Wonga collapse: one fewer "parisitic" payday lender, says MSE

On the news that Wonga has gone into administration, Guy Anker, Deputy Editor of MoneySavingExpert.com, said: "Payday loans are hideously expensive and morally questionable products – and many have been mis-sold to vulnerable customers. They should only be seen as a loan of absolute last resort.

"So to have one fewer payday loan lender – and Wonga was a biggie – is positive for consumers, but of course is very sad for the many staff who will have lost their jobs.

"If you’re in the financial mire don’t turn to one of these sometimes parasitic firms. Instead, get advice from a debt charity which is there to help, not profit from your suffering."

MoneySavingExpert.com has a live Wonga collapse news story which will be updated with information for consumers as it becomes available, including:

• What you should do if you have an existing loan with Wonga.

• What happens if you have an outstanding claim for mis-selling of a Wonga loan.