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Wonga's Ten Commitments
Date article publshed: 26/07/2013 Read original article >
After the media attention surrounding the Archbishop of Canterbury’s comments yesterday, we have joined the wider debate by publishing ‘Wonga’s Ten Commitments’ in national newspapers.
Whilst we agree with much of what we discussed with the Archbishop in our meeting – particularly around increased competition – his comment that he wants to “compete Wonga out of existence” has been interpreted by some as meaning we are an unacceptable business. Some have taken it a step further, saying we make unaffordable loans to the most vulnerable in society.
We respectfully disagree. Since 2007 Wonga has responsibly lent over £2 billion and we now have over a million customers. We've done that despite declining three quarters of all first loan applications and ensuring a principal default rate (money lent that we don’t get back) of around 7%. This is comparable to other forms of short-term credit, such as credit cards.
We work hard to lend only to the people who can pay us back, and our mainstream services for individuals and businesses are now available across three continents.
Our Ten Commitments make clear the principles the business is built upon, so you can make your own mind up on the type of organisation we are and the type of people who use us.
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