A payday loan company in the UK by the name of Wonga, recently got into a lot of "ethical" trouble for marketing payday loans to students who are in student debt. (alternate source: here) This is completely uncalled for and this only signifies just how greedy and a lot of people and companies can get when it comes to their business. Seriously, how can a company sleep denied when they are actively marketing these types of loans to students who are doing nothing more than trying to go to school and get a better life and job, yet they have companies like Wonga, who are nothing more than a loan shark, breathing down their neck trying to give them a 4624% APR payday loan?
Yes, you read that right. 4624% APR. This is the most insane annual percentage rate that we have ever seen and we cannot fathom how many people actually get caught up in this vicious cycle of payday loans. Many people often times get in situations where they are unable to keep up with the payments. The reason is because the interest rate is so high, that the borrower never gets a chance to put any of their money on the principle, because it all goes towards interest.
Shame on you Wonga for going after hard-working student's!
