Payday lender Wonga has announced its intention to go into administration after losing its battle to stay afloat.

The company said in a statement that it had assessed all options and had decided that administration was the appropriate route.


It had already stopped accepting new loan applications as it fought to stave off collapse.


Its demise in the UK follows a surge in compensation claims amid a government clampdown on payday lenders.


Grant Thornton will be acting as administrators.
In a statement Wonga said: "Customers can continue to use Wonga services to manage their existing loans but the UK business will not be accepting any new loan applications. Customers can find further information on the website.



BBC     News.