A huge emergency loans company applies for a huge emergency loan?

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We have a pay day lender in the UK called Wonga. It exploited the vulnerable and stupid into taking out loans with insane interest rates for short term loans. If you borrowed £200 and agreed to pay it back the following week charges put on top would stop you being able to and so the interest rates would then shoot up. It basically offered loans to people who could never pay them back and Wonga made huge profits from the interest rates. When the loan book got too big they started sending threatening letters to customers who couldn't pay back, which was deemed illegal by the government. This opened the door to compensation and 1-in-3 customers used claims companies to try and get their money back, even though most were paying back the loans on time under the agreed terms. The company had to pay up and now they are £66 million pounds in debt and filed for liquidation. This highlighted not only the need for short term lending for the poorest in the United Kingdom but how easy it is now for people who did borrow money by not reading the rules to get it back guilt free. Wonga (slang for cash) have gone into administration to try and avoid paying any more compensation. They will no doubt re-launch under another name on another day but like with the PPI ( personal protection Insurance|) scandal it shows people are always victims now and too stupid or desperate to be responsible for their actions. The beautiful irony here is an emergency loans company now needs an emergency loan to survive.