate approval decision, and we aim to fund your loan within an hour of approval*.

Here’s how simple the process is:

  1. Apply for your loan using our online application form
  2. Get a lending decision instantly after completing your application
  3. Once approved, get your Wonga loan in your bank account within an hour*
  4. Make repayments online at convenient times

Payday loans Like Wonga

The table below compares Cashfloat’s Wonga alternative to the original Wonga loan.

Cashfloat Wonga Alternative
Lender Products
  • We give payday loans, like Wonga
  • Cashfloat offer flexible repayments
Payday Loan Interest Rates
The maximum Wonga interest rate was over 5,000% at one point (APR) Cashfloat’s maximum interest rate is 1294% (APR). Our lowest is 295.58%.
Loan Calculator
A loan calculator was built into the Wonga loan application form. When you applied, it automatically calculated your repayments.
Mobile App and Online Access
There is no mobile phone app or online access because the company has shut down. Cashfloat’s app is available on Android and Apple app stores. You can also login to your Cashfloat online account from any internet device.
Location – UK Based?
Wonga was an international payday loans company with branches in South Africa, Spain and Germany as well as the UK. Cashfloat is based locally in the UK. If you need anything, we are here to help! You can apply for our loans at any time.


Can you still borrow from Wonga?

No, Wonga went into administration in 2018, which means that all lending activity ceased.

Can I get an instant payday loan with a bad credit score, like with Wonga?

Yes, you can with Cashfloat! We give loans to people with all types of credit scores, and many of our most satisfied past customers have had poor credit scores. Our loan application assessment takes affordability and many other factors into account when you apply for a loan, not just your credit history.

Are there any direct lenders that provide loans like Wonga loans?

Yes, Cashfloat is a direct lender.

Be aware that some websites that offer short term loans are operated by credit brokers and not by lenders. A credit broker will send your application to third party lenders and charge a fee for finding you a loan. This adds to the cost of the loan and is unnecessary. As well as borrowing being cheaper with a direct lender, it’s almost always faster to take a loan from a direct lender as well. On top of this, your personal information is safer with a direct lender.

You can usually tell who is a broker by looking at the small print in the footer of the website. Alternatively, you can check the company’s registered number and trading name against the FCA register.

Will the FCA protect me if I take out a Wonga loan alternative?

In the UK, the Financial Conduct Authority (FCA) regulates financial institutions with a central aim of protecting the public interest. If you take out a loan from an FCA authorised lender, this lender will have to abide by the FCA’s regulations. These regulations require companies to act responsibly towards consumers, and they exist to protect people from companies that follow bad practices.

It’s very important to note, however, that borrowing money is still a very serious matter. If you apply for a loan, you are responsible for your decision to do so. You need to completely understand what you are agreeing to do, and you need to take responsibility for repaying the loan. You should never take a loan out without careful consideration, and you should never take one out if you’re unsure about whether you can repay it.

You should also only ever take a loan from an FCA authorised lender. All online lenders should provide a clickable link to their place in the Financial Services Register on their website.

Cashfloat’s Wonga loans alternative

We know that many people started to worry about taking out payday loans after it came to light around 10 years ago that lenders like Wonga were behaving irresponsibly. However, we want to assure everyone that Cashfloat was incorporated after the Financial Conduct Authority placed much stricter regulations on the industry. We’ve had responsible lending policies that came from these regulations ingrained in our decisions and processes since day one.

We hope to regain your trust. In the spirit of openness, you can view our complaints data on our complaints procedure page.

Even though borrowing a short term loan is much safer than it was a few years ago, late repayment can still cause you serious money problems. You should only ever take a loan if you’re sure you can afford repayments.

Here’s an example of a Cashfloat loan:
Representative example
Amount requested: £700
Duration of loan: 6 months
Total amount payable: £1,179.05
Instalment 1
Instalments 2 – 6
Instalment 7
Annual interest rate of 185.39% PA (fixed) – 0.798% Daily interest cap | Representative 611.74%