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Wonga economy

Date article publshed: 05/11/2013 Read original article >

We don’t accept the picture of Wonga and our customers painted by Ed Miliband today, which rehashes many of the myths about our business.

’12 Portraits’, our film referred to by Mr. Miliband, challenges these misconceptions. It features a sample of unpaid and unscripted people who value and use our service responsibly – representative of our million-plus customers who see us as a mainstream, flexible and transparent alternative to traditional short-term credit.

As explained in our 2012 Annual Report, our bad debt (the amount of money loaned that we don’t get back) is around 7.5%, comparable to credit cards. As a responsible lender, we reject 80% of first loan applications, while the successful 20% borrow an average of £178.

While we recognise that there have been unacceptable practices in the sector, Wonga has been instrumental in raising standards and arguing for better regulation to protect consumers.

We have used technology to bring competition into traditional financial services for the benefit of people across the country. We invite Mr. Miliband and his colleagues to view our film and meet us to discuss how best to serve the popular need for consumer credit in a successful 21st century economy.

Response by Editor Published: Categories Wonga Customers Annual report

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