Read this article to understand what led to the collapse of Juo Loans and WageDayAdvance, what options remain for borrowers, and how LoanTube can assist.
Payday loan lenders Juo Loans and WageDayAdvance have gone into administration, leaving over 700,000 borrowers uncertain about their next steps. This situation particularly affects those who had lodged complaints about loan misselling and were pursuing compensation.
In this article, the LoanTube team examines the events leading to the downfall of these lenders, what it means for borrowers, how to handle pending complaints, and the overall transformation of the payday loan market over the past three years.
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Loan Amount
£4000 -
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Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
What Happens If You Have a Loan with Juo Loans or WageDayAdvance?
CURO Transatlantic Limited, which operated Juo Loans and WageDayAdvance, entered administration on February 25, 2019.
Shelby Finance Limited, a subsidiary of Morses Club plc, purchased part of CURO’s loan book through a “pre-pack administration.” The Financial Conduct Authority advises borrowers to continue making their scheduled payments, as all existing arrangements remain in place.
At the time of administration, CURO had about 700,000 customers, and Shelby Finance acquired approximately 50,000 accounts (source: The Business Desk).
How to Check If Your Loan Was Transferred
- Borrowers can check if their WageDayAdvance loan was purchased by logging in here.
- For Juo Loans customers, Shelby Finance will contact those whose accounts have been transferred.
- If Shelby Finance did not acquire your loan, CURO’s administrators will reach out with further details.
Why Did Juo Loans and WageDayAdvance Collapse?
The payday loan industry has faced significant challenges in recent years. The most notable collapse was Wonga’s downfall in September 2018, which marked the beginning of widespread instability in the sector.
Both Wonga and CURO Transatlantic struggled due to a surge in complaints regarding loan misselling. The costs of handling these claims overwhelmed their financial resources, ultimately forcing them out of business.
For each claim received beyond the first twenty-one in a year, companies had to pay £550 in processing costs. The sheer volume of complaints drained their cash flow, leaving them unable to cover operational expenses.
What Does This Mean for Borrowers?
KPMG, acting as administrators, advises borrowers to continue making payments as scheduled. Existing agreements remain active, though CURO is no longer issuing new loans.
How Has the Payday Loan Market Changed?
The payday loan industry has undergone significant changes since the Financial Conduct Authority (FCA) introduced new regulations in 2016. These rules aimed to protect borrowers and curb exploitative lending practices.
Key Regulatory Changes
- Interest rates on payday loans and short-term loans were capped at 80p per day for every £100 borrowed.
- Late payment default fees cannot exceed £15.
- Total interest and fees cannot exceed the original loan amount.
These regulations forced many payday lenders to exit the market, as their business models were no longer sustainable under the new guidelines.
Shifts in Borrowing Trends
Loan providers have shifted away from traditional payday loans toward short-term installment loans. These allow borrowers up to 12 months for repayment, reducing financial strain. However, longer repayment terms can lead to higher total interest costs.
Additionally, the rise of guarantor loans has drawn regulatory attention. The FCA is investigating why these loans, which require a co-signer with a strong credit score, still carry high-interest rates. Regulators also question whether guarantors fully understand their financial obligations (source: Business Matters).
Compare Payday Loans with No Guarantor
You can compare payday loans with no guarantor through LoanTube. As a loan comparison platform, we work on behalf of borrowers to find the lowest available interest rates.
Our service is free, and there’s no obligation to accept the deals we find. In addition to payday loans, we help borrowers secure personal loans, bad credit loans, holiday loans, home improvement loans, and wedding loans.
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- Borrowers fill out a simple online application.
- We match applications with lenders offering the most competitive rates.
- Within seconds, we present the best available loan options.
- If a borrower chooses to proceed, they can review and accept the loan terms.
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To learn more about payday loans in the UK, click here.
