OpenWonga

News and views

As one of the most high-profile businesses in the finance sector, we attract a broad range of views on what we do. Here's our factual take on some of the hot topics involving Wonga.

53,000,000% APR

Date article publshed: 30/01/2013 Read original article >

On 30th January 2013, the Daily Mail published an in-depth investigation into the high cost of unauthorised overdrafts.

It also printed a supporting editorial that suggested annual percentage rates (APRs) can be a misleading way to compare short-term credit.

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Response by Admin Published: Categories: Wonga Annual Percentage Rate (APR) Unauthorised overdraft

Public Accounts Committee report

Date article publshed: 31/05/2013 Read original article >

The Public Accounts Committee (PAC) has published its report into the regulation of consumer credit.

The Times concludes that “One player comes out rather well from the report. Wonga…is cited twice and rather positively. It limits loan rollovers to three - a laudable policy that the committee recommends be adopted by all lenders. And it stops racking up interest on defaulters after 60 days - a limit the committee wants enshrined in legislation”.

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Wonga in the news

Date article publshed: 27/06/2013 Read original article >

Wonga has been in the news a lot over the past few weeks, following a high-profile increase in our representative APR and the referral of the short-term credit sector to the Competition Commission.

In amongst the debate about the perceived rights and wrongs of Wonga, two opinion pieces from well-respected business journalists stood out as taking a considered view of the business and the APR issue – namely from the BBC’s Robert Peston and Patrick Hosking of the Times.

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Response by Admin Published: Categories: Wonga Annual Percentage Rate (APR) Office of Fair Trading (OFT) Competition Commission

Wonga's annual report: 2012

Today we published our first annual report, showing expansion and growth across the Wonga Group.

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Given the large amount of media coverage about Wonga, we will not be able to post a response to every story. We will reply to your request within 48 hours and let you know of our decision.


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