Friday, October 28, 2011
Why The Economy Has Gone Wonga
Yesterday's 'Independent' reported that Adrian Beecroft, the author of the report proposing the scrapping of unfair dismissal legislation "chairs Dawn Capital, whose portfolio includes Wonga.com which offers short term loans to tide people over until their next pay cheque. A recent probe by the consumer watchdog 'Which?' found it quoted £36.72 interest on a 30 day loan of £100 - equivalent to a 4,394 per cent annual interest rate."
You couldn't make it up - could you?
Wonga.com sponsored the above Blackpool team in last year's Premiership. Which is a pity as there was much to admire about the Blackpool team's season. I saw them play three times.
Hat Tip - David Connolly