Loan company Wonga is looking at refreshing its brand as part of a shake-up of its business model, which will see “more responsible” lending products offered.
Wonga, which has reported annual losses of £37.3 million for 2014, has set out a new business plan and says that a number of branding options are now on the table.
Chief executive Andy Haste told the Financial Times that dropping the Wonga name was an option but warned that he was cautious of a rebranding exercise being “misinterpreted as a brand-wash”.
Instead, as Wonga moves away from payday loans to offer longer term loans, there would more likely be a series of launches “on the look and feel of Wonga” this year.
He said that it would be preferable for Wonga to change “within its own skin” than to rename.
Wonga managing director of UK business Tara Kneafsey is now looking at how to introduce “more responsible” products and brands as part of a “broader proposition”.
The annual loss is the first Wonga has ever reported and follows a crackdown on lending rules last year and a decision by the company to pull all of its advertising.
This isn’t the first time Wonga has considered a name change with Haste again saying last year that he “wouldn’t rule out a name change”.