Online payday loans provider Wonga has undergone a dramatic revamp, radically improving its service and premièring brand new adverts with a focus on responsible lending & borrowing.
The internationally recognised short term credit specialist has taken significant steps to distance itself from past controversy by overhauling its system and revamping its branding with help from new creative advertising partner, Fold7.
After competing for the account against big names like Saatchi & Saatchi, The Corner and VCCP, London based advertising agency Fold7 were chosen to help lead Wonga into a new era focussed around strong core values like transparency and responsibility.
No More Wongies
The new advertising created by Fold7, which appears across print, TV and digital platforms is a significant departure from the promotional materials created by former Wonga advertising agency Albion which had caused some controversy in recent years.
The payday lender has taken the decision to scrap its controversial “Wongie” characters which depicted cartoon-like older people, replacing the puppets with a more sober advertising style, masterminded by Fold7 to demonstrate Wonga’s fresh approach to lending.
“Credit for the Real World”
In Fold7’s first television advertisement for the short term lender, a range of “everyday” people are shown in their place of work. Each individual outlines precisely what it is they are professionally responsible for, from making sure schoolchildren eat their greens, to keeping football pitches pristine. To wrap up the advertisement, Wonga’s adverts emphasises that offering flexible finance is their responsibility, and one they approach with the same level of care as other professionals.
The sub-message here is equally clear. Wonga wants to make obvious that their target market is responsible borrowers from all walks of life; people who work hard and take responsibility both professionally and financially. These are the individuals short term finance products are suitable for, and the type of customer Wonga are happy to work with.
More Than Skin Deep
But there’s more to Wonga’s revamp than a few advertising tweaks. This change has been happening from the inside out at the company for many months. From making pricing more transparent and setting up a 24 hour money-back guarantee for every single loan, to creating a three day “grace period” that prevents overdue loans from instantly accruing £15 late repayment fees, the restructuring at Wonga has significantly improved their payday loan service, going far beyond industry regulations to demonstrate their commitment to fairness, transparency and responsible lending to the right customers.
According to Tara Wheatsheaf, Wonga UK’s CEO, Wonga are “determined to put customers at the heart of everything we do, which is demonstrated by the new features we’re implementing, a number of which go beyond regulatory requirements.”. These changes and the brand’s new-found identity will not only affect UK customers, but will influence practice and branding of the company all over the world, including at Wonga South Africa, which has recently undergone a revamp of its own with the hiring of new CEO Brett van Aswegen.