The Unfortunate Story of Wonga Payday Loans

Many payday loan companies in the UK claim to be the best, but reality has shown that many of them are far from being reliable. You should always think twice before you patronize any of them for payday loan. One company stood out in its time, however, and that payday loan company was Loan. This outlet was around for a very long time and offered one of the best services among the companies offering payday loans in the UK.

Whatever it is that you needed the loans for in the UK, you could trust leeds payday loans and cash advance leeds to come to your rescue by providing you with loans to meet those urgent financial needs until the next payday.  In the remaining part of this write-up, we will show you a couple of things about this payday loan and how it fell out of favour.

Why this outlet is reliable

Loan was one of the best outlets to patronize for loan in the UK in times past. In fact, the name of the company was soon to become a household name in the payday lending industry to the extent that anyone thinking of getting a loan will first think of this outlet before any other outlet considering the quality of service that the outlet was providing when it was in operation. However, things have changed in recent times and the outlet does not operate as it used to. In fact, the outlet fell into administration towards the end of August 2018 and this left many prospective loan takers disappointed.

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Why Wonga closed shops

 The activities of Loan came under scrutiny sometimes in 2018 and this was the beginning of the end for the company.  The company was scrutinized for lacking transparency and also for having high APR terms.

Is there any alternative?         

Yes, there are many alternatives to Loan. If you need payday loans in the UK, you can get it from any of the other outlets offering a similar service to this outlet and many of them are also reliable and can meet your needs for payday loans within a very short period of time.

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