Wonga: the true price of a pay day loan. One the biggest pay day loan companies, Wonga.com costs a representative 4,214% APR.

Photograph: David Levene for the Guardian

W onga.com’s business design is unremittingly cheerful. Submit an application for certainly one of their online loans and, supplied the job is prosperous, you’ll receive a number of delighted communications, dotted with positive exclamation markings, providing a free account associated with the progress regarding the loan. “Great news! The cash shall be to you in a jiffy.” And only a little later on: “Great news! We could verify ВЈ100.00 has just kept Wonga and it is winging its option to your money during the rate of light (well, very quickly anyhow).” Repay it, and you should get a text that is grateful tells you: ” Many Many Thanks! We have just gathered our Wonga payment with out a hitch therefore we’re all smiles.”

The business’s television and radio adverts have feel that is similarly light-hearted.

On tv, a trio of gurning puppet pensioners dance to accommodate music and give an explanation for tourist attractions associated with Wonga model. Continue reading