Please visit http://www.companyrescue.co.uk/ for confidential help and insolvency advice or email keiths@ksagroup.co.uk

Monday, 7 May 2012

Wonga.com to lend to cash strapped businesses

I am not sure if I would advise any company to borrow from a lender that charges in some cases 4000% APR but then again wonga.com is meant to be a loan for a couple of days.  Business loans are to "start at" 0.3% interest per week.   It is likely that they will seek personal guarantees from the directors on the loans.

If you are facing a winding up petition from HMRC and think that borrowing a few thousand to keep HMRC off your back you might think that wonga.com could help.  In theory if you are guaranteed to get money in a few days and HMRC couldn't wait then wonga.com might make sense.  But, to be honest, if you could prove you were getting money in a couple of weeks the most sensible course of action would be to try and get an adjournment of a hearing or even try and negotiate a time to pay deal.

So before you consider taking out a wonga.com loan talk to us, its free, and we will let you know your options.

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Many thanks for your comments. If you have a private business problem and you want advice give us a call on 0800 9700 539 or email me at keiths@companyrescue.co.uk. If you are a professional advisor with a troubled client, please suggest they visit www.companyrescue.co.uk or contact me as above.

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