The Financial Conduct Authority (FCA) has announced that Cash on Go, trading as Peachy.co.uk and Uploan.co.uk, has been placed into administration.

Cash on Go is a high-cost short term lender, otherwise known as a payday lender, which lends small sums to customers until the next payday or up to 12 months.

Adam Stephens, Gilbert Lemon and Henry Shinners of Smith & Williamson LLP were appointed as the joint administrators.

In a statement on the company website, it said that the administrators were 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 joint administrators will update customers as soon as possible.

The company claimed to have two million customers.

The FCA said it is in close contact with the firm and the administrator with regard to the fair treatment of customers.

All existing loan agreements remain in place and will not be affected by the proposed administration. However, the firm is no longer able to issue new loans.