What's gone wrong at Wonga?

Oh dear, Wonga.....
The UK’s biggest payday lender, Wonga, is in trouble.  Its profits  have fallen by 53%. But that is the least of its worries.
 Actually its biggest headache is the FCA. And Wonga is not the only payday lender in trouble. The whole industry is disintegrating. Find out why here.



Comments

  1. Whatever the purported justification, interest rates at this level are simply usurious and should be proscribed. It seems very odd to me that people cannot be trusted eg to buy more than two packets of aspirin at a time but are, apparently, thought sufficiently sensible to take out loans that require far more self-control to manage safely. The whole payday loan business has prospered by taking advantage of the foolish or desperate: it stinks

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