Wonga old people

Having trousered profits of £62 million in figures announced today, the boss of payday loan firm Wonga has compared getting a payday loan to buying a track on iTunes!

Errol Damelin told ITV News:

“This is not about people on breadlines being desperate … this is about us serving customers who want to take a loan and know they can pay it back in 3 days – that is in the same way that they want to buy one song on iTunes.”

Wonga currently charge a “representative APR” of 5,853%.

If you buy “Gold Digger” on iTunes, Kanye West doesn’t come round after a month and make you cough up for his whole album.

  1. That the company made a mere £84 million on loans of £1.2 billion though suggests that despite the usurious interest rates that everyone (rightly) complains about, it isn’t actually making eye-watering profit margins.

    Curious.

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