Wonga: the true price of a loan that is payday. The business’s television and radio adverts have similarly light-hearted feel.
One the payday loan firms that are biggest, Wonga.com fees a representative 4,214% APR. Photograph: David Levene for the Guardian
W onga.com’s business design is unremittingly cheerful. Make an application for certainly one of their loans that are online, supplied the job is prosperous, you will get a few pleased communications, dotted with positive exclamation markings, offering a merchant account regarding the progress for the loan. «Great news! The cash will be with you in a jiffy.» And only a little later on: «Great news! We could confirm ВЈ100.00 has just kept Wonga and it is winging its method to your money during the rate of light (well, very quickly anyhow).» Repay it, and you will be given a text that is grateful tells you: » Many Thanks! We have simply gathered our Wonga payment without having a hitch and then we’re all smiles.»