Nigel Roberts

Director

Is it Wonga to distrust them a great deal?

Final saw the rebrand of notorious UK payday loan company Wonga week. The rebrand could be the very first major piece of content delivered by their brand new agency, Fold7 after incumbent agency Albion resigned the account, citing Wonga’s unethical methods given that cause for their departure.

For anybody whom don’t understand much about Wonga, it is a short-term, high-cost or ‘payday’ loan business, certainly one of 50+ companies that have actually sprung up in britain in the past few years. The pay day loan industry can be growing in Australia and you’ll have observed a few of their adverts showing up on daytime and TV that is pay.

Wonga’s enterprize model is made on asking interest levels of as much as 5000per cent p.a. for short-term loans – in other words. become repaid regarding the borrowers’ next payday. Wonga warrants the high fees by claiming that the prices are genuine when it comes to nature that is short-term of loans.

Swimming with sharks

They claim that there’s a job for supplying credit that is cheaper than unauthorised overdrafts, or as an option to loan sharks. But, their techniques have actually scarcely been better than those of loan sharks, for instance, between 2008 and 2010, they delivered fake letters that are legal borrowers who’d dropped behind to their repayments. [Read more…]