U.K. Regulators Propose Payday Borrowing Caps

The public outcry began when Wonga released a short film portraying the merits of its financial tools. Critics have argued that the film, as well as Wonga’s promotional tactics, are predatory.

We’d love to be your preferred source for news.

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

Add as Preferred Source

Unlike competitors, Wonga offers one-click cash by using 8,000 pieces of data on consumers, from their Internet activity to Facebook profiles, to make lending decisions.

Errol Damelin, who founded the company and now serves as chairman lauded Wonga for “challenging the tired and incompetent banking industry by offering new products and services that are relevant to a digital age.”

For more on payday loan use in the U.S., view our interactive data point here.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.