Wonga offered bail-out loan at 5629% APR

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Karma has finally hit Pay-day loan company, Wonga who have now collapsed and gone into administration.

The company’s downfall comes as a result of countless compensation claims made against the loan company for unfair interest rates and questionable tactics when it came to retrieving missed repayments. Customers however, have been advised that re-payments will still need to be made despite the companies impending doom.

Chinese loan company Wong-ah, have reportedly come to the rescue and offered the UK firm a massive bail-out loan of £3.8 million at a blisteringly high interest rate of 5629% APR.

Simon Gandy, the man in charge of overseeing Wongas final days, has been given an easy-to-use app by the Chinese lenders which will allow him to use a slider to choose how long he has the loan for and how many repayments he would like to make in a bid to make the loan more “manageable”.

“Is this what we’ve been doing to our customers all these years!? No wonder we’re fucked!” Simon commented.

In a last bid attempt to try and justify the companies actions, Simon added “We’re not entirely to blame though, we outline the repayments,interest and penalties very clearly. Its not our fault that people are shit with their money”.

Hairdressing apprentice, 22-year-old,Candice Farnsworth, managed to rack up a whopping £11000 after taking out a £200 loan from Wonga back in 2016 to pay for crack cocaine.

Candice commented;

‘Yes i used the money for drugs, is it my fault I’m on drugs? Probably. Is it my fault I took the loan out? Almost definitely. Do I need to sort my life out? Apparently so. Do I think I should be made to pay the money back? Absolutely not! I can’t even look after myself so how am I supposed to look after a piece of paper with the queens head on it?!

 

Anyone who is still waiting for compensation payouts from the company have been told to form an orderly queue outside of their local Citizens Advice Bureau.

 

 

 

 

 

link to image used: https://www.campaignlive.co.uk/article/newcastle-united-left-red-faced-launching-kit-old-wonga-logo/1347959

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