New Logo for Wonga

(Est. 2007) “Wonga.com is a British payday loan company offering ‘short-term, high-cost credit’. The interest charged by the lender, which can equate to an annual percentage rate (APR) of more than 5000%, has been widely criticised. Wonga have said that they believe that APR is a poor measure of the true cost of short-term loans. As of November 2013, a loan of £100 over seventeen days (Wonga’s average loan term) required £123.44 to repay. Wonga is a slang term of Romany origin for money, used in some parts of Britain since the 1980s. The firm operates in the UK, South Africa, Canada, Spain, Germany and Poland. The company invented fully automated risk processing technology to provide short-term, unsecured personal loans online, including via tablet and m