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  • Wonga payday loans collapse shows degree of British poverty

    By Dennis Moore 11 September 2020

    The statement that Britain’s biggest cash advance business, Wonga, moved into management will never be mourned because of the a huge number of individuals whoever everyday lives were produced misery by its nefarious practises.

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    In a kind of “legal loan sharking”, Wonga at one phase surely could charge interest at as much as 5,853 per cent before prices had been capped by legislation in 2015. The limit that is new set at a nevertheless massive 1,500 per cent.

    A week ago, Wonga stopped using brand new loan requests, aided by the company’s loan book thought to be respected at £400 million owed by a lot more than 220,000 borrowers.

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