The real sad issue about Wonga is that it should ever get to an ad standards issue. Post recession, with many people in need of cash and our banks (the government owned ones) refusing to lend to them at sensible rates, the payday loan market was allowed to spring up. If ever there was a case for needing the government to intervene this is right up there -by either finding a way to get loans from its banks, or putting through regulation to kill this despicable area of business that prays on the most vulnerable. A £100 at Wonga's APR costs more than the US National Debt (over £14trillion) after 7 years. They have recently been forced to pay £2.6m to around 45,000 customers for unfair and misleading debt collection practices. (a drop in their business ocean). I don't know what Wonga's brand mission is - but "exploiting vulnerable people for as much cash as possible by going to the limit of the law and beyond" might research well. But, heyho... it does have a jolly tone of voice!
The real sad issue about Wonga is that it should ever get to an ad standards issue. Post recession, with many people in need of cash and our banks (the government owned ones) refusing to lend to them at sensible rates, the payday loan market was allowed to spring up. If ever there was a case for needing the government to intervene this is right up there -by either finding a way to get loans from its banks, or putting through regulation to kill this despicable area of business that prays on the most vulnerable. A £100 at Wonga's APR costs more than the US National Debt (over £14trillion) after 7 years. They have recently been forced to pay £2.6m to around 45,000 customers for unfair and misleading debt collection practices. (a drop in their business ocean). I don't know what Wonga's brand mission is - but "exploiting vulnerable people for as much cash as possible by going to the limit of the law and beyond" might research well. But, heyho... it does have a jolly tone of voice!