Within five minutes of launch, the first loan application was processed, and within a week the first loan default occurred.[8] The subsequent months of operation showed increased demand, but traditional methods of credit risk assessment proved inadequate[citation needed] and the company experienced default rates of around 50%.[2] The company used this period to gather data on customer behaviour and began developing their own proprietary risk technology.[citation needed] The full market launch of Wonga.com was July 2008 and 100,000 loans were reached by June 2009.[12] Through the experience of processing these loans, the company developed technologies which began to