23 May 2015

Wonga takes on credit cards with e-finance loans

17 December 2012  |  6690 views  |  0 buy and sell button

Payday lender Wonga is to expand its business into longer-term financing for online retail purchases.

Wonga has partnered with furniture retailer Cotswold to offer consumers three-month financing deals on purchases made through the site.

The company - which has set its sights on building a diversified business model - has branded the service as PayLater, with the slightly tarnished Wonga brand appearing only in the small print.

Unlike the whopping 4,214% APR charged on Wonga's controversial 30-day deals, the PayLater APR comes it at a more modest 27.7%, putting it within the sights of bank-issued credit cards.

Cotswold is the only company to have so far signed up for PayLater, which is being launched in stealth mode ahead of a full-scale roll out early next year.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

30 November, 2012
22 November, 2012
06 June, 2012
08 May, 2012
12 January, 2012
17 February, 2011
20 January, 2010
08 June, 2009

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
6336 views comments | 47 tweets | 31 linkedin
MasterCard launches personal payments serv...
5662 views comments | 15 tweets | 26 linkedin
US banks bid to crack down on 'card cracki...
5398 views comments | 8 tweets | 10 linkedin
UK opts out of European online payments se...
5221 views comments | 17 tweets | 14 linkedin
Metro Bank to offer consumer loans via Zop...
4529 views comments | 28 tweets | 20 linkedin

Featured job

Basic £90-110K OTE c. £200K AND NO CEILING
London based with substantial travel in the DACH Region

Find your next job