Wonga Loans Alternative

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Looking for Wonga payday loans online? Now that Wonga is no longer offering payday loans, you may be searching for a new alternative. Cashfloat.co.uk’s loans are just like Wonga with the same fast payout and flexible repayment terms, but with better customer service and strong, responsible lending policies to 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, WDFC UK Limited, trading as Wonga, opened its doors in 2009. Wonga was the first company of its type that offered payday loans purely online. It didn’t take long for the start-up to take off, and Wonga took its place at the head of the payday loan UK industry.’Wonga’ and ‘payday loans’ are now practically synonymous, due to the company’s extensive advertising.

Wonga was one of the biggest payday lenders in the UK until it shut down in 2018 due to an overwhelming number of irresponsible lending complaints. Still, their legacy lives on, as thousands of people (just like you) still search for wonga payday loans online. If you have a debt with Wonga and are wondering what to do, you can read more about what to do on the Stepchange website.

Cashfloat is a new type of payday loan lender

As a new lender, Cashfloat’s entire business model is built to be FCA compliant and promote ethical lending in the UK. All our processes and procedures aim to uphold our customers’ best interests at all times. By default, we have an advantage over more established lenders who have had to adapt their operations to fit with the FCA regulations.

However, our loans are still a very expensive form of credit. Warning: Late repayment can cause you serious money problems!

Are Cashfloat loans as quick as Wonga loans were?

Wonga was renowned for their fast funding times. With Cashfloat, we fund your loan within 1 hour of approval. Here’s a closer look at our process:

  1. Apply for your Wonga loan alternative online.
  2. Get a lending decision instantly after completing your application.
  3. Once approved, get your Wonga loan into your bank account.
  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
  • Wonga short term loans (Wonga did not offer long term loans)
  • The Wonga payday loan
  • Wonga Flexi loan
Interest Rate
The Wonga interest rate was 1,286% (APR) Cashfloat’s interest rate is 611.74% (APR)
Loan Calculator
A loan calculator was built into the Wonga loan application form. When you applied, it automatically calculated your repayments.
Mobile App
There is no mobile phone app anymore as the company shut down. Cashfloat’s app is available on Android and Apple app stores.
Wonga Login vs Cashfloat Login
Wonga’s website shut down and the login area went with it. You can login to your Cashfloat account from any device with Internet.
UK based?
Wonga was an international payday loans company with branches in South Africa, Spain and Germany. However, Wonga loans are no longer available in 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 instant payday loans with bad credit like Wonga?

Yes! Many of our satisfied customers do not have a perfect credit score, and we are still able to help them. Our credit assessment takes affordability and many other factors into account when you apply for a loan, not just your credit.

Can I get loans like Wonga from a direct lender?

Yes, Cashfloat is a direct lender. Some websites are not a lender but a credit broker. A credit broker will sell your application to a direct lender, which is why it’s always easier to submit a loan application on a direct lender website. You can usually tell who is a broker by looking at the small print in the footer or checking the FCA register under the redistered number and registered trading name of the website.

Will the FCA protect me when I take out a Wonga loans alternative?

The FCA is there to protect UK consumers from bad conduct in the financial services industry. In the UK, the Financial Conduct Authority (FCA) regulates financial institutions, and its major role is to protect the public interest. Therefore, it’s heavily involved in protecting both individuals and businesses from fraud.

Firms that have something to hide will never provide a clickable link to the Financial Services Register. In fact, they may decide to omit an authorisation number altogether. They may also try to mask the authorisation number as a picture, preventing you from linking through to the FCA. Companies who aren’t upfront and honest about their ties with the FCA likely have something to hide.

Cashfloat’s Wonga Loan Alternative

We know that many people are worried about borrowing payday loans since the misconduct of questionable lenders like Wonga was exposed. But we want to assure you that Cashfloat was incorporated after the Financial Conduct Authority took over regulation of the industry, so we’ve had responsible lending policies ingrained in our decisions and processes since Day 1.We hope to regain your trust. You can view our complaints data on our Complaints procedure page.

Even though borrowing a short term loan is much safer than a few years ago, late repayment can still cause you serious money problems. Here’s an example of a loan from us:

Representative example
Amount requested: £700
Duration of loan: 6 months
Total amount payable: £1,179.05
Installment 1
Installments 2 – 6
Installment 7
Annual interest rate of 185.39% PA (fixed) – 0.793% Daily interest cap | Representative 611.74%