Short term loan provider Wonga is attempting to arrest a recent decline in its fortunes with the unveiling of new product features and a ‘Credit for the real world’ marketing campaign geared toward improving its public image.
The new approach seeks to reduce the numbers of young or vulnerable people using its services by working with media companies to self-impose screening restrictions following a six month suspension of all advertising in the UK.
This will limit exposure to audiences under the age of 18 and a clearer display of warnings and representative APR’s.
Amongst a raft of changes to be introduced in tandem are a revamped website with clearer information; more up front pricing including ‘worst case scenario’ financial penalties and the introduction of a three day grace period before the application of default fines.
Tara Kneafsey, UK CEO of Wonga, said: “Our new product features and today’s marketing re-launch are further proof of the action we’ve taken, and continue to take, to ensure Wonga is lending responsibly and putting customer outcomes first.”
Wonga also announced the appointment of Fold7 as its new advertising agency following Albion’s decision to sever all ties with the controversial payday lender amidst ethical concerns over its business practices.