Рубрика: instant pay day loan

For Wonga’s borrowers, the monetary effects of lacking repayments had been terrible.

Четверг, 28 Янв 2021

For Wonga’s borrowers, the monetary effects of lacking repayments had been terrible.

For Wonga’s borrowers, the economic effects of lacking repayments had been terrible. Wonga ended up being a lot more than happy to move over loans in the end, at an APR of over 5000%, rolling over that loan (indefinitely, if at all possible) ended up being unquestionably with its interests. Certainly, its business design actually depended for a proportion that is substantial of continually rolling over loans at excessive rates of interest. However in 2014, the FCA announced plans to cap the interest rates that payday lenders could charge and limit the number of times a loan could be rolled over july. Wonga’s business design disintegrated.

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