http://www.shieldsgazette.com/sport...-than-doubles-losses-to-80-2million-1-7891643 Losses at Britain's biggest payday lender and Newcastle United shirt sponsor Wonga have more than doubled to £80.2million over the last year. Revenues from consumer lending collapsed from £217.2 million to £77.3 million in 2015, with Wonga blaming "stricter lending criteria" and the introduction of a regulatory price cap. The comments refer to the Financial Conduct Authority's ruling that now requires customers to go through stricter affordability checks and the introduction of a 0.8% cap on the cost of payday loans on the amount borrowed per day. However Andy Haste, Wonga's chairman, said things are looking up He said: "We expect 2016 to mark a turning point in our financial performance. With further funding planned for later this year, we're now in a position to move back into growth in 2016 and expect to return to profit in 2017." Wonga has faced a barrage of criticism over the high interest it charges on its loans and it has been accused of targeting those who are vulnerable. Mr Haste added: "We continued to focus on changing our culture to ensure customers are at the heart of our business, while strengthening our financial position." I hope they suffer the same fate of all of those they have made a victim of and go bankrupt Maybe they can be erased from our club too, as our association with them turns my stomach.
Temporary financial blip, once they get a couple of repayments and an extra loan at 10,000%apr they will be back in business!! I love seeing them in the position that they have put so many of their customers in, the bloody irony of it, couldnt happen to a better company in my opinion
Bloody disgrace! poor, defenceless wonga. It really disgusts me when laws are changed that actually show a little human compassion. I mean, come on, Wonga never put anybody in debt to 80.2 million did they, how's Wonga guna pay this months heating bill? Burn all the poor and attach debt to their corpses if you ask me!
Disgusting company with the morals of an alley cat that made its money taking advantage of some of the most vulnerable and disadvantaged in our society. I'm soooooooooooo proud that our football club is associated with them. Another business masterstroke by the ever astute Ashley!!
