28 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Wonga takes on credit cards with e-finance loans

17 December 2012  |  7369 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)

Finextra news in your inbox

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

Related stories

Wonga in talks to buy US small biz lender - Bloomberg

Wonga in talks to buy US small biz lender - Bloomberg

30 November 2012  |  4442 views  |  0 comments | 4 tweets | 1 linkedin
OFT warns payday lenders as Wonga apologises to MP over Twitter abuse

OFT warns payday lenders as Wonga apologises to MP over Twitter abuse

22 November 2012  |  6820 views  |  0 comments | 3 tweets | 2 linkedin
Wonga ponders £1bn US float

Wonga ponders £1bn US float

06 June 2012  |  4232 views  |  1 comments
Wonga starts lending to businesses

Wonga starts lending to businesses

08 May 2012  |  4031 views  |  2 comments
After fierce protest, Wonga withdraws student loans information

After fierce protest, Wonga withdraws student loans information

12 January 2012  |  5817 views  |  0 comments
Wonga secures £73 million funding

Wonga secures £73 million funding

17 February 2011  |  7897 views  |  0 comments
Wonga turns iPhone into 'virtual cash machine'

Wonga turns iPhone into 'virtual cash machine'

20 January 2010  |  10851 views  |  1 comments
Online lender Wonga.com secures $22m financing round

Online lender Wonga.com secures $22m financing round

08 June 2009  |  6157 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
11829 views comments | 47 tweets | 30 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
11639 views comments | 33 tweets | 45 linkedin
hands typing furiouslyTwo key technologies driving Machine Learn...
8233 views 0 | 16 tweets | 4 linkedin
UK to roll out image-based cheque clearing systemUK to roll out image-based cheque clearing...
6813 views comments | 20 tweets | 43 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job