Payday loan giant Wonga has increased the interest rate it uses to illustrate the cost of borrowing to 5, per cent – a rise of 1, per cent. Our service has an annual interest rate of 36%, but bear in mind that a Wonga loan is only for between one day and a month. Only looking at the annual interest. Wonga announced today it would make a third of its total workforce redundant after it was forced to cap its interest rates on payday loans.
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Wonga rates Video
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