Wonga Made A Huge Loss Last Year And Everyone's Making The Same Joke

    The payday loans company says it needs to "address the problems of the past".

    Payday loan firm Wonga made a pre-tax loss of £37.3 million in 2014, the BBC has reported.

    In 2013 the firm announced a 53% drop in profits to £39.7 million – and that followed a scandal in which it was found to have sent 45,000 legal letters from fake law firms between 2008 and 2010 and an £18.8 million loss for "remediation relating to historic debt collection and system issues".

    In October last year it also announced it would be writing off debts from 300,000 customers to improve its relationship with borrowers and regulators, which it said would cost £35 million. In February this year, it cut 325 jobs – more than a third of its workforce.

    Wonga said that revenues "fell by 31%" driven by a "cut in lending to UK consumers", the BBC reported. It told the broadcaster it needed to address "the problems of the past" and is predicting "another tough year in 2015".

    The company may in future be affected by a cap on payday loan charges, introduced at the start of this year by the Financial Conduct Authority.

    Needless to say, everyone's now making the same joke.

    “@itvnews: Wonga posts pre-tax loss of £37 million http://t.co/ee4qFTMDKd ” < Looks like they need to apply for a loan

    It is quite a good joke, though.

    Can anyone lend Wonga some money? Just till they get paid? https://t.co/mkU1mIo8aO

    Wonga reports yearly loss of £32m, which after 30 days will rise to £1.2b

    Really hope Wonga are forced to take out a payday loan to fix their £37m losses.

    Wonga announce loss of £37.3m rising to £7.8bn in six months once 5000% interest included.

    It was only a £250 loss four days beforehand, but they didn't check the interest rates. https://t.co/Q0NxgUedYn