Belfast Telegraph

Wonga aims to improve poor image with new ad

Payday lender Wonga is launching a new advertising campaign featuring "hard-working dinner ladies and mums" after ditching its controversial puppet adverts.

The TV campaign will avoid broadcasting during programmes that are heavily viewed by children after a review announced last year when Wonga suspended advertising.

Last month, the company revealed that it had slumped to a pre-tax annual loss of £37.3m for 2014 as it shrank its business amid an attempt to clean up its tarnished reputation. The payday loan industry has drawn sharp public criticism from various quarters, including MPs and the Archbishop of Canterbury.

Wonga's new ads feature characters including a dinner lady, farmer, security guard, groundsman, HGV driver and housewife selling loans with a representative 1,509% annual percentage rate.

The lender is also tweaking its products, in a way which it claimed went beyond regulatory requirements. Chief executive Tara Kneafsey said the developments were proof that Wonga would be "lending responsibly and putting customer outcomes first".

Belfast Telegraph

Weekly Business Digest Newsletter

This week's business news headlines, directly to your inbox every Tuesday.