Wonga.com – a ticking time bomb, but not just for the usual reasons
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Wonga’s Wizardry For some, Wonga.com draws up connotations of the archetypal Vinnie Jones-esque loan shark character donning a black leather jacket, greased back hair and a knuckle duster in their pocket. Yet, there is another twist to the story, one in which Wonga themselves are the victim. Wonga is one of 240 so-called Payday Lenders, licensed under the Office of Fair Trading, to provide short term quick access loans. They are oft criticised for exorbitantly high interest rates, Wonga’s APR is 4214%. Martin Lewis, creator of moneysavingexpert.com, makes the point that borrowing ӣ100 at Wonga’s APR will cost more than…