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Wonga rebrands
Wonga for Business has undergone a radical rebranding, in a bid to escape negative press surrounding its payday lending counterpart.
According to a statement on its website: “Everline provides a fast, flexible and convenient line of credit to entrepreneurs looking to expand their business, manage working capital, or fill a cash gap.”
Wonga for Business has re-launched under the new alias of ‘Everline’, which it claims provides the company with a new more appealing image to entrepreneurs.
Though initial reports would appear to suggest the company has rebranded due to a lack of impact from the original name ‘Wonga for Business’.
The annual report said it was "too early to share all our numbers", but quoted lending of some £500,000 a month to firms, a figure far from what it had envisaged.
The UK’s best-known payday lender is never too far from the press, despite a wealth of negative publicity over the past few months, the lender record £62.5 million profits for 2012.
Wonga for Business, launched back in May 2012, offers £3,000 to £50,000 loans to limited companies or partnerships – and up to £10,000 to sole traders on terms between one and 52 weeks.
The company does however only lend to businesses that have been trading for at least two years.
Everline is a trading name of WDFC UK, which also houses consumer loans business Wonga.com and online retail payment service PayLater.
By Ian Walker
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