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Wonga using fake lawyers – More bad news about short term loans

More bad news about the short term loans market, this time its Wonga for its use of  ‘fake’ lawyers to chase for debts.!

Whilst Wonga may argue that this practice stopped in 2010, the FCA described this as ‘serious misconduct’, and the fact that a company with such standing as Wonga has ever partaken in practices such as this has to raise serious concerns about using a company such as this.

Bear in mind that Wonga’s interest rates and charges are amongst the highest in the short term loans industry with currently quoting the APR of Wonga’s loans as a staggering 5853%!!!

“It is a shocking new low for the payday industry”

Richard Lloyd

Executive director, Which?

See the BBC’s report below:

Jon Edward
Jon Edward
Passionate about helping people find options, when on first glance there do not appear to be any.

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