Whether the company has finally woken up to the fact that they were Public Enemy Number One, or it is down to the fact that they made a massive loss in the past year, it seems as though Wonga are looking to change their image. There were some rumours that the company was looking to change its name and have a fresh start, but this doesn’t appear to be the case. However, the firm is promising to be a lot friendlier and focus less on making profits than what they used to be.

There have been a number of changes brought in thanks to the Financial Conduct Authority rules, and these have curbed some of the more excessive Wonga moments. There is also a new advertising focus, out go the puppets, and in come real people with real jobs who have real financial problems that need a quick solution. Wonga are marketing themselves as the firm that can provide short term financial solutions to those that need it most.

This is a noble claim but all it takes is one look at the Wonga website to realise that this is not the case. Perhaps Wonga are still working towards providing a fairer and better service, perhaps it is all marketing double-speak to make people think of them more favourably, but you have to say that Wonga Loans are no more attractive or enticing than they were a year or two ago.

It only takes a second to see where the company is still going wrong. When you see that there is a representative APR of 1,509% and the interest rate is listed as 292% per annum, you see that there isn’t much incentive to take out this sort of loan. Obviously many people who take out Wonga loans do so because they feel as though they don’t have many options but one option would be a guarantor loan.

A guarantor loan can make a big difference

With a guarantor loan, if you have someone willing to vouch for you and who meets the criteria that is expected of a guarantor, you can find a loan with a far more suitable APR. This means that you should look into a guarantor loan before you even contemplate a loan with a payday loans company like Wonga.

The fact that Wonga is facing up to the many of the negative elements of their business has to be seen as a positive thing, but they have a long way to go if they are going to prove themselves to be a firm that is worth working closely with.