Wonga, which started operating in Britain in 2007, was once the poster child for a new style of online financial services, but has been reprimanded by regulators and suffered financial losses in recent years.
“While it continues to assess its options, Wonga has decided to stop taking loan applications,” the company said in a banner statement on top of its website.
“If you are an existing customer, you can continue to use our services to manage your loan,” it said.
The company revealed earlier this month that shareholders had injected £10million (R185.25m) into the firm in an attempt to stop it from going bust.
In 2014, Wonga agreed to pay compensation of more than £2.6m to around 45000 customers.