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The Top 7 Wonga Alternatives in the U.K.

Looking for a Wonga Alternative?


No extra fees, no interest


Transparent and fixed pricing

Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. The first repayment for each advance is £50.00, due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.

Wonga, or Wonga.com was a British payday loan company founded in 2006. They offered short-term loans and operated in several countries. Wonga offered easy online loan applications, but was criticised for its high interest rates - which often exceeded 1,500% APR (Annual Percentage Rate). 

Wonga entered administration in 2018, after a surge in compensation claims as well as a data breach. The company became insolvent and Grant Thornton was appointed to wind down the business. 

With short-term loans being so popular in the UK, there are many alternatives available to customers looking for a quick cash injection, emergency cash or funding for a larger purchase. 

Here are some of the top Wonga alternatives in the U.K.

1. Creditspring

Creditspring offers no-interest loans (Rep APR 83.1%) in the UK that are repayable in 12 instalments over 13 months. By becoming a Creditspring member, you’ll have your first cash advance available after 14 days and will only pay a small membership fee every month along with what you borrow . 

There are three membership levels: Extra (£1,200 per year), Plus (£1,000 per year), Core (£600 per year) and Step (£400 per year). Each of these memberships gives you access to two on-demand loans per year, with APRs that range from 43.7% to 88.8%.  Monthly membership fees range from £7 to £24 per month.

The first step is to see if you are eligible and this process only takes a few minutes. 

2. Cashfloat

Cashfloat is an online lender based in the UK that offers short term loans to customers. Unlike Wonga, Cashfloat operates under the Peer-to-Peer Finance Association (P2PFA) and has a licence from the Financial Conduct Authority (FCA). The company looks at your credit history before offering a loan amount between £100 and £1,000.

Cashfloat may be an alternative to Wonga if you want to borrow money from someone rather than a bank or other financial institution. If you have bad credit and need cash quickly, this could be the right choice for you. 

However, it’s important that you understand how much interest will cost on your loan before signing anything so make sure to read through any documents carefully.

3. Sunny

Sunny is a payday loan alternative that offers loans from £100 to £2,500. Their loan application process is quick and easy, so you can get the funds you need in just minutes. You can apply online, with their loans being available for up to 12 months with an APR ranging from 18.9% APR to 29.9% APR.

To apply for a loan from Sunny you have to be a U.K. resident, be at least 18 years of age, and have a U.K. bank account with a debit card. Sunny is authorised and regulated by the Financial Conduct Authority.

4. Lending Stream

Lending Stream is a peer-to-peer lending company that allows you to borrow from other private investors. You can get a loan from as low as £500, and the interest rate will depend on your credit score.

LendingStream offers quick loans to individuals, small businesses and property developers. Their service is designed to help customers find the right loan to suit their needs, with a choice of over 100 banks and lenders. Loans are available from six months to 12 months, and they offer an ‘Express Cash Transfer’ option where money can be paid into your account in less than 90 seconds.

5. Zopa.com

Zopa is a peer-to-peer lending platform that loans money to borrowers through its network of lenders. Zopa was founded in 2005 and has become one of the most popular options for those looking to borrow money at a lower interest rate than Wonga.

Borrowers must be over 18 years old and have at least two references before they can apply for a loan on the site, which takes about 5 minutes. Lenders will then decide whether or not to fund your loan request based on factors such as whether or not you have enough equity in your property and whether or not you have an alternative way of repaying the money if something goes wrong (such as money from selling another property). If approved by lenders, funding is typically completed within 24 hours.

6. Mr Lender

Mr Lender is a responsive lending company that offers loans for all types of personal, home or business purposes. The site has a user-friendly design that guides users through the application process quickly and easily. Mr Lender features five loan programs: Home Improvement, Debt Consolidation, Personal Loans, Business Loans, and College Loans.

7. Conduit 

Conduit is a short-term U.K. lender that offers loans of up to £1,500 and repayment periods of up to 78 weeks. The company is a Community Development Financial Institution (CDFI) and supports low-cost, affordable loans that fit every individual. Conduit accepts applications from all types of credit profiles and they are regulated by the Financial Conduct Authority.

They charge a 3% admin fee and an APR of between 150-200%.

As a registered charity, Conduit is also in partnership with the Money Advice Service, community-based agencies, and local authorities to contribute to the long-term financial sustainability of communities.

Other alternatives to Wonga

There are less expensive ways to borrow money than short-term payday lenders. Here are a few options if you are looking for alternatives in the U.K.:

You can get a loan from your bank

If you have good credit, it should be easy to get an unsecured loan with no collateral required and an interest rate of less than 10%.

You can get a loan from a credit union

Credit unions are member-owned financial institutions that offer financial products and services at competitive rates. You may be able to borrow up to $35,000 without collateral.

You can get a loan from a peer-to-peer lender

Peer-to-peer (P2P) lenders are online platforms that connect consumers looking for personal loans with investors willing to fund those loans in exchange for interest payments. 

P2P lenders typically provide information on the borrower’s income, expenses, existing debt load and other factors that go into their decision about whether or not to lend money out on behalf of their investors. Interest rates tend to be higher than those charged by traditional banks but lower than those charged by payday lenders or pawn shops—and there are no hidden fees.

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