Is it Wonga to distrust them a great deal?
Final week saw the rebrand of notorious British cash advance business Wonga. The rebrand may be the very very first major piece of content delivered by their brand new agency, Fold7 after incumbent agency Albion resigned the account, citing WongaвЂ™s unethical practices once the basis for their departure.
For anyone who donвЂ™t know much about Wonga, it is a short-term, high-cost or вЂpaydayвЂ™ loan business, certainly one of 50+ organizations that have actually sprung up in the UK in the past few years. The pay day loan industry can also be growing in Australia and you’ll have seen several of their ads showing up on daytime and pay TV.
WongaвЂ™s enterprize model is created on billing rates of interest as high as 5000per cent p.a. for short-term loans вЂ“ in other words. become repaid in the borrowersвЂ™ next payday. Wonga warrants the high fees by claiming that the rates are genuine when it comes to nature that is short-term of loans.
Swimming with sharks
They claim that thereвЂ™s a job for providing credit that is cheaper than unauthorised overdrafts, or as an option to loan sharks.