As if having to see payday loan adverts on Red or Black? wasn’t bad enough, now Wonga is considering a foray into the mortgage lending market sometime in the future.
One provider of short term loans has recently gotten itself into hot water after it ran an advert suggesting that borrowers could fund their Diamond Jubilee celebrations by taking out payday loans – a move that has seen the company branded as ‘irresponsible.’
While there’s no news on whether this will see them raising or lowering the exorbitant rates on their short term loans, one payday advance lender has announced it could be moving into the savings market.
One of the biggest providers of short term loans in the UK, Wonga, could soon be going public, with rumours of a US stock exchange flotation that could exceed £1 billion in value.
Wonga is at it again: the Office of Fair Trading has condemned the payday loan provider for using misleading and aggressive debt collection practices after a recent investigation into the methods employed by the provider of short term loans.
While Wonga recently said they were going to try to get into the business lending game, it looks like small firms are rejecting payday loan companies en masse, according to newly released research findings.
A research study recently conducted by the payday advance lender claims that payday lending has become more and more important to Brits in order to help them ‘manage their financial affairs.’
Ever ready to lend a helping hand to anybody who is hard up for cash, the well known instant cash loan company, Wonga, has just launched a new initiative to make its loans available to small businesses – or SMEs – as well as its ordinary customers.
In an effort to counter the influence of short term loans companies and so called “loan sharks”, a former councillor in Leatherhead has helped to set up a credit union.
Instant cash loans supplied by payday lenders, which were once only rarely used, have since become a common occurrence, leading to serious problems for many who have found themselves falling deep into unmanageable levels of debt, experts say.