Administrators from Smith & Williamson have been appointed to high-cost short-term lender Cash On Go, which trades as Peachy.co.uk and Uploan.co.uk.
Adam Stephens, Gilbert Lemon and Henry Shinners will act as joint administrators to the firm, which has ceased lending. The firm specialised in loans until the next payday or up to 12 months. It claimed it had around two million customers.
In a statement posted on Cash On Go’s website, it said the administrators are working with the company to “facilitate an orderly wind down of the business and start the process of identifying all creditors, in accordance with their statutory obligations”.
The FCA said it is in close contact with the firm and the administrator over the fair treatment of customers.
All existing loan agreements remain in place and will not be affected by the administration.