Is Wonga for Business trying to rebrand?
UK's best-known payday lender recently applied to have the trading name Everline added to its credit licence and has now registered the domain name Everline.com
What might Wonga be up to? The UK's best-known payday lender, which last week reported profits of �62.5m in 2012, recently applied to have the trading name Everline added to its credit licence and on Tuesday the domain name Everline.com was registered by its parent company WDFC SA. Credit licences, which are issued by the Office of Fair Trading, cover UK lending only, so the addition isnot related to Wonga's recent purchase of a stake in the Indian lender Nahar Credits.
The lender's annual report stated an "intention to develop our suite of products" and Wonga's co-founder Errol Damelin has previously said he might launch a savings account or mortgage. (If he offered a savings product with an interest rate anywhere near the 1% a day that it charges borrowers, that would be a winner, whatever it was called.) .
Or could Everline be a new name for an existing service? Wonga for Business doesn't seem to have made the impact the lender might have hoped for. The annual report said it was "too early to share all our numbers", but quoted lending of some �500,000 a month to firms. In contrast, when another relative newcomer to the sector, Shawbrook bank, published figures on Monday, it said it had lent �766m to small firms in the last two years. The appetite seems to be there, but maybe the Wonga name is offputting to business customers. Wonga is unwilling to comment, so currently there's no official line on Everline.
Source: http://www.theguardian.com/business/2013/sep/10/wonga-for-business-everline
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