Its title, Wonga, is British slang for cash. And its tv advertisements, airing in elements of Canada, feature comical puppet pensionersвЂ”one by having a penchant for skateboardsвЂ”who consult with exaggerated English accents. Wonga Canada, the internet money-lending service, which includes been doling out short-term loans right right here for over a 12 months, has remained true to its British origins by having an off-kilter marketing message that borrowing money must certanly be simple and fun. Nevertheless the previous months that are few been certainly not cheery for WongaвЂ™s professionals in London.
The business is beset by debate. ItвЂ™s been accused by politicians, news as well as the Church of England of preying on a few of that countryвЂ™s most economically susceptible residents through short-term, high-interest loans.
The archbishop of Canterbury has really waged holy war on the financial institution, with an agenda to place it away from company by introducing competing credit unions providing lower-interest loans. In November, executives from Wonga along with other cash advance businesses had been grilled by MPs at a parliamentary committee. (more…)