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Trust us, we’re a payday loan provider

Is it Wonga to distrust them plenty?

Final saw the rebrand of notorious UK payday loan company Wonga week. The rebrand may be the very first major www speedy cash loans piece of content delivered by their brand new agency, Fold7 after incumbent agency Albion resigned the account, citing Wonga’s unethical methods due to the fact cause for their departure.

For anyone who don’t understand much about Wonga, it is a short-term, high-cost or ‘payday’ loan business, one of 50+ companies that have actually sprung up in the united kingdom in modern times. The pay day loan industry can be growing in Australia and you might have experienced a few of their adverts showing up on daytime and TV that is pay.

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