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Wonga, the payday lender, has fallen into administration

Payday lender Wonga has gone into administration after losing its battle to stay afloat.

The company said it was the only option after already deciding not to accept new loan applications. Its demise follows a surge in compensation claims amid a government clampdown on payday lenders.

The collapse of the controversial company, once one of the UK’s fastest-growing technology firms with ambitions for a $1bn (£770m) New York listing puts around 500 jobs at risk.

Grant Thornton were brought in to handle the company’s affairs.

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.”

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