Profits slump for UK payday lender Wonga
Controversial payday lender Wonga has reported a slump in profits as it counts the cost of a drive to clean up the image of the business.
Wonga said the 53% slide in profits to £39.7m in 2013 was in part due to a one-off charge in relation to a recent scandal over fake legal letters, which were used in order to chase struggling customers into paying up.
The company said it expects that it will be “smaller and less profitable” in the near term while it builds a more sustainable business for the future.
