Payday loan company Wonga sponsored free travel in London on New Years Eve 2010. The sponsorship deal led to much criticism for London Mayor Boris Johnson. Here are a selection of the views people expressed:
ClearDebt’s Andrew Smith spoke about payday loan companies back in August, you can hear his 50-second soundbite here. His main point was that for some people, payday loan companies are the only form of credit available, and these people have no choice but to use them for emergency expenses – and the interest charged, whilst high, is not unreasonable if it is used as intended for a very short-term loan.. The danger comes when people start to rely on these types of loans to pay their regular outgoings, and of course people who repeatedly use payday loans to fund non-essential items.