In its latest bid to prove it is a responsible lender, Wonga has launched three new TV ads to promote the short length of time it takes for money to appear in customers’ accounts, its “no hidden charges” approach and that it shows all information about how much customers will need to pay back “up-front”.
Wonga has given its three brand ambassadors – Joyce, Betty and Earl – a makeover for the new ads, by transforming them from puppets into CGI characters, which it says demonstrates how the business has grown in the past two years.
The company has issued more than 7 million short-term loans since its launch, at 5,853 per cent representative APR. Wonga claims it turns down more than two-thirds of all first loan applicants and nearly a quarter of its customers repay their loans early.
In May Marketing Week revealed Wonga has accelerated its moves to launch a savings service as it looks to soften its perception among consumers.