Wonga caught out targeting students
Payday loans company Wonga has come under attack for targeting their extortionate rate loans towards students.
The firm, which offers loans at a staggering 4,214% APR, has been forced to withdraw a page of its website that promoted its own short-term, high-interest loans over the standard student loan rate.
"The Wonga Advantage"
[...] A recent update on our sister Finance Blog in the UK tells how experts, journalists, and consumer groups turned on payday lending company Wonga after it was caught marketing itself to university students as a credible alternative to the standard government-backed student loan – despite the firm’s eye-watering 4,000% APR. [...]