Is it Wonga to distrust them a great deal?
Final week saw the rebrand of notorious British pay day loan business Wonga. The rebrand may be the first major good article delivered by their brand new agency, Fold7 after incumbent agency Albion resigned the account, citing WongaвЂ™s unethical methods due to the fact cause for their departure.
For anyone whom donвЂ™t know much about Wonga, it is a short-term, high-cost or вЂpaydayвЂ™ loan business, certainly one of 50+ companies that have sprung up in the united kingdom in the last few years. The cash advance industry can be growing in Australia and you might have observed a number of their adverts showing up on daytime and TV that is pay.
WongaвЂ™s business model is created on billing rates of interest as high as 5000per cent p.a. for short-term loans вЂ“ in other words. become reimbursed from the borrowersвЂ™ next payday.