Payday Loans

Household Finances on the Edge

Peter Tutton | Posted 10.04.2014 | UK Politics
Peter Tutton

Our major survey of British family finances finds that 15 million people are already showing signs of financial difficulty, 13million wouldn't have the savings to keep up with their essentials bills for a month if their income dropped by a quarter, and 16million would consider using unsecured credit to keep up with essentials.

Wonga Ad Banned Over Interest Rate Information

The Huffington Post UK | Posted 09.04.2014 | UK

A Wonga advert has been banned for implying that the representative APR of 5853% was "irrelevant". The television ad for the payday loans company f...

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

Steve Doran | Posted 07.04.2014 | 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'...

What's the True Impact of Debt?

Jo Salter | Posted 27.03.2014 | UK Politics
Jo Salter

Debt is only as bad as the harm that it causes, which is why the Demos report out today has created a 'Harm Index' measuring the impact of debt. It suggests ways that debt support should be tailored to the individual struggles individuals face, and also argues that lenders who cause the most harm face stronger penalties.

Here's Why You're Much More In Debt Than You Think

The Huffington Post UK/PA | Posted 27.03.2014 | UK Politics

Rent, council tax and utility bill arrears often have just as damaging an impact on people as payday loans, according to a new 'harm index' designed t...

Ministers Refuse To Ban Payday Loan Ads On Kids' TV

The Huffington Post/PA | Posted 25.03.2014 | UK Politics

Ministers have declined to back MPs' calls for a ban on payday loan adverts on children's television despite admitting there had been a "concerning" r...

UK Banking System Gambles With Brits' Livelihood

Alex Letts | Posted 18.03.2014 | UK
Alex Letts

Coinciding with an unforgettable week of racing at Cheltenham, Britain's gambling industry has had some rather less sunny headlines. Recent figures from the Campaign for Fairer Gambling revealed that, across the 55 most deprived boroughs in the country, more than £1.3bn was gambled on fixed-odds betting terminals last year, £470m of which was lost...

'Stop Payday Loans' Says Ex-Dragon Theo Paphitis

The Huffington Post UK | Asa Bennett | Posted 14.03.2014 | UK Politics

Former Dragons' Den star Theo Paphitis has hit out at "morally bankrupt" payday lenders and called for them to be outlawed. Writing on Twitter, the...

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...

Welcome To The United Kingdom of Wonga..

Karl Davis | Posted 20.02.2014 | UK Politics
Karl Davis

It's almost as hard to escape the many 'payday loan' advertisements that flood virtually every advert break in the TV schedule these days as it is to access any strand of public service that hasn't been flogged off to the private sector.

Can Payday Loans Affect Your Mortgage Chances?

James Jones | Posted 13.04.2014 | UK
James Jones

I think it's safe to say that most people have heard of payday loans, what with the countless adverts for them on TV these days. A lot of people have heard of them, a lot of people use them, but how many people actually know about their effects on credit ratings?

Ed Miliband's Leadership Rests on Personality Politics

Professor John Gaffney | Posted 13.04.2014 | UK Politics
Professor John Gaffney

What a lot of observers are missing, supporters and "Milibashers" alike, is that the measures Miliband has announced are forming a narrative of leadership in the Labour Party... Miliband has spent the past three years having his credibility as a future prime minister questioned, and he's only just now mounting a concerted challenge to this hostile narrative.

Nationalising Wonga

Ben G. Jones | Posted 20.03.2014 | UK Universities & Education
Ben G. Jones

If ever there is a company representing the most abhorrent and vile aspects of modern Britain, Wonga is surely it. Today, I make the case for taking the fight to payday loans companies which represent the financial sector at its very worst. The time has come, I argue, for a state-run alternative to Wonga.

Are Payday Lenders 'Exploiting' Borrowers?

The Huffington Post/PA | Posted 25.01.2014 | UK

Payday lenders have been accused by Which? of "exploiting" borrowers who default on loans with over-the-top fees that raise the risk of them tipping i...

Church Of England Still Has £80,000 Stake In Wonga

The Huffington Post UK | Asa Bennett | Posted 31.12.2013 | UK Politics

The Church of England has failed to dump its £80,000 stake in Wonga, five months after it was revealed to be indirectly investing in the payday giant...

State and Market: Will the Autumn Statement Help Clear Up Current Confusion?

Dan Corry | Posted 01.02.2014 | UK Politics
Dan Corry

Recent events in British politics have shown how confused our public is on the issue of the role of the state versus that of the market and indeed of society, something that political leaders and officials at local and national level probably experience every day.

National Payday Scandal Exposed by Grassroots Activists Forced the Government to Act

Steve Doran | Posted 27.01.2014 | UK Politics
Steve Doran

The battle isn't won, of course. A cap on the cost of credit is just one of many changes that need to be made, and we have yet to hear what that cap will be or how it will be set. But for those of us who've been making these arguments for months, and for those of us who've laid awake at night worrying about debt, today is a monumental day.

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!

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' ...

We Will Limit Cost Of Payday Loans, Treasury Pledges

The Huffington Post UK | Jessica Elgot | Posted 25.11.2013 | UK

The Government is to announce it will cap the cost of payday loans, after damning new statistics showed more than 60% are offered without proper check...

Why Are Nurses Turning To Payday Loans?

The Huffington Post UK | Asa Bennett | Posted 13.11.2013 | UK

Nurses are increasingly relying on payday loans and borrowing from friends and family due to their falling take-home pay, it has emerged. A Nursin...

Stop 'Putting Pressure On Our Kids'

PA | Posted 23.01.2014 | UK Politics

Adverts for payday loans must not be allowed to air during children's programmes, Ed Miliband has said, warning that Labour would change the law to ba...

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.