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.