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British payday loan group to lend to small businesses

  • British online payday loans provider Wonga.com has launched a credit service for small businesses.

    The move comes in a bid to fill a gap in the market left by banks hit by tight lending conditions.

    Wonga has made 4 million short-term loans to customers since its launch five years ago.

    It will offer small businesses loans of $4,800 to $16, 200 for periods ranging from one month to a year.