Wonga CEO: people want short term loans, no matter what a loud minority says | Wired Money video

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“I think we have mainstream public acceptance — sometimes a small minority just shouts louder than the majority,” says Wonga CEO Errol Damelin.

The entrepreneur was speaking at Wired Money in Canary Wharf in response to queries from Wired magazine editor David Rowan, who suggested recent critiques from politicians might stall the payday loan industry’s progress. Payday lenders were recently summoned to a government summit debating “widespread irresponsible lending” to query whether more regulation is needed, so it is certainly a view shared by more than a handful of people. However, Damelin argued that you know you’re doing something worthwhile when there’s a continued demand for it, saying the figures speak for themselves. The company was setup in 2007 and now processes over £1bn payments and has one million users. “It’s one of the faster growing technology businesses,” Damelin added.

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5 thoughts on “Wonga CEO: people want short term loans, no matter what a loud minority says | Wired Money video

  1. You are just another loan shark company!!! The sooner the FSA bring about
    there new regulations and force you payday loan companies to buck up or
    shut shop the better!!! I don’t know how you kind of people can sleep at
    night knowing you are giving loans to vunerable people in desperate times.
    You know damn well that most wont be able to pay it back on time and yet
    you still lend willy nilly!!! The sooner all pay day loan companies are
    shut down the better! you drive people into more debt!!!

  2. Steve, it sounds like you want the government to treat us all like children
    who can’t make decisions for ourselves. By relying on the government to ban
    such companies, you are creating more dependency on government to make
    decisions for us, which is far more dangerous than any payday loan company.

    If these companies are banned, there will be LESS help for people in
    temporary financial difficulty who have no assets. Be careful what you wish
    for.

  3. No my fellow commentators,this is ok to those who really need money for
    only a short time period for their emergency need and repay as soon as you
    got your payment ,because if payday companies won’t lend who else will lend
    in very emergency need,but some borrowers miss understood they used that
    money for business purpose which made the payday interest higher than their
    business profit.

  4. I’ve borrowed from Wonga a number of times when I’ve had an unexpected
    emergency and no immediate cash to pay for it. It’s been a great help.
    But you’ll have hassles if you don’t read the small print. They don’t
    loan more than they think you can cope with – in my experience anyway. If
    you lie to get the loan, the the fault lies with you. Always look out for
    that interest rate and make sure the end amount is what you can afford.

  5. the finance industry does need disruption and there are plenty of companies
    out there taking that on… Wonga, however, is now in the gutter, because
    it was never meant to provide an alternative just to speculate aggressively
    against the lack of financial knowledge of most consumers…. Errol is now
    long gone, and Wonga is screwed, and all because they shamelessly
    impersonated evolution, when in fact all they were bringing to consumers
    was regression.

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