Wonga slammed over student loans
Within hours of him posting the page, which is understood to have been on Wonga’s website for some time, hundreds of people had commented on it. Other Twitter followers accused the company of being “exploitative and misleading”.
Last night Wonga removed the page from its website. It said that the article was "several years old" and "gave rise to misunderstandings". The company said that it does not actively target students.
Mr Lewis said that official student loans from the Government attract low inflation-linked interest rates and only need to be paid back when a person is earning over £15,000 a year. Wonga loans, meanwhile, need to be paid back over a short period before high interest rates kick in.
Mr Lewis said that Wonga had committed “moral offence number one” by comparing its own loans to official ones, and “moral offence number two” by trying to “suck” students into the “payday loan world”.
He said that Wonga is usually very responsible about how it advertises itself. “However this has overstepped the line,” he said.
The Helena Kennedy Foundation, an education charity that provides financial support to poorer students, accused Wonga of exploiting hard-up students to promote its high-interest loans.
Wes Streeting, the charity’s chief executive, said: “While universities are cutting back on financial support for students it is clear that legal loan sharks like Wonga are moving in for the kill.”
He said that loans through credit cards and companies like Wonga should always be the last resort for students.
A Wonga spokesman said that students represent a “tiny fraction” of its customers and that the company performs rigorous credit checks on all loan applicants. Around two-thirds of all loan applications are rejected, the company has said.
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