Payday Lending

Climbing the Credit Ladder When the First Rung Is Missing

Russell Hamblin Boone | Posted 18.11.2014 | UK
Russell Hamblin Boone

Should responsible borrowers be rewarded for their good financial management with access to increasingly cheaper forms of finance? A new report says 'yes', but not everyone thinks they should be allowed to climb the credit ladder.

Latest Wonga Shame As Misleading Advert Is Banned From TV

PA/Huffington Post UK | Posted 08.10.2014 | UK

An ad for payday lender Wonga has been banned for breaching regulations by failing to disclose the relevant cost of borrowing. The television ad showe...

Sharp Fall In Profits Expected For Wonga

PA/Huffington Post UK | Posted 29.09.2014 | UK

Controversial payday lender Wonga is expected to report a sharp fall in profits when it publishes its full-year results tomorrow. The firm, which has ...

Payday Lenders Target Debt-Ridden Families With New Nuisance Tactic

The Huffington Post UK | Asa Bennett | Posted 22.07.2014 | UK Politics

Payday lenders are "bombarding" debt-ridden families with unsolicited marketing calls pushing them to take out more loans, new research has found. ...

Will The Payday Loan Cap Actually Change Anything?

The Huffington Post/PA | Posted 15.07.2014 | UK Politics

People using payday lenders are to see the cost of borrowing fall significantly under a crackdown announced by the financial regulator today, but crit...

Wonga To Axe These Puppets In Bid To Stop Attracting Children

The Huffington Post UK | Asa Bennett | Posted 14.07.2014 | UK

Wonga's grandparent puppets, stars of the controversial payday lender's recent adverts, are to be axed as part of the firm's attempt to avoid "anythin...

Big Banks Are Threatening People With Dodgy 'Wonga-Style' Lawyers

The Huffington Post UK | Asa Bennett | Posted 04.07.2014 | UK

Britain's biggest banks are hitting customers with legal threats from what appear to be independent lawyers, but are actually names used by the bank's...

Police Could Get Onto Wonga Over Fake Legal Letters Bullying Debtors

The Huffington Post UK | Asa Bennett | Posted 27.06.2014 | UK Politics

Wonga could face a criminal investigation after it emerged that the payday loans giant had sent "thuggish" legal letters from fake law firms to threat...

Wonga To Pay Millions For 'Unfair' Hassling Of Customers

The Huffington Post UK | Asa Bennett | Posted 25.06.2014 | UK Politics

Controversial payday loans giant Wonga will have to pay around 45,000 customers more than £2.6 million in compensation for "unfair and misleading deb...

We've Capped the Cost, Now We Need to Police the Puppets

Steve Doran | Posted 04.06.2014 | UK Politics
Steve Doran

I hate the Wonga puppets. Partly, that's just because the nightmare-inducing little monsters creep me out. But mainly I hate them because they keep popping up in my inbox, asking me if I want to win a PS4 or join their 'social site'...

6 Shocking Things You Wouldn't Believe Payday Lenders Have Done

The Huffington Post UK | Asa Bennett | Posted 13.03.2014 | UK Politics

Payday lenders have spread so far across Britain's high streets that there is now one lender for every seven banks and building societies. The shoc...

Have You Danced With the Devil? The Real Alternatives to Payday Loans

Sarah Willingham | Posted 26.01.2014 | UK
Sarah Willingham

Apart from maybe the big six energy companies, I don't know any type of business which gets more bad press than payday loan companies. Anyone you speak to - in the pub, on the school run or in the office - has an extremely negative view of them, yet as much as £1.8 billion is being lent a year by payday loan companies and some (yes you Wonga!) have interest rates as high as 5,853% APR. Disgraceful!

Acting Together for Economic Justice

Muhammad Abdul Bari | Posted 25.01.2014 | UK
Muhammad Abdul Bari

Today's decision to cap the cost of payday loans did not emerge in a vacuum. It is the fruit of years of determined campaigning, which started in chu...

Asa Bennett

Osborne Backs Payday Loans Cap... After He And The Tories Opposed It

HuffingtonPost.com | Asa Bennett | Posted 25.11.2013 | UK Politics

George Osborne has surprised critics by unveiling plans to cap the total cost of payday loans to save vulnerable consumers from the 'legal extortion' ...

Payday Lenders Have Their Place

Naomi Kerbel | Posted 07.11.2013 | UK Politics
Naomi Kerbel

Even though the industry has been heavily criticised - Labour Leader Ed Miliband has said Wonga is "running riot through our communities" - there is clearly a huge need for access to small values for short periods.

Austerity Britain 'To Continue Till 2030'

The Huffington Post UK | Asa Bennett | Posted 07.11.2013 | UK Politics

British families will continue to feel the austerity squeeze until 2030, over a decade longer than previously expected, a stark report by PwC has warn...

Payday Lending Must Not Become a Permanent Fixture of British Life

Ann McKechin | Posted 07.11.2013 | UK Politics
Ann McKechin

With Christmas just around the corner, it's that time of year when statistics emerge to tell us how many people will fund their annual festivities with some form of short-term credit. This year, the Government-backed Money Advice Service has said that over a million people are considering using a payday loan to fund Christmas; a worrying indication of how deeply ingrained this form of high-cost credit has become in British life.

The Payday Lenders We Love to Hate

Guy Corbet | Posted 17.12.2013 | UK Politics
Guy Corbet

Wonga is at times a little like an embarrassing relative. It can make us cringe but secretly perhaps we're all glad it's there. For a lot of us, payday lending galvanises our moral outrage. It gives us something to kick against. It is the business we love to hate, but perhaps we are being unfair?

We Can Win the War on Wonga

Gareth Thomas | Posted 23.01.2014 | UK Politics
Gareth Thomas

This week's announcement that a future Labour Government would not only cap the total cost of credit but also introduce a new levy on payday loan companies in order to provide greater support to credit unions is great news and a testament to the hard campaigning of Co-operative Party representatives - like Stella Creasy MP and Kezia Dugdale MSP - and activists up and down the country. Credit unions are a great example of the difference that co-operative solutions can make.

Miliband Declares War On Wonga

The Huffington Post UK | Asa Bennett | Posted 17.10.2013 | UK Politics

Payday lenders such as Wonga would face higher taxes under a Labour government in order to help their credit union rivals, Ed Miliband is to announce....

Labour's War On Wonga?

The Huffington Post UK | Asa Bennett | Posted 09.08.2013 | UK

Payday lenders could be forced to pay a levy towards their rival credit unions, a type of membership-owned lender, under proposals being considered by...

'The Payday Lender Exodus'

PA/The Huffington Post UK | Posted 30.07.2013 | UK

Fifteen out of 50 payday lenders have thrown in the towel after being given a deadline by the trading watchdog to prove their business practices were ...

Wonga ‘Are The Real Taliban Bankers'

The Huffington Post UK | Asa Bennett | Posted 25.07.2013 | UK Politics

Vince Cable should be focusing his “moral outrage” on payday lenders like Wonga, as they are the "real Taliban bankers", a Tory MP has said. Br...

Forever In Your Debt

Tony Schumacher | Posted 06.05.2013 | UK Comedy
Tony Schumacher

I'm not in the habit of quoting Shakespeare to people, I've always had a sneaking suspicion that people who quote Shakespeare are the kind of people w...

How Do We Solve a Problem like Debt Traps

Carl Packman | Posted 29.04.2013 | UK
Carl Packman

The much reported research by Pew Charitable Trusts, Payday Lending in America: How Borrowers Choose and Repay Payday Loans, notes that some fifty-eight percent of payday loan borrowers have trouble meeting monthly expenses at least half the time, and a worrying seventy-eight percent of borrowers rely on information from lenders, not independent market analysts or comparison sites, when choosing to borrow money.