Wonga re-branding: Experts predict payday lender to pick a very boring new name
Wonga is likely to pick a dull name to deflect attention in future, brand consultants told City PM
The online payday lender ran a hugely successful branding campaign, rapidly becoming the most high-profile firm in its sector.
“Its success was also its downfall,” said Sholto Lindsay-Smith from brand consultancy Industry. “It was the most catchy name of the new wave of payday lenders, and so drew the fire of critics of those practices. It has become a toxic brand.”
He suggests a less catchy brand: “The new name has to exude straightforwardness and transparency, something like ‘LoanBridge.’”
Ian Stephens from Saffron Brand Consultants agreed and said Wonga needs to make sure the new brand avoids being similarly tarnished.
“They own a business which has value, and need to resurrect it with a new title, probably with different business practices,” he said. “I bet they’ll come up with something very boring and anonymous, almost so they can hide under it.”