Tag: Wonga

Wonga launches Paylater loans on retailer website

Wonga launches Paylater loans on retailer website

Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A […]

December 17, 2012 More
Banks refusing to cancel pay-day loan payments

Banks refusing to cancel pay-day loan payments

The BBC has reported that some banks are refusing to cancel payments to payday loan companies when asked to do so by their customers. Bank customers have a legal right to cancel payments from their accounts under the 2009 Payment Services Directive. However some banks believe that they do not have to cancel certain types […]

September 17, 2012 More
OFT warns Wonga over debt collection methods

OFT warns Wonga over debt collection methods

Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company […]

May 22, 2012 More
Wonga causes outrage by targeting students

Wonga causes outrage by targeting students

Payday loan company Wonga has removed an article from its website which suggested that students should take out a payday loan rather than a Student Loan. The article suggested that student loans, which charge around 5 per cent, encouraged students to live beyond their means. With Wonga charging around 4,000 per cent for its loans, […]

January 12, 2012 More
Government fails to tackle loan sharks

Government fails to tackle loan sharks

The Government’s failure to act against legal loan sharks yesterday has angered pressure groups. As part of its review on consumer credit, the Government announced a voluntary deal for High Street stores to stop offering discounts to tempt customers to sign up for store cards. However, it failed to cap the interest rate charged on […]

November 22, 2011 More