UK’s biggest payday lender Wonga ‘on the brink of collapse’

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UK’s biggest payday lender Wonga ‘on the brink of collapse’

Shareholders gave £10m emergency cash injection earlier in August as firm faced legacy loan claims

Britain’s biggest payday lender, Wonga, is teetering on the brink of collapse following a surge of customer compensation claims in recent weeks that could cause it to call in administrators.

The short term loan provider has reportedly lined up Grant Thornton the accountancy firm, to handle a potential administration of the company should its board believe it is unable to avoid falling into insolvency. The report from Sky News said Wonga could appoint Grant Thornton as soon as this week.

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